Bitcoin Mining Stocks Weekly - W33 25

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

1. Cango Inc. acquires 50 MW Bitcoin mining facility in Georgia, laying groundwork for future energy strategy (link)
2. Northern Data Group has been informed of a potential exchange offer to its shareholders by Rumble Inc. (link)
3. CleanSpark appoints Matt Schultz CEO (link)
4. BitMine Immersion (BMNR) ETH holdings exceed 1.15 million tokens, valued in excess of $4.96 billion, and largest ETH treasury in world (link)
5. MARA and EDF Pulse Ventures sign investment agreement in subsidiary Exaion to expand MARA’s global AI/HPC capabilities (link)
6. Soluna expands partnership with Galaxy Digital to deploy 48 MW at Project Kati (link)
7. Bit Origin surpasses 70 million Dogecoin (DOGE) holdings following private placement (link)

Must Read: TeraWulf signs 200+ MW, 10-year AI hosting agreements with Fluidstack (link)

What happened: On August 14, 2025, TeraWulf signed two 10-year AI hosting agreements with Fluidstack to deploy over 200 MW of critical IT load at its Lake Mariner campus. The contracts total $3.7 billion in revenue, with options extending it to $8.7 billion. Google is backing $1.8 billion of Fluidstack’s lease obligations and will receive ~8% equity in TeraWulf via warrants. Initial deployment of 40 MW is expected in H1 2026, with full capacity online by year-end.

Cindy's Thoughts: TeraWulf’s HPC hosting deal is one of the most significant we’ve seen among Bitcoin miners- on par with Core Scientific’s. It stands out in both scale and economics, and it’s no surprise the market responded strongly.

What I respect is that WULF got this done without much speculative noise. It just executed. That’s one reason I highlighted their management last year. Hopefully, this opens the door for more miners to land meaningful AI/HPC partnerships.

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 💜