

Dimitri Granger
5.6K posts

@DG2
Happy co-founder @TheBigWhale_ w/ @Raph_Bloch & @gregory_raymond of the #Web3 #media 🐳
















What a pleasure to welcome you to our Corporate Breakfast in Cannes! 150 clients of @TheBigWhale_ - a perfect gathering. Thanks to our amazing partners @zama, @dfnsHQ, @nativeinsurance, @Bitwise, @SPGlobal & @apolloglobal. Next stops: Paris, London, Amsterdam, Berlin, Zurich. Join us on April 14: luma.com/thebigwhale-ap…









Bitcoin miners are quietly exiting the mining game and pivoting to AI. This is the shift we've been covering extensively at @TheBigWhale_ for months. Here's what's happening beneath the surface: For over a month, production costs have exceeded revenue for many miners. The post-halving squeeze is real. This urged a structural shift toward AI model training and High-Performance Computing (HPC). The numbers tell the story: → 15,000+ BTC liquidated since October 2025 to fund the transition → Core Scientific sold 1,900 BTC in January alone, raising $175M → Marathon Digital is eyeing its 53,822 BTC treasury to service debt and pivot Even when Bitcoin hit $126K last October, gross margins peaked at 50% with some firms in negative territory. HPC offers something mining never could: predictable, annuity-like cash flows that aren't tied to BTC price volatility. This makes the renewed business model so compelling. IREN is the poster child here. Its margin collapsed from 95% → 24% in a single quarter. After committing to HPC, it stabilized at ~65%. The market initially loved these pivots: IREN surged 700%, TeraWulf 350%. But enthusiasm has cooled as Capex overruns and shareholder dilution hit hard. The bigger picture? This isn't miners abandoning Bitcoin. It's them leveraging existing energy contracts and infrastructure to survive. If margins stabilize through AI revenue, miners may finally build BTC reserves organically, without constant debt or dilution. That's a healthier long-term dynamic for the entire ecosystem.


Bitcoin : le bon moment pour acheter ? Crypto : la nouvelle stratégie - Allo La Martingale #48 Dans ce nouvel épisode, @adetonquedec reçoit @gregory_raymond, Co fondateur de @TheBigWhale_, pour un épisode spécial Crypto !


I’m incredibly proud to announce that I’ll be delivering the closing keynote at the Web3 Banking Symposium in Zurich on March 2! It’s a true honor to share the stage with @Ilya_YouHodler, CEO of @YouHodler and one of the leading local figures shaping Switzerland’s digital asset ecosystem. @TheBigWhale_ is the official research partner of @thecryptovalley. Our Market Intelligence team - led by @gregory_raymond & @BukovskiBuko3 - has conducted a deep dive into the Swiss banking landscape and its strategic moves in digital assets. I’ll be unveiling this report exclusively, live on stage, in front of 300+ industry leaders: cryptovalley.swiss/web3-banking-s… I can’t reveal the details just yet… but Switzerland is an absolute global leader in one specific area. Care to guess which one?