About: Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. For more information, please visit: ir.cangoonline.com.
Index Update
5-D Volatility: Bitcoin mining stocks move more erratically compared to Bitcoin itself. Here’s how they performed compared to other major stocks 👇👇
Major Company Updates
- Canaan Inc. announces adoption of cryptocurrency holding policy and strategic long position in Bitcoin (link)
- HIVE Digital Technologies surpasses 14 EH/s milestone as global expansion accelerates toward 25 EH/s (link)
- BitMine Immersion (BMNR) announces $1 billion stock repurchase program (link)
- Digi Power X subsidiary, US Data Centers Inc., files provisional patent for ARMS 200 modular AI data center platform (link)
- Bitfarms announces second principal executive office in NYC and initiates conversion to U.S. GAAP (link)
Must read: Investors Push Back on Bitcoin Miner Exec Pay (link)
What it's about: In early July, VanEck analysts flagged oversized equity awards among mining executives. For instance, RIOT’s NEO alone accounted for ~73% of the company’s market value growth in 2024. Governance concerns are catching on: average support for executive pay proposals across eight U.S.-listed miners was just 64%, far below the 90%+ seen in the S&P 500 and Russell 3000.
Cindy's Thoughts: Kudos to VanEck for calling out a key governance issue. If Bitcoin miners want long-term credibility in capital markets, they can’t treat investor capital like a personal piggy bank. Riot’s case is telling - despite strong Q2 results, the stock fell 23.98% last week (5D change %). One contributing factor was VanEck, one of their major shareholders, raising concerns about executive compensation. While Riot promised meaningful cuts starting mid-next year, the market clearly wasn’t reassured. Institutions are watching. So are retail investors.
Quick Tip: Making the Most of the Earnings Page
It’s earnings season, and we’ve built tools specifically to help you stay on top of it. Our platform shows all dates of earnings calls from public miners in one place, complete with transcripts and AI summaries.
Personally, I like to scan the AI summary first to identify key sections of interest, then read the transcript for deeper insights. I find the Q&A section is especially valuable, it offers a quick read on what institutional investors are focusing on. This workflow saves me time while still giving me good ideas about the latest performance of a company.
Premium users can access everything via the Earnings page. Free users can start with a 7-day trial - cancel anytime if it’s not for you.
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.
Thanks for being part of our journey - see you next week!
Cindy & the BMS Team 💜