Index Update
5-D Volatility: As usual, mining stocks outpaced Bitcoin in volatility. Here’s how they performed compared to other major stocks 👇👇
Major Company Updates
- Cango Inc. announces closing of share-settled crypto mining assets acquisitions (link)
- Bit Digital, inc. announces pricing of public offering of its ordinary shares (link)
- HIVE achieves FY 2025 total revenue of $115.3 million and $56.2 million adjusted EBITDA with 1,414 bitcoin mined and 3x growth in AI GPU revenue (link)
- Hyper-responsive load management system for hyperscalers: MARA and TAE Power Solutions partner for first-of-its-kind grid efficiency platform (link)
- Northern Data Group recognized by the TOP500 list for its world-class AI cluster in London （link)
- Hut 8 amends and expands bitcoin-backed credit facility with Coinbase to $130 million (link)
- Soluna expands long-term partnership with Compass Mining (link)
- Cipher Mining commences bitcoin mining at Black Pearl data center (link)
- Canaan Inc. announces strategic realignment, to discontinue its non-core AI semiconductor business to sharpen focus on crypto-related businesses (link)
Must Read: Bit Digital Inc. announces strategic shift to Ethereum treasury and staking operations (link)
What Happened: On June 25, Bit Digital announced a significant strategic shift, transitioning into a pure-play Ethereum staking and treasury business. As part of this move, the company plans to exit bitcoin mining and gradually convert its BTC holdings into ETH. To fund the transition, Bit Digital plans to raise $150 million through a public equity offering, with the proceeds dedicated to Ethereum purchases. At the same time, its HPC subsidiary, WhiteFiber, secured C$60 million in non-recourse financing from Royal Bank of Canada to expand its AI data center portfolio, and has confidentially filed for an IPO—positioning both entities for focused growth in their respective domains.
Cindy's Thoughts: While the market's initial reaction to BTBT’s shift may appear hesitant, this direction is a natural extension of the company's previously signaled strategy.
As I’ve noted before:
“Being the largest Bitcoin miner isn’t feasible for every company, but excelling in specialized areas while maintaining profitability should be a key focus.”
I’ll be closely watching their upcoming financials to see how this transition reflects in performance. That said, investors who are not aligned with Ethereum exposure may want to approach with caution.
That’s all for this week! Feel free to drop us a message if you have any suggestions, feedback, or just want to say hi.
P.S. I’ve just returned to regular work after a three-month break ((more on that soon)—thanks for your patience. The company Deep Dive is on the way.
Thanks for being part of our journey-see you next week!
Cindy & the BMS Team 💜