Bitcoin Mining Stocks Weekly - W44 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 volatile way. Here’s how they performed compared to other major stocks 👇

Major Company Updates

1. Mawson Infrastructure Group Inc. announces lease extension for its Bellefonte, PA facility (link)
2. Canaan Inc. closes US$72 million registered direct offering with Brevan Howard, Galaxy Digital, and Weiss Asset Management (link)
3. American Bitcoin adds 139 bitcoin, increasing strategic reserve to 4,004 bitcoin (link)
4. Cipher Mining Inc. announces pricing of $1.4 billion of senior secured notes (link)
5. Northern Data Group announces Peak Mining divestiture (link)
6. LM Funding America announces $1.5 million share repurchase program (link)
7. HIVE Digital Technologies accelerates into the AI super cycle by securing prime land for next-gen Tier III+ AI HPC data centers and surpassing 23 EH/s (link)

Must Read: IREN secures $9.7bn AI cloud contract with Microsoft (link)

What Happened: On November 3, 2025, IREN signed a $9.7 billion, five-year GPU cloud services contract with Microsoft. Under the agreement, IREN will deploy NVIDIA GB300 GPUs (purchased via a separate $5.8 billion deal with Dell) at its Texas campus through 2026. The contract includes a 20% prepayment and will be funded through cash, customer prepayments, and financing.

Cindy's Thoughts: IREN’s long-anticipated hyperscaler deal has finally materialized, following months of speculation. While the $9.7B and 200MW contract sizes aren’t the largest numbers we’ve seen in the Bitcoin mining sector, the significance lies in the model. Unlike other hybrid miners, IREN is pursuing a full-stack AI cloud strategy. This deal not only validates IREN’s positioning as a vertically integrated AI cloud provider, but also has a significant growth potential with its 750 MW capacity at its Childress site.

Special Note: On November 6, Cango (NYSE: CANG) marked one year since its pivot into the Bitcoin mining space, and it's not stopping there. HPC is now part of its expansion roadmap. Personally, I'm keen to see how this next chapter unfolds.

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 💜