Dries VCL

@MindfulReturns @GaryVec There is 1,9b debt outstanding vs that liquidity and outstanding shares 12x’ed since 2020. 20M -> 250M. Net income has been negative 2021-2024 it is not gonna carry the platform as you believe/they tell. Next halving revenues cut in half. BE at 140k/BTC.

@Driko9097 @GaryVec Negative ROI mid-build is just called construction. $1.2B in liquidity, $400M unused BTC-backed credit, 40%+ mining gross margins at sub-$76k BTC. “Cannot survive on its own” doesn’t match the balance sheet.

"Mining funds the platform. AI monetizes it." @GaryVec ,$CLSK CFO, Q2 call yesterday. Seven words that explain why the headline mining miss this quarter is a category error. The mining business isn't the asset. It's the funding mechanism for the asset.

@MindfulReturns @GaryVec All in break even price: 70-75Kish per BTC - that 1,2B comes from debt and is enough to build 100MW HPC/AI. You think the mining business is gonna build out the rest with halving coming up? It needs capital itself to stay relevant.

@MindfulReturns @GaryVec 4B+ raised, 3B in assets this includes: infrastructure, LAND and equipment. Somewhere along the way 1B was lost, amazing negative ROI. What needs to be built in Texas still needs to be paid for and it’s not coming the business that cannot survive on its own.

@Driko9097 @GaryVec By that maths every infrastructure company destroyed capital in its first decade. Money raised becomes assets built. In $CLSK case: $1.1B in BTC, 1.8 GW of contracted power, AI/HPC platform under construction. The capital didn’t vanish. It’s standing in Georgia and Texas.

@ResearchSfl @MindfulReturns Agreed. They raised over 4b in capital last 5 years and have only 2,9b assets to show for it. Money losing business sponsored by thirth parties, including me. I try to look forward but the way they talk followed by the results make me mad. Shareholder value top prio.. lmao

@Driko9097 @MindfulReturns I agree, 1. If BTC remains flat 2. Depreciation and amortization is excluded 3. There's no capex 4. Mgmt doesn't favor itself with RSUs Then the business is barely breakeven according to EPS and FCF. So how the eFF is it funding Ai/HPC?

The amount of quotable lines from last night's $CLSK Q&A is genuinely ridiculous. "Mining funds the platform. AI monetizes it." - CFO "Frosting on the cake." - CEO on timing "Aggressively seeking 8 gigawatts." - a neocloud "Feel really good about the cadence." - CEO Market read the menu, skipped the wine list, and complained about the bill 😂

@MindfulReturns Some math to show how stupid that sounds: 2,2b raised with ATM over the last 5 years + 1,9b of debt = 4b raised with only 2,9b assets to show for it. 1,1b gone over 5 years. Insane shareholder value creation! Great business that can carry the future AI buildout! 😂 $CLSK

@MindfulReturns Please explain how mining funds the platform? Segment barely covers its own cost 95% of the time. Count in the overhead costs and they lose money consistently. Massive dilution and bond/convertible to keep the lights on last 5years. $CLSK

@Bruce_LeeWayne @edvestments @smatthewschultz @FinancialErnie @Rex_Finance @GaryVec @harry_sudock They are reffering to themselves, they made bank as management (shareholders/bonusses) while the business is losing money 24/7. Mining business will support the buildout? Seriously how? 😂 without dilution and external capital they would be BK already. We pay for it all.

@edvestments @smatthewschultz @FinancialErnie @Rex_Finance @GaryVec @harry_sudock I know but it's annoying to see them say the term LONGTERM SHARE HOLDER VALUE over and over again when actually it's delivered nothing.

The only thing I liked from earnings call was this breakdown of power capacity. I wish they had given clarity on what is causing the delay for Sandersville.

@ResearchSfl @edvestments Yes, look at the actions not the words. Bullposting for ages and then low energy ERs with vague information. Where is the confidence, the vision.. No wonder it is one of the worst stocks. Tick tock? Lmao

@edvestments At this point I’d rather remain objective and not believe anything Schultz says. Monitoring progress outside of his BS is more realistic.

My take: 1. One customer wants all the large sites. 2. It almost has to be with MSFT or AMZN or they wouldn’t even consider single customer risk 3. No indication on Sandersville timeline but not impacted by muti-campus strategy 4. Neoclouds ready to scoop up smaller sites.

@Kaschiii @FinancialErnie They do, just not on earnings calls 😅 Bullposting on X is Matt his favorite hobby

@FinancialErnie Was für ein Trauer Spiel ist $CLSK bitte schön. Hier wird viel erzählt und nichts passiert, besser wäre es wenn sich das Management noch ein Flugzeug kaufen würde um noch bessere Stimmung zu kriegen . Das Management versteht es nicht positive Nachricht zu teilen . Traurig

$CLSK While there was no deal disclosed on the call or in the 10Q, there was plenty of guidance shared. ✅ Aligned on engineering and basis of design ✅ Established lead prospective tenant ✅ Commercial stage: Lease and full suite of contracts are now in active negotiation. The process is described as “complex” but management is “encouraged by the progress.” ✅ 2.11GW of power energized or being developed ✅ 260M cash and 400M single digit interest untapped on bitcoin:native collateral ✅ Growth pipeline exceeding 5 gigawatts in potential capacity ✅ Shift to multisite/portfolio deals: Prospective tenants are now engaging on a portfolio basis rather than single sites. ✅ Other near-term HPC candidates mentioned: ☑️Washington (86 MW energized, line study underway for expansion). ☑️Jackson, TN (60 MW acquired). ☑️Cheyenne, WY (110 MW, fence-line with another hyperscaler). ☑️Houston-area hub (Sealy + Brazoria): ~900 MW potential, with Sealy ~200 MW energizing in 2027 and Brazoria 300 MW already ERCOT-approved. @CleanSpark_Inc Transcript available: 👀👇 fool.com/earnings/call-…

@FinancialErnie @CleanSpark_Inc Hopefully insight in the rest of the year on the call + deal updates. Shame momentum was great but they didnt seize the opportunity to blow shorts out with the headline. Bullposting but no bull ERs. Good thing Matt is resilient to critique bcs this justifies it. 😅

$CLSK Earnings press release is out for @CleanSpark_Inc!

@MindfulReturns Not about the headline but earlier moves and compensations/bonus scheme. Sell shares at the top and do a huge ATM the day after. Cash out at the top, get more money, build more hash = more bonus 🤑🤣 Could aswell spit in the shareholders faces and laugh how you outsmarted them.

They don’t like shareholders’ because they haven’t rushed a headline? Come on. Deals close when they’re ready, not when Twitter wants them unfortunately - A 600MW ‘due’ deal isn’t how this works either - nothing is owed to the market. There’s a difference between traders and investors. Traders need the Monday headline, investors need the forward outlook. If guidance steps up, the stock works. If it doesn’t, no deal headline is saving it!

Pre-earnings positioning: Sunday night reading: $CLSK earnings Monday, $BTC defending the 200-day, FOMC handover Friday. Three catalysts, one direction. Long $CLSK into the print. The trade isn't subtle this week.

@FinancialErnie @CleanSpark_Inc @smatthewschultz @GaryVec A man can hope. But I’ve hoped alot regarding CLSK meanwhile basically every other peer created meaningfull shareholder value not just EV. If there is a time it is now. Not when the market calms down. RIOT levels or higher are attainable with a solid TX/Sandersville deal.

🚨 $CLSK INSTITUTIONAL OWNERSHIP 🏦 Vanguard changed their ownership by dividing it up among its subsidiaries. They still own ~24M shares 💰 Overall ownership of @CleanSpark_Inc jumped higher to 89.81% @smatthewschultz and @GaryVec may actually get an institutional style squeeze with the deal news as the majority of the float is locked up by institutions 🔐

@shub_mahe @sprainhill But one of the worst “miner” stocks.

@sprainhill $CLSK is one of the best bitcoin miner.

I believe that, pound-for-pound, the Digital Asset Management team at CleanSpark is the highest impact, most cracked team in the entire industry. Would put us up against any other team, any other day. Name the time and place. Obviously this isn't p/u bball but you get my drift

@edvestments Doubtful given their track record of making noise with not much to show for it except their own bank accounts getting topped.

Deals getting announced at earnings by the HPC players. $CLSK is on deck. Clsk pushed earnings til the last possible day. Land clearing, AI job postings, lots of positive comments from analysts. The signs are there and MW availability is scarce. Monday will be big.

@Schweino68 @CleanSpark_Inc Now add TX into it.

Apparently colos are worth $1.856M per year according to this recent HUT deal. The same deal for @CleanSpark_Inc’s Sandersville location is $5.5B over 15 years. $CLSK to $28 confirmed.

@LeaderInvests @CleanSpark_Inc Late to the game, last in line for grid approval. Tick tock.

$CLSK is one of the largest Bitcoin miners in the world. But that's not why I'm watching them. @CleanSpark_Inc is pivoting into AI/HPC data centers with 1.8 GW of power, a 600 MW Texas campus, $458M in cash, and 13,500+ BTC on the balance sheet. At a ~$2.5B market cap, the AI infrastructure optionality is barely priced in. Here's the full breakdown.🧵👇

@FinancialErnie @CleanSpark_Inc Hope you’d give an insight on the deal delays. Seems like they have a bunch of stranded assets. Being late to the game = no grid interconnects. Tick tock

$CLSK Got a chance to sit down with @CleanSpark_Inc executive team to talk strategy on technology, land and power, HPC leases, financing, and treasury management 🙌 I’ll be sharing the interviews this weekend as they’re prepared on my channel! Make sure to sign up to get notified 🫡 Also I’ve got some amazing panel discussions to share as well. Need to clean up the audio and then it’s full send 😎 @taylorbmonnig @smatthewschultz @harry_sudock @GaryVec @sprainhill

@edvestments Can not even announce a deal in time, project delays next big bummer. All talk zero walk by management.

$CLSK the deal is taking longer than I expected. With that being said, every deal I’ve sat through has taken longer than I expected. WULF, APLD, CIFR, IREN, HUT. It felt like “wen deal” for every one of them. Best guess now is by earnings.