Corporate Bitcoin treasury strategies, HODL positions, and BTC-per-share metrics across mining companies.
AGRI · Q4 FY2025 Earnings Call
…quarter operating under its new Avalanche-focused digital asset treasury strategy. Nearly half of total full-year revenue was generated in Q4 alone, despite the strategy only being implemented in November 2025. Management highlighted major progress in AVAX accumulation, staking expansion, and the foundation for long-term on-chain yield generation.…
LMFA · Q4 FY2025 Earnings Call
…Net loss: ~$27 million; Core EBITDA loss: $10.9 million. BTC holdings increased from ~150 BTC to ~356 BTC (including 145 BTC receivable tied to Galaxy loan). BTC purchases included 164 BTC in August and 47 BTC in December 2025. Balance Sheet & Capital Structure Total assets at year-end: $51.3 million. BTC holdings valued at…
FUFU · Q4 FY2025 Earnings Call
…2024). Digital Assets: $149.3M (↑ from $129.9M in 2024). BTC Holdings: 1,778 BTC at 12/31/2025 (↑ from 1,720 BTC end‑2024) 1,830 BTC as of 2/28/2026 Pledged BTC reduced to 274 BTC (↓ from 633 in 2024), improving flexibility. $85M available on a $100M revolver (as of Feb 2026). Strategic & Co…
CANG · Q4 FY2025 Earnings Call
…Question: “What drives the decision to sell more than half of Bitcoin holdings in February 2026?” Answer (CFO Yongyi Zhang): The company reduced BTC exposure to strengthen the balance sheet amid price volatility and sector-wide shifts. The sale supports debt reduction and builds flexibility for AI expansion. 2. Ming Zeng — China Securitie…
MARA · Q4 FY2025 Earnings Call
…rights in 2027. MARA states these are manageable due to: BTC holdings valued at roughly double the put obligations Zero-coupon notes, creating no ongoing cash interest burden Plans to diversify liquidity through AI/HPC contracted cash flows ATM program was suspended in Q3 2025; operations were funded through BTC sales in Q4 inste…
ABTC · Q4 FY2025 Earnings Call
…Capacity expansion prioritized only when it increases long‑term BTC holdings compared to simply buying BTC. Significant operational synergy with Hut 8 on power access, infrastructure, and site development. Strong energy cost advantage: realized energy cost of $35.7/MWh ($0.0357/kWh). Investments in AI‑driven mining optimization for efficiency gains…
HUT · Q4 FY2025 Earnings Call
…8 expects a significant cash inflow at financing close. Bitcoin holdings on Hut 8’s balance sheet will be phased out; exposure will primarily be through equity ownership in ABTC. Operational Highlights River Bend construction is on time; first data center comes online in Q2 2026, with others following every 60 days. 1 GW expans…
CIFR · Q4 FY2025 Earnings Call
…July 2027). Company liquidated a significant portion of its Bitcoin holdings in Q4; remaining 1,166 BTC will be sold opportunistically, with full exit expected by 2026. Pipeline and Site Development Total development pipeline: ~3.4 GW, all aimed at HPC workloads. Key near-term pipeline status: Stingray (100 MW): Fully interconnection appr…
HIVE · Q3 FY2026 Earnings Call
…adjustments. The company ended the quarter with 481 Bitcoin in treasury and $14M in cash. Operational Performance Highlights Bitcoin mined: 879 BTC for the quarter (up from 719 BTC the prior quarter), benefiting from Paraguay ramp-up. Operating capacity: 440 MW across global sites, with an additional 100 MW PPA in Paraguay targeted for September…
CLSK · Q1 FY2026 Earnings Call
…since Dec 2024; share count reduced ~20% over 15 months. Bitcoin holdings: 13,000+ BTC with USD 1.15B value at quarter end. Digital Asset Management (DAM) Generated USD 13M in premiums and cash in Q1, representing 24% of normalized EBITDA. Covered-call strategy yielded an 8% uplift per Bitcoin sold and annualized returns exceed…
ABTC · Q3 FY2025 Earnings Call
…mining Bitcoin at ~50% of the spot cost and executing disciplined treasury strategies to compound Bitcoin ownership. Key Financial Results (Q3 2025) Revenue: $64.2 million, more than double the prior quarter (Q2: approx. $31 million). Cost of Revenue: Increased from $15.3 million (Q2) to $28.3 million (Q3). Gross Margin: Expand…
NIPG · Q2 FY2025 Earnings Call
…company mined 102 Bitcoins to date and holds over 150 Bitcoins in treasury as of Nov 30, 2025. Tranche 2 expected to close in December, adding 11.19 EH/s, bringing total installed capacity to 11.3 EH/s. Combined expected production: ~150 Bitcoins per month under current network conditions. Mining strategy: sell only what is needed for o…
CANG · Q3 FY2025 Earnings Call
…on flexible channels including equity or structured products. BTC holdings can be used for liquidity if needed. Q2: "You mentioned that equipment operates improved energy efficiency. But we see October operational hashrate, which was 46.6 exahash, which is still below the deployed hashrate of 50 exahash. So what are the main factors behind thi…
CLSK · Q4 FY2025 Earnings Call
…increase from Q3); gross margin 56.5% (up 2 pts QoQ). Bitcoin Treasury: Increased 62% to over 13,000 BTC (valued over $1.2 billion). Exahash Rate: Reached operational 50 EH/s in Q4. CleanSpark now the largest U.S.-based miner by hash rate. Capital Strategy: Raised $1.15 billion via 0% convertible note with 27.5% conversion premium and 6…
LMFA · Q3 FY2025 Earnings Call
…share repurchase program in early November. Treasury Position (as of Oct 31, 2025): 295 Bitcoin valued at ~$31.9M. Per-share Bitcoin value: $2.60 vs stock price near $1.07 on 12.2M shares. Future Outlook Continue focusing on expanding mining efficiency, fleet upgrades, and Bitcoin per…
MARA · Q3 FY2025 Earnings Call
…assets on balance sheet as of Sept 30, 2025. About 1/3 of Bitcoin holdings (17,357 BTC) actively loaned or pledged as collateral. Shift to quarterly production reporting starting Q4 2025; real-time updates remain available via mempool tracking. Cooling Strategy Shift: Ceased near-term investments in 2-phase immersion…
HUT · Q3 FY2025 Earnings Call
…million, a substantial increase from $5.6 million in Q3 2024. Bitcoin Holdings: 13,696 BTC worth ~$1.6 billion, includes 3,418 BTC held by American Bitcoin. Operating strategies extracted approximately $1 billion in liquidity across facilities and options. Segment Performance: Compute: Revenue rose from $13.7 million to $70 milli…
RIOT · Q3 FY2025 Earnings Call
…power cost to $0.032/kWh. Utilization rate improved to 86%. Bitcoin Holdings: 19,287 BTC (valued at $2.2 billion as of quarter end). CapEx Plan: $214 million for initial Core & Shell build at Corsicana, representing ~$1.9M per IT megawatt. Data Center Transformation Highlights Initiated Core & Shell development of two buildings…
CANG · Q2 FY2025 Earnings Call
…represents major milestone—completion of transformation, growth in BTC holdings (5,000+), improved operational scale and validation of strategic model.
DMGI.V · Q3 FY2025 Earnings Call
…volume, to reduce debt and improve capital structure. Expect Bitcoin holdings as % of total assets to decline over time—updated stance allows for long-term treasury hold of assets initially with BTC. Future Plans Targeting expansion toward 3 EH/s capacity using retrofitted hydro infrastructure. Purchasing next-gen miners (13–16…
FUFU · Q2 FY2025 Earnings Call
…Key drivers: Spot ETF inflows ($50B in 2025), institutional BTC holdings ($100.5B+), and halving-driven supply constraints. Revenue by Segment (Q2 2025) Cloud Mining: $94.3 million (81.7% of total revenue), up 75.6% QoQ and 22.3% YoY. New customers contributed 51% of revenue. Self-Mining: $14.8 million (12.8% of revenue) Mining…
LMFA · Q2 FY2025 Earnings Call
…Context Net Book Value (as of June 30): $31.9 million Bitcoin Holdings (as of June 30): $16.7 million; increased to $18 million by early August Fully Diluted Market Cap: $14.7 million (as of June 30); $11.8 million (as of recent Monday close) Analyst Q&A Michael John Donovan, H.C. Wainwright (on behalf of Kevin Dede)…
CAN · Q2 FY2025 Earnings Call
…interest-bearing accounts and derivatives. Already leveraging BTC holdings as collateral for low-cost loans to fund profitable operations. Kevin Dede (H.C. Wainwright): Question: "Would you consider using the Bitcoin treasury to help fund operations?" Answer (James Jin Cheng): Yes — already using BTC as collateral to secure financi…
KEEL · Q2 FY2025 Earnings Call
…from mining operations is approximately $8 million/month. Bitcoin holdings increased by 25% YTD to ~1,200 BTC (~$145 million at $119,000/BTC). AI & HPC Expansion Strategy Pivot underway toward becoming a High-Performance Computing (HPC) and AI infrastructure company. Key U.S. energy assets include: Pennsylvania:…
CLSK · Q3 FY2025 Earnings Call
…slightly below all-time high of Q2 2024 (2,031 BTC). Bitcoin Treasury Balance: 12,608 BTC (valued at approx. $1.08 billion at quarter-end), reflecting an increase of more than $100 million since last quarter. Treasury Strategy: Evolution from 100% HODL to a balanced yield-generating approach. Writing covered calls on 40% of BTC holding, tar…
RIOT · Q2 FY2025 Earnings Call
…versus a loss of $296.4 million or $0.90/share in Q1 2025. Bitcoin Holdings: 19,000 BTC and $330 million in cash. Total liquidity stands at $2.4 billion, includes a new $200 million BTC-collateralized credit facility with Coinbase. Bitcoin Mining Revenue: $140.9 million, flat versus Q1 ($142.9 million). Bitcoin Mining Gross Margin: 50%,…
MARA · Q2 FY2025 Earnings Call
…diluted share) in Q2 2024. This included a $1.2 billion gain on bitcoin holdings. Bitcoin Production & Holdings: Q2 2025 average daily production was 25.9 BTC, up from 22.9 BTC in Q2 2024. Total bitcoin held at quarter end: ~50,000 BTC (up 170% YoY from ~18,500 BTC in Q2 2024). Total market value of holdings grew…
FUFU · Q1 FY2025 Earnings Call
…miners: 88% to cloud mining, 12% to self-mining Bitcoin Holdings (as of March 31, 2025): 1,835 BTC owned (1,420 in company wallets, 794 pledged) Average Electricity Cost: Decreased 18% YoY — attributed to site-based curtailments and optimization strategies Capital Expenditures & Growth Plans: Evaluating new mi…
CAN · Q1 FY2025 Earnings Call
…EH/s by March 2025. Reached 8.15 EH/s by end of April 2025. Bitcoin Holdings: 1,408 BTC by March 31 (up from 1,293). 1,424 BTC as of April 30. ~$147 million in current market value. Gross Profit: Turned positive for the first time in 2 years at $0.6 million. Expenses: G&A expenses declined 39% QoQ; operating loss narrowed 32% QoQ to $37…
LMFA · Q1 FY2025 Earnings Call
…contributing to margin stabilization amid Bitcoin price volatility. Bitcoin Holdings: Held 160.2 Bitcoin valued at $13.2M ($2.58/share) as of March 31, 2025. At April-end, 148.7 Bitcoin would be worth ~$15.5M ($3.01/share) based on Bitcoin's May 13 price of $104,000. Market Cap Discrepancy: Bitcoin holdings valued at >1.5x market cap, highl…
MARA · Q1 FY2025 Earnings Call
…Answer (Fred Thiel): The market seems to value MARA only for our BTC holdings, not our mining operations. We're seeing increasing institutional and even state-level adoption of BTC, pointing to strong future demand that’s decoupled from previous cycle patterns. Stephen Glagola (Jones Trading): "Can you elaborate on the public priva…
CLSK · Q2 FY2025 Earnings Call
…mark-to-market loss on Bitcoin spot price decline during the quarter. Bitcoin Holdings as of April 30, 2025: 12,101 BTC (~$1.2B in value), third largest among public miners. Total Liquidity: ~$1.1B, including $97M cash and ~$980M in BTC at March 31. Total Debt: $641.7M (net of issuance costs); includes $650M zero coupon convertible from…
HUT · Q1 FY2025 Earnings Call
…spread over a reduced consumption base during fleet downtime. Bitcoin Holdings: 10,264 BTC held, valued at $847.2 million as of March 31, 2025. Bitcoin price declined from ~$93,000 to ~$82,500 during Q1 2025. Fleet Upgrade: 9.3 EH/s deployed (up 79% QoQ) with improved efficiency at 20 J/TH (37% QoQ improvement). Upgrade completed despite a…
CORZ · Q1 FY2025 Earnings Call
…forward. Liquidity: $780 million in cash, equivalents, and Bitcoin holdings by the end of Q1 FY2025. CapEx: ~$90 million in Q1, with majority funded by CoreWeave under contractual terms. CapEx aligns with infrastructure expansion, not expected to recur at this level in future quarters. GPU Transition: Core is executing a major shift fro…
CIFR · Q1 FY2025 Earnings Call
…Adjusted net income was $6 million ($0.02/share). Bitcoin Treasury Strategy: Actively sold a portion to fund OPEX, held some, and hedged rest (~10%). Achieved a $96,000 effective sale price per Bitcoin through forward contracts and hedges. Generated $90 million in Q1 liquidity without shareholder dilution.…
RIOT · Q1 FY2025 Earnings Call
…hash rate rose 7% to 33.7 EH/s from 31.5 EH/s last quarter. Bitcoin Holdings: Increased to 19,223 BTC, up 8% from 17,722 BTC at year-end 2024. Bitcoin per million fully diluted shares rose from 44.3% to 47.4% (7% yield). Financial Highlights: Revenue: $161.4M, a 13% increase from $142.6M in Q4 2024. Gross Profit: $73.…
ABTC · Q4 FY2024 Earnings Call
…December 31, 2024 (vs. 2023) Cash: $0.7M (↑ from $0.9M) Bitcoin Holdings: $1M (↓ from $2M) Total Liabilities: $5.6M (↓ from $14.9M) Shareholder Equity: Deficit improved to $7M (from $18.9M deficit) Average Daily Trading Volume: 874K shares (↑ from 249K in Q3) Captus Acquisition Details Location: Alberta, Canada (…
LMFA · Q4 FY2024 Earnings Call
…million in Q4 2023, driven by $4.3 million unrealized gains on Bitcoin holdings. Cost Management and Financial Health: 18% reduction in SG&A expenses YoY. Cash and Bitcoin holdings combined grew 200% YoY to $17.4 million (cash: $3.4M; Bitcoin: $14M). Uses a $5M secured loan backed by Bitcoin collateral…
KEEL · Q4 FY2024 Earnings Call
…expected in Q2 2025 to guide HPC monetization strategy. New Treasury Strategy – Bitcoin One Builds on Synthetic HODL: Q4 2023–Q4 2024 pilot yielded 135% return; $18M trading profit. Multi-Strategy Program: Bitcoin One uses quantitative models, structured options, leverage, and active BTC treasury management targeting volatility pre…
CAN · Q4 FY2024 Earnings Call
…EH/s installed and 5.78 EH/s energized across 7 joint projects. Bitcoin holdings grew to 1,355. New mining sites launched in Pennsylvania and Texas to add 4.7 EH/s in Q2 2025. Consumer Mining Products: Avalon Nano 3 orders exceeded 24,000 units from 80 countries, generating $2.7M in 2024. Majority (50%+) came…
FUFU · Q4 FY2024 Earnings Call
…machine and software sales. Continue proactive Bitcoin treasury strategy while holding majority of BTC long term. Analyst Questions No live Q&A session was conducted during this earnings call. The company advises analysts and investors to email questions to [email protected] for responses within 24 hours.
CANG · Q4 FY2024 Earnings Call
…under regulation? 3) Does the company have any plan to sell your Bitcoin holdings?" Response (Jiayuan Lin, CEO): Transition driven by reduced financing business and growth in energy-computing integration; this aligns with AI-related computing demands. Transaction is offshore and not under Chinese regulation. Cango will follow a mine-and-hold…
DMGI.V · Q1 FY2025 Earnings Call
…software in use; client release expected mid-2025. Reactor: Treasury management software for selling hash rate; targeted mid-2025 release. Explorer: Long-term roadmap product from 2018 Blockseer acquisition; 2025 launch anticipated. Terra Pool: Now part of integrated platform including Helm and Reactor. Bitco…
HUT · Q4 FY2024 Earnings Call
…Also discussed additional Bitcoin purchases using strategic treasury frameworks. Mike Colonnese – H.C. Wainwright: "Can you provide some more detail on how conversations with prospective AI customers have evolved?" Answered by Asher Genoot: Hut 8 prefers to share customer updates only when definitive, but conversations…
MARA · Q4 FY2024 Earnings Call
…with federal and state agencies on energy grid development and Bitcoin reserve proposals. Actively collaborating across executive and legislative branches. MARA's Mission: To remain competitive through ultra-low energy cost, capital-efficiency, and hybrid usage of data centers for Bitcoin mining and inference AI workloads. Analyst Q&A Hig…
CIFR · Q4 FY2024 Earnings Call
…(10.4M shares). Cash and BTC as of Dec. 31: $6M cash and $92M in BTC holdings. Capital spend for Black Pearl Phase 1: $200M remaining ($50M for infrastructure, $150M for rigs). Plans for Phase 2 (~$260M) under review. Current short-term borrowings of $32M (partially repaid post FY-end). Strategic Shift Toward AI/HP…
RIOT · Q4 FY2024 Earnings Call
…Platforms Q4 and Full Year 2024 Earnings Call Summary Bitcoin Holdings Strategy: Riot retained 100% of all self-mined Bitcoin in 2024, resulting in a 141% year-over-year increase to 17,722 BTC, valued at $1.7 billion as of Dec 31, 2024. Production and Hash Rate: 2024 self-mining hash rate rose 154% YoY from 12.4 EH/s to 31.5 EH/s, outpac…
IREN · Q2 FY2025 Earnings Call
…Community Questions via X/Twitter (Selected): Why not HODL Bitcoin? → IREN believes shareholders can manage BTC exposure themselves—focus is on reinvestment, not BTC speculation. Why was Morgan Stanley terminated? → Change in monetization strategy toward retaining ownership and broader partner engagement.
HIVE · Q3 FY2025 Earnings Call
…Mined: 322 Bitcoin equivalents were mined in Q3; balance sheet HODL totaled 2,805 unencumbered Bitcoin as of quarter-end. Balance Sheet Strength: $9.8 million in cash, $260.8 million in digital currency holdings, $30.7 million in strategic investments, and a current ratio of 10.4. Dilution: HIVE leads industry with lowest shareholder diluti…
CLSK · Q1 FY2025 Earnings Call
…a cautious rollout strategy. No plans to utilize 100% of the BTC holdings immediately. Mike Colonnese (H.C. Wainwright): "How should we think about the cadence of hashrate growth from 40 exahash to 50 exahash?" Zachary Bradford: Expects even monthly cadence of hashrate additions via expansions at existing and greenfield…
CLSK · Q4 FY2024 Earnings Call
…Q4 2024: $36,250 (up from $26,950 in Q3) Bitcoin Holdings: Nearly 10,000 BTC valued at ~$1B Cash Position: $121 million as of Sept 30, 2024 Major Infrastructure Acquisitions: Grid Infrastructure acquisition in Tennessee (closed October) Includes 68 MW in developed infrastructure and 400+ MW expansi…
CAN · Q3 FY2024 Earnings Call
…Inventory Optimization: Inventory at three-year low; A13 series Bitcoin Holdings: 1,212 Bitcoins at quarter end, now worth ~$110 million at market rates, up from 1,114 in Q2. Considering Bitcoin-backed secured loans for liquidity. Operating Expenses: $35 million (down 19% YoY); adjusted for impairments, steady at $29 million. GAAP operatin…
LMFA · Q3 FY2024 Earnings Call
…18.5 BTC in Q3 2024 Average BTC Selling Price: $61,000 BTC Holdings (as of Nov 11, 2024): 142.3 BTC valued at approx. $12.4 million (based on $87,000/BTC) Operating Expenses: $5.6 million, down from $6.6 million in Q3 2023 EBITDA: Loss of $1.6 million in Q3 2024 (compared to $0.6 million loss in Q3 2023); however, positive core EBIT…
GRYP · Q3 FY2024 Earnings Call
…& Equivalents: $0.4M (↓from $0.9M at Dec 31, 2023). Bitcoin Holdings: $0.6M (↓from $2.1M). Debt Due: $19.3M, previously denominated in BTC but no longer following restructuring. Expansion into AI Compute: Gryphon plans to enter the AI infrastructure hosting space by leveraging core competencies in energy procurement…
HIVE · Q2 FY2025 Earnings Call
…Adjusted EBITDA: $5.6M (down from $14.9M in Q1 FY2025). Bitcoin HODL Position (as of Sept 30): 2,624 BTC valued at $165M. As of Nov 11, valued at $226M (Bitcoin price: $86K). Net Loss: $7.7M for Q2 FY2025 vs Net Income of $3.3M in Q1. Cash Position: $7.2M + $165.2M in digital assets and $6.6M in receivables/prepaids. Operational U…
KEEL · Q3 FY2024 Earnings Call
…(38% of mining revenue), down from $21M (51%) QoQ Total BTC Treasury: 1,188 BTC as of Oct 31 (↑ from 905 BTC at June 30) Total Liquidity: $146M ($73M cash + $73M BTC) Cost to Mine: Direct mining cost per BTC was $36K; total cash cost was $52.4K; revenue per BTC ~$61K; cash profit per BTC ~$8.5K Analyst Q&A Summary Mike Colonnes…
MARA · Q3 FY2024 Earnings Call
…Expanded to ~1.5 GW, with 65% now owned and operated by MARA. BTC Holdings: Post-Q3, MARA holds over 27,000 BTC, now valued at almost $2.5 billion. Average acquisition cost is under $50,000/BTC. Key Strategic Developments Ohio Data Centers Acquisition: Secured 372 megawatts of interconnect-approved capacity across three locations (…
CIFR · Q3 FY2024 Earnings Call
…$0.027/kWh, leading to highly competitive unit economics. Bitcoin Holdings: 1,508 BTC held as of Q3-end. Odessa Facility: Primary production facility representing 83% of Bitcoin output in September. Currently undergoing rig upgrades, expected to increase output to 11.3 EH/s from 207 MW. Observed all-in electricity cost per Bitcoin post-halv…
RIOT · Q3 FY2024 Earnings Call
…economies of scale. Balance Sheet & Capital Plans BTC Holdings: 10,427 BTC as of Q3-end 2024, up 42% YoY from 7,327 BTC. CapEx Outlook: ~$663M expected capital expenditure over the next five quarters through Q4 2025 (revised down from $713M). Strategic Infrastructure: Initiating second phase of Corsicana build-out with 600 MW e…
DMGI.V · Q3 FY2024 Earnings Call
…Systemic Trust Update: Received incorporation approval from Alberta Treasury Board. Currently pursuing registration to become a qualified digital asset custodian. Aimed to complete by year-end 2024. Expected SOC 2 certification next month. Terra Pool Revamp: Updated UI and scalable enterprise-grade back-end underway. Expected to achieve SOC 2 T…
CAN · Q2 FY2024 Earnings Call
…Adjusted EBITDA Loss: $31 million — reduced 61% YoY. Bitcoin Holdings: 1,114 BTC as of June 30 — up 57 BTC from Q1, valued at approximately $70 million. Cash Position: $67 million — up 22% from $55 million at the end of Q1 2024. Customer Advance Payments: $51 million — increased by 30% QoQ, supporting a strong revenue base for H2 202…
LMFA · Q2 FY2024 Earnings Call
…to expand to support 1,000 BTC annually. Leveraging BTC holdings to finance acquisition and infrastructure expansion. Oklahoma City Expansion: Strategic partnership with Arthur Mining to establish 15 MW hosting facility. Arthur Mining to host LMF’s miners at cost for 10 months. Post-period will shift t…
HUT · Q2 FY2024 Earnings Call
…hosting reimbursements, services, and power plant revenue. Bitcoin Holdings: 9,102 BTC worth $570.5 million as of June 30, 2024. 5,022 BTC unencumbered. Cash Position: $175.5 million. Total Debt: $328.8 million. Strategic & Organizational Updates Vertically integrated platform spans energy assets, digital infrastructure (da…
CIFR · Q2 FY2024 Earnings Call
…Bitcoin Fair Value Adjustments: Mark-to-market loss of $21M from BTC holdings in Q2, partially offset by $5M realized gains. Power Contract Valuation: Odessa PPA valued at $123M as of June 30 (up $22M QoQ, $29M YTD). Recorded as a derivative asset on the balance sheet. Balance Sheet: $309M in total current assets, including $123M cash and $…
KEEL · Q2 FY2024 Earnings Call
…Liquidity: $195M total — $139M cash, $57M in Bitcoin. Synthetic HODL Strategy: Long-dated call options fund growth with 333 BTC-equivalent balance as of July 31. ATM Facility: Raised $136M in Q2; additional $68M post-Q2. Current share price below $2 led to a more judicious use going forward. 2024 & 2025 Targets Hashrate: On tar…
MARA · Q2 FY2024 Earnings Call
…operations under the new HODL strategy? What’s the goal with BTC holdings?” Answer (Salman Khan & Fred Thiel): Funded through cash, capital markets, and high-margin ventures like Kaspa. Goal is to maximize shareholder value through strategic BTC accumulation. Kevin Dede, H.C. Wainwright: “Can you elaborate on your 50 exahash t…
RIOT · Q2 FY2024 Earnings Call
…April 2024 halving and 68% network difficulty increase YoY. Bitcoin Holdings: 9,334 BTC as of Q2 2024, 28% increase from 7,265 BTC in Q2 2023. Retained 100% of mined BTC. Financial Performance Total Revenue: $70M, down 9% YoY from $76.7M, driven by lower engineering segment revenue. Bitcoin Mining Revenue: $55.8M, up 12% YoY ($…
DMGI.V · Q2 FY2024 Earnings Call
…QoQ due to reduced network issuance post-halvening. Cash + Bitcoin Holdings: $43.6 million, up 57% QoQ and 101% YoY. Fleet Hashrate: 0.96 EH/s (flat QoQ); projected to grow to 1.7 EH/s in the June quarter. Fleet Efficiency: 28.4 J/TH (flat QoQ), targeted improvement to 23 J/TH with T21 miner deployment. Net Income: Breakeven in Q2 2…
GRYP · Q1 FY2024 Earnings Call
…Cash: $1.7 million (up from $0.9M in Q4 2023) Bitcoin Holdings: $4.2 million (up from $2.1M) Debt: $23 million (up from $14.9M)—increase due to bitcoin-denominated loan tied to BTC price appreciation. Principal remains ~303 BTC Analyst Q&A Highlights Martin Toner – ATB Capital Markets “C…
KEEL · Q1 FY2024 Earnings Call
…March 31, 2024), including $66 million in cash, $58 million in BTC holdings. ATM program raised: $38 million in Q1 and another $83 million post-Q1 to fund miner and infrastructure capex. Company is debt-free (excluding IFRS lease accounting). Estimated total remaining payments for miners: $156 million, mostly due in Q3 2024.…
CAN · Q1 FY2024 Earnings Call
…$6.90/THash/s. Mining Revenue: $10 million, up 182% QoQ. Bitcoin holdings increased by 148 to 1,057 BTC (~$75M in value). Mined 195 BTC in Q1 vs. 101 BTC in Q4 2023. Gross Profit Impact: $47.5 million in inventory-related non-cash write-downs hindered machine gross profit. Excluding write-downs, gross profit would have been positive. Ne…
LMFA · Q1 FY2024 Earnings Call
…Stockholders' Equity: $38.5 million or $15.43 per share. Bitcoin Holdings: March 31, 2024: 163.4 BTC, valued at $11.7M (~$73,000/BTC). April 30, 2024: 155.1 BTC, valued at $9.7M (~$63,000/BTC). Mining Infrastructure: 5,900 machines operational as of March 31. Added 300 Bitmain S21 units in April, increasi…
HUT · Q1 FY2024 Earnings Call
…fund growth?” Answer (Asher Genoot): Yes, willing to use BTC holdings for accretive projects. Salt Creek was an example, though funded from operational cash flow. Preference is still to avoid liquidation unless returns warrant it. George Sutton (Craig Hallum): “Has your 1.1 GW opportunity pipeline changed? What’s the compositi…
CLSK · Q1 FY2024 Earnings Call
…Bitcoin Accounting: Recognized $120 million unrealized gain from Bitcoin holdings under new fair value method Growth Target: Reaffirmed path to 32 EH/s by end of 2024 and 50 EH/s in 2025 Strategic Outlook: Focused on acquiring distressed or stranded capacity, particularly from smaller miners unable to survive post-halving Leadership Upd…
MARA · Q1 FY2024 Earnings Call
…increase in Bitcoin fair value (BTC up ~150% YoY) Cash & BTC Holdings: $1.6B—comprised of $324M cash and 17,320 BTC ($1.2B) ATM Equity Sales: Raised $489M in Q1; further $200M post-Q1 Hosting Revenue: $21M from temporary hosting customers post-acquisitions (not recurring) G&A Expenses (ex-stock comp): $21M vs. $11M Y…
CLSK · Q2 FY2024 Earnings Call
…mining operations generated ~$60M in EBITDA (50% margin). Bitcoin Holdings: 5,021 Bitcoin, up by over 2,000 BTC in the quarter. CleanSpark held nearly 100% of its production, highlighting its HODL strategy. Hashrate and Fleet: Operating capacity increased 63% in Q2, reaching 16.7 EH/s, compared to 10.1 EH/s in Q1. Yea…
RIOT · Q1 FY2024 Earnings Call
…Q1 2023. This includes a $234.1 million gain in fair value of Bitcoin holdings. Adjusted EBITDA: $245.7 million, vs. $81.7 million in Q1 2023. Bitcoin Holdings: 8,490 BTC as of March 31, 2024, up from 794 BTC as of March 31, 2023. Hash Rate: 12.4 EH/s as of Q1 2024 (up 18% YoY). Riot expects to reach 31 EH/s by YE 2024 and is targeting…
GRYP · Q4 FY2023 Earnings Call
…Cash & Equivalents: $915,000 (2023) vs. $267,000 (2022) Bitcoin Holdings: $2.1 million (2023) vs. $6.7 million (2022) Bitcoin-Denominated Loan: $14.9 million (2023) vs. $12.6 million (2022) 2024 Strategy & Guidance 2024 gross profit target of $16.6 million at $70,000 BTC price and 550 exahash network difficulty. Focused on…
LMFA · Q4 FY2023 Earnings Call
…equity: $36.2 million or $14.52/share as of Dec 31, 2023 Bitcoin holdings as of Feb 29, 2024: 154 BTC (~$10.8 million at ~$70K/BTC) Mining fleet at year-end: ~5,900 machines, 614 PH/s hash rate Expected hash rate increase to 674 PH/s with 300 new BITMAIN S21 Antminer units (each 200 TH/s) Strategic Investment…
HUT · Q4 FY2023 Earnings Call
…Management & Strategy: New creative strategies using BTC holdings (covered call writing, collateralized loans) to fund growth without dilution Completed covered call strategy generating premiums (~$7k-$10k per BTC for calls above $85k-$90k strike) Analyst Questions & Management Answers Mike Co…
WULF · Q4 FY2023 Earnings Call
…Strategy: Monetize mined BTC instead of holding in treasury; focus on using free cash flow to repay debt and fund growth Growth Outlook and Guidance 2024 Goal: 300MW infrastructure capacity, translating into ~16 EH/s 2025 Goal: 550MW, equating to ~28 EH/s with current generation miners 2024 Power Cost Guidance: $0.035…
KEEL · Q4 FY2023 Earnings Call
…year-end, up from $66 million in Q3. Cash balance of $84 million, BTC holdings valued at $34 million. Debt: Reduced from $6 million in Q4 to zero by February 2024. Bitcoin Direct Mining Cost: Improved to $16,200/BTC in Q4 from $16,900 in Q3. Argentina mining cost as low as $7,700/BTC due to cheap $0.021/kWh electricity contract. Annual…
CIFR · Q4 FY2023 Earnings Call
…$93.6M, up $26.9M YoY, recorded partially as non-GAAP gain. Treasury Strategy: Cipher continues to HODL BTC while also using strategic collars to hedge downside and capitalize on upside during volatility. Accounting Change: Early adopted new crypto fair value accounting standards for 2023; positive impact of $3M on Q4 GAAP results. Tran…
HIVE · Q3 FY2024 Earnings Call
…(mostly Bitcoin) as of December 31, 2023. Total Q3 2024 Bitcoin holdings (HODL): 1,704 BTC; increased to ~1,974 BTC by end of January 2024 (approx. $100 million at $50,000/BTC). Operational Efficiency: Corporate G&A costs per BTC mined at $4,450, one of the lowest among peers. Total fleet efficiency of 25 J/TH projected for June 2024. A…
CLSK · Q4 FY2023 Earnings Call
…compared to FY 2022 due to drop in average Bitcoin price Bitcoin Holdings: Increased 300% in Q4 alone to 2,240 BTC; currently nearly 2,600 BTC (~$100 million in value) Liquidity: $170 million total (including ~$70 million cash and ~$100 million Bitcoin) Hashrate: Surpassed 10 EH/s; aiming to exceed 20 EH/s after full deployment of S21s…
CAN · Q3 FY2023 Earnings Call
…2023, but significantly worse than $10.5 million in Q3 2022. Bitcoin Holdings: 860 BTC, a record high, with a market value >$30 million as of quarter end. Computing Power Sold: 3.8 million TH/s, up 8.7% YoY, down 38.7% QoQ. Product Launches: Launched A14 series in September 2023: A1466: 150 TH/s, power efficiency of 21.5…
LMFA · Q3 FY2023 Earnings Call
…Balance Sheet (as of September 30, 2023) Cash: $500,000 Bitcoin Holdings: Valued at approx. $2.2 million Working Capital: $4.5 million Stockholders’ Equity: $35.9 million, or $2.45 per share (vs. trading price of ~$0.40) Minimal long-term debt Operational Highlights Mined 117.1 Bitcoin in Q3 2023, up 10% from 106…
HIVE · Q2 FY2024 Earnings Call
…mid-November, equating to ~1% of total Bitcoin network rewards. Bitcoin Holdings: 1,738 BTC as of September 30, 2023 (down from 1,957 BTC on June 30, 2023>), due to strategic sales to invest in efficient ASIC machines ahead of 2024 halving. Cash & Digital Assets: $4.5M in cash and $46.9M in digital currencies (primarily BTC). Energy Eff…
HUT · Q3 FY2023 Earnings Call
…$10.1 million non-cash loss on digital asset revaluation. Bitcoin Holdings: 9,366 at quarter-end, worth $341.4 million. 7,259 bitcoins (~$265 million) unencumbered. Cash Balance: $21.1 million as of September 30, 2023. Loan Balance: C$47 million outstanding at quarter-end. Operational Updates Operating Capacity: Improved 7%…
WULF · Q3 FY2023 Earnings Call
…Continues to "monetize what we mine" strategy as opposed to “HODL,” maintaining liquidity and avoiding dilution. Company leaders argue this approach better aligns with commodity industry standards. Valuation and Shareholder Alignment: CEO Paul Prager and COO Nazar Khan own a meaningful portion of both equity and debt. CEO signaled willingness t…
MARA · Q3 FY2023 Earnings Call
…Sheet and Hedging Strategy Combined unrestricted cash and BTC holdings exceeded $600 million by October 31. Implemented Bitcoin hedging using costless collars to protect against volatility while preserving upside. Strategy aims to optimize treasury management without compromising long-term BTC accumulation. Guidance & Strategy…
CIFR · Q3 FY2023 Earnings Call
…phases beginning in 2025. Cipher will finance it through a mix of treasury bitcoin sales, equity ATM program, free cash flow, and potential debt financing. No “take or pay” power obligations allow development at Cipher's discretion. New Rig Purchases: Cipher acquired 1.2 EH/s of Bitmain’s S21 mining rigs at $14/TH. Deliveries begin in Q1 2024,…
KEEL · Q3 FY2023 Earnings Call
…$8M by October 31. Target: fully debt-free by Feb 2024. Bitcoin Holdings: 703 BTC at September 30; increased to 760 BTC by October 31 (valued ~$26M). Strategic and Operational Updates Río Cuarto (Argentina): Expanded to 1.6 EH/s; achieved cost below $0.03/kWh in Oct; accounts for 23% of operating capacity and drives production cost…
DMGI.V · Q3 FY2023 Earnings Call
…from $3.4M PST refund. In Q3, used that cash to retain more BTC holdings. Q: Does next-gen miner ROI depend on a BTC price surge post-halving? A (Steven Eliscu): Yes. Significant capex required. Will deploy cautiously and avoid speculative purchasing before knowing price trends. Q: Why negative net pool revenue…
CAN · Q2 FY2023 Earnings Call
…BTC Mined: 569 BTC in Q2 vs fewer in Q1 (not disclosed). Bitcoin holdings increased to 747 BTC, up from 623 BTC in Q1. Gross Loss: $70.1M due to $45.9M in inventory-related write-downs and provisions, versus $47.5M gross loss in Q1 2023. Net Loss: $110.7M, compared to $84.4M in Q1 and $90.1M net income in Q2 2022. Includes $54.7M in non-…
LMFA · Q2 FY2023 Earnings Call
…Balance Sheet: Cash: $1.8 million Bitcoin holdings: ~$2 million Working capital: $5.5 million Stockholders’ equity: $39.9 million or $2.72 per share, while stock recently traded at ~$0.70. Minimal long-term debt. Legacy Business: Stable, with continued lower operational focus as comp…
WULF · Q2 FY2023 Earnings Call
…CEO Paul Prager has personally invested over $12 million. HODL Strategy: TeraWulf does not HODL BTC. Mined BTC is used to fund operations, expansion, and debt repayment, focusing on being an efficient operating mining company rather than a speculative investor. Analyst Q&A Highlights Nick Giles – B. Riley Securities:…
HIVE · Q1 FY2024 Earnings Call
…FY2023, a 5% increase. Average cost per BTC was $18,687. Bitcoin Holdings: 1,957 BTC as of June 30, 2023, down from 3,231 BTC year-over-year—strategic sell-off to reinvest in higher-efficiency ASIC machines. Gross Mining Margin: $8 million or 34% in Q1 FY2024; down from $27 million (61%) in Q1 FY2023 but up from $4 million in Q4 FY2023.…
CLSK · Q3 FY2023 Earnings Call
…funding source for growth?" Zachary Bradford: Yes, BTC holdings are viewed as a liquidity and growth lever. They anticipate market conditions will continue to favor holding and may use BTC to support expansion. Tyler DiMatteo (BTIG): Q1: "Could you provide a little more color on Dalton specifically? Timing…
MARA · Q2 FY2023 Earnings Call
…assets: $23.4M in Q2 2023 vs. $14M loss in Q2 2022. Cash & Bitcoin Holdings: $128M in cash and 12,538 BTC (fair value: ~$382M), totaling ~$495.7M in combined liquidity. Operational Developments International Expansion: Joint venture in Abu Dhabi reached production phase; 250MW site to be fully operational by end of 2023. July produ…
KEEL · Q2 FY2023 Earnings Call
…($0.01/share) in Q1 2023 Liquidity: $48 million (cash: $31M; BTC holdings: $17M) Debt: Reduced to $16M as of June 30, and under $14M by end of July; targeted full repayment by Feb 2024 Mining Capacity: Hash rate: 5.3 EH/s at end of Q2 (up 10% QoQ, 47% YoY) Target: 6.3 EH/s by Q3 2023 end; 7 EH/s by Q1 2024…
CIFR · Q2 FY2023 Earnings Call
…to fund OpEx; prioritizing retaining excess Bitcoin to build treasury. Impairment: $2.8 million impairment on BTC in Q2 vs. $0.5 million in Q2 2022. Strategic Updates Welcomed Rob Flatley to the Board of Directors to support data-driven growth initiatives and institutional insights into trading infrastructure. Ongoing strategic…
CAN · Q1 FY2023 Earnings Call
…on production capacity and $28.6 million on operations. Bitcoin Holdings: 623 BTC, down from 757 at year-end. 699 BTC sold in Q1 to cover electricity costs in line with new hedging strategy. Strategic Highlights Product Development: Continued investment in R&D. Mass production of A13 series underway with strong market performance.…
KEEL · Q1 FY2023 Earnings Call
…Cash: $29 million as of March 31, 2023. Bitcoin holdings: 435 BTC valued at $12 million. Total liquidity: $41 million, up from $38 million as of December 31, 2022. Debt reduced to $19 million as of April 30, 2023, down from $165 million in 10 months. ATM proceeds raised: $16 million in Q1; additional $5 m…
CLSK · Q2 FY2023 Earnings Call
…to pay operational costs from mining margins; plans to build HODL balance without equity or debt issuance. HODL Balance: Anticipates continued growth given higher margins and transaction fees. Power Management: Blended power cost for company-owned sites at $0.046/kWh; expect to lock in portions of power prices at favorable times. Hosting ra…
KEEL · Q4 FY2022 Earnings Call
…million from BTC sales in Q4 (1,434 from production + 1,659 from treasury). Equipment debt reduced from $165 million (June 2022 peak) to $47 million (Dec 2022), and further to $23 million (Feb 2023). CapEx commitments lowered from $100 million to $32 million. Operational Highlights Hashrate reached 4.7 EH/s as of end February 2…
CIFR · Q4 FY2022 Earnings Call
…into expansion?” Tyler Page: Strategy is to slowly build BTC holdings over time, but reserves can be liquidated if compelling expansion opportunity arises. Bill Papanastasiou (Stifel): “Given your fleet efficiency is at 31 J/TH, are you targeting improved efficiency with upcoming expansion?” Tyler Page: Efficiency is fa…
CAN · Q4 FY2022 Earnings Call
…models; recent sales mainly focused on clearing old inventory. Bitcoin Holdings: 757 BTC, up 41% from 535 BTC in Q3 2022. Installed Hash Rate: 3.3 EH/s at end of Q4; 3.8 EH/s as of February 28, 2023. Targeting 5–5.5 EH/s by end of Q1 2023. Cash Position: RMB 707.3 million, down from prior quarter due to investments in wafer prepayments,…
HIVE · Q3 FY2023 Earnings Call
…Investments: $5.5 million Debt: Minimal HODL Position: Increased year-over-year despite strategic sales to fund ASIC purchases. Energy Strategy: Global average cost of electricity: $0.034/kWh Sold power back to grid in Sweden generating $3.1 million in December and $180K in January Green, h…
CLSK · Q1 FY2023 Earnings Call
…Bradford & Gary Vecchiarelli): Strategic over ideological approach. HODL balance will grow as margins improve. Bitcoin held is also used opportunistically for acquisitions. HODL levels will reflect bitcoin prices and margin conditions. Mike Colonnese (Lake Street Capital): "Any additional color on the greenfield sites you're…
HIVE · Q2 FY2023 Earnings Call
…$0.45 compared to income per share of $0.51 in Q2 FY2022. HODL Position: $64.9 million in digital assets, primarily Bitcoin. Cost to Produce Bitcoin: Reduced by 23% QoQ to $9,900 (from $12,800 in Q1 FY2023). Non-Cash Charges: $26.2 million equipment impairment (IAS 36), $13.5 million accelerated GPU depreciation, $2.4 million digital as…
CSTR.V · Q3 FY2022 Earnings Call
…funding pressures. Deposit pricing is challenging amid higher Treasury yields and competition; active refinement of strategy underway. Mortgage volumes remain under pressure due to rising rates and housing inventory limitations. Targeting loan growth of high single digits (~8–10%) into 2023, with flat to slightly improving margins assum…
KEEL · Q2 FY2022 Earnings Call
…2022 Additional 1.2 EH/s in H1 2023 HODL Strategy Update: Now selling BTC mined to fund operating costs and debt service instead of holding. Potential to revert if environment changes. Upcoming Conferences: Needham Crypto Conference – September 8 H.C. Wainwright – September 12–14 B. Riley…
MARA · Q2 FY2022 Earnings Call
…-$147.2 million, worse than -$105.2 million in Q2 2021. Bitcoin Holdings (as of June 30): 10,055 BTC total, 7,235 BTC unrestricted with a fair market value of $143 million; 2,820 BTC used as loan collateral. Cash Position: $86.5 million unrestricted cash with additional cash from equipment sales and equity issuance. Total cash uses YTD reac…
KEEL · Q1 FY2022 Earnings Call
…representing ~1.5% of the global Bitcoin network hash rate. Current BTC Holdings: 5,900 BTC as of the call date (valued at ~$30,000/BTC). Installed Miner Fleet: Approximately 36,700 miners. Daily BTC Production: 14.5 BTC/day (~$435,000/day revenue at $30K BTC). Operational Locations: 9 farms as of Q1 2022 (up from 6 at YE 2021). Pro…
MIGI · Q1 FY2022 Earnings Call
…deployed in U.S. Matt: “Why sell BTC instead of HODL?” Answer: To generate operational cash, finance infrastructure growth. Matt: “Hosting vs. self-mining long-term mix?” Answer: Case-by-case basis; strategic partners prioritized; currently focused on high-margin self-mini…
CORZ · Q1 FY2022 Earnings Call
…Balance Sheet (as of March 31, 2022): Bitcoin holdings valued at $307.2 million (net of accounting adjustments). Cash, equivalents, and restricted cash: $110.4 million. Outstanding equipment purchase obligations: $391 million, with $134.8 million remaining to be paid in 2022. 2022 Guidance & Out…
MARA · Q1 FY2022 Earnings Call
…due to lower Bitcoin prices despite higher production. Bitcoin Holdings: 9,374 BTC as of March 31, 2022, with a market value of approximately $427.7 million. Operational Scale-Up: From 12,000 to 37,000 installed miners YoY, expanding hash rate more than 3x. Employee count increased from 4 to 15. CapEx & Investments: Spent $192.4 mill…
CORZ · Q4 FY2021 Earnings Call
…(excluding $200.7 million raised from SPAC merger in Jan 2022) Bitcoin Holdings (as of Dec 31, 2021): 5,296 BTC ($224.8 million) Capital Expenditures for mining gear in 2021: $584 million (with $258 million balance remaining for 2022 deliveries) Operational Highlights Hash Rate: Grew from under 3 EH/s to 13.5 EH/s in 2021 S…
KEEL · Q4 FY2021 Earnings Call
…Financing Cash Balance (Dec 31, 2021): $126 million. Bitcoin Holdings: 3,301 BTC; 1,817 pledged as collateral for a $60M revolving credit facility from a $100M facility. Working Capital: $186 million. ATM Equity Program: $171 million raised since launch (Aug 16, 2021), with 30.4M shares issued. QTD 2022 Equity Raised (via ATM…
HIVE · Q3 FY2022 Earnings Call
…Bitcoin mined (highest among peers reporting). Substantial HODL: 2,043 BTC + 25,400 ETH (~3,800 BTC equivalent). Expansion Projects New Brunswick: Expansion to 75 MW in Spring 2022 via new 20 MW building and 5 MW optimization. Sweden: 10 MW expansion completed, additional optimization underway. Quebec & Icel…
CLSK · Q1 FY2022 Earnings Call
…opportunities. Bitcoin used as operational currency; strategic HODL approach with monetization for returns. No equity raises via ATM since Nov 2019; reserved for M&A at fair valuations. Consideration of shareholder returns, including potential future buybacks. Analyst Q&A Nick (for Kevin Dede)…
IREN · Q2 FY2022 Earnings Call
…EH/s by end of Q3 2023. Future Considerations: Potential to HODL bitcoin, pay distributions, or explore dividends in BTC pending future market and operational conditions. Community & ESG Environmental: 100% renewable energy since inception, focus on integrating into energy markets to support grid reliability. Social: Community…
CAN · Q3 FY2021 Earnings Call
…your mining business, and how you're holding and trading of Bitcoin strategy to influence your financial spending in future?” Answer: Currently operating 32,000 TH/s. Delivered 857,000 TH/s to partner mines with 1 million TH/s more in pipeline. Operating cautiously and in compliance. Holding 23.86 BTC as of Sep 30, intending to hold long-term…
KEEL · Q3 FY2021 Earnings Call
…“Why are you not getting the full economic benefit of your Bitcoin holdings and what’s your plan for those holdings?” Answered by Jeff Lucas: Using Bitcoin-collateralized loans to access capital while holding BTC. Cautious on yield-bearing via third parties due to risk. Yield generation (2–4%) not worth potential custodial and counter…
KEEL · Q1 FY2021 Earnings Call
…Ended Q1 with $53M in cash; total liquidity of $85.5M including BTC holdings. Used C$80M in private placements to: Retire Dominion Capital debt Begin infrastructure development in Quebec and South America Place an order for 48,000 miners for 2022 Subsequent May 2021…
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