Bitcoin Mining Stocks Weekly - W38 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 mirrored Bitcoin’s price movements in a more volatile way. Here’s how they performed compared to other major stocks 👇

Major Company Updates

1. Cipher Mining announces pricing of upsized private offering of $1.1 billion of 0.00% convertible senior notes (link)
2. CleanSpark opens $100M Bitcoin-backed credit facility with Two Prime (link)
3. American Bitcoin appoints KPMG as new auditor (link)
4. HIVE Digital Technologies reaches 2% of global Bitcoin network, mining 9 BTC daily and surpassing 20 EH/s (link)
5. Cathedra Bitcoin announces proposed share consolidation (link)
6. IREN doubles AI cloud to 23k GPUs, raises AI cloud ARR target to >$500M (link)
7. Northern Data Group announces leadership updates (link)

Must Read: Cipher Mining signs 168 MW, 10-year AI hosting agreement with Fluidstack (link)

What happened: On September 25, 2025, Cipher Mining (NASDAQ: CIFR) signed a 10-year AI hosting deal with Fluidstack to deliver 168 MW at its Barber Lake site in Texas, scheduled for completion by September 2026. The contract secures about $3 billion in revenue, with options up to $7 billion. Google will backstop $1.4 billion of Fluidstack’s obligations and receive roughly 5.4% equity in Cipher.

Cindy's Thoughts: This is Cipher Mining’s first HPC client and the fourth hyperscaler deal in the Bitcoin mining sector. What makes it especially interesting is that Cipher’s client, Fluidstack, is the same counterparty as in TeraWulf’s agreement. Both contracts share a similar structure and are backstopped by Google. For more context, you may find my previous article on TeraWulf’s deal helpful. The following is the quick comparison of the two deals:

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 💜