Brandon Bailey
3.4K posts
@bitcoinbeezy
Opinions are my own | Corp Dev @nakamoto | Previously Co-Founder Second Gate and VP on Mining @galaxyhq
People don’t understand. There isn’t enough high quality infrastructure to run the Blackwells now. The largest companies have chips in warehouses because there is nowhere to plug them in. Launching Vera Rubin makes the infra shortage worse. AI data centers are wildly undervalued.
CoreWeave's $CRWV Delayed Draw Term Loan ("DDTL") facilities say much more about $CRWV's credit profile than any movement in the illiquid credit default swaps (CDS) tied to their debt. In July 2023, $CRWV issued their "DDTL 1.0", which carries a stated interest rate of SOFR + 9.62% (resulting in an effective interest rate of 15% as of 9/30/25). In July 2025, $CRWV issued their "DDTL 3.0", which carries a stated interest rate of SOFR + 3.00% (resulting in an effective interest rate of 9% as of 9/30/25). The DDTL 3.0 facility is specifically ear-marked to fund CapEx related to CoreWeave's contract with OpenAI - its "riskiest" contract, given nearly all of CoreWeave's other revenue is derived from investment-grade counterparties ($MSFT $GOOG $META $NVDA $IBM etc.). So in the span of just 2 years, CoreWeave's lenders were willing to provide it with additional capital at a ~600 bps lower spread... which obviously implies a significant reduction in $CRWV's cost of capital... and a significant improvement in $CRWV's deemed creditworthiness. This signal from CoreWeave's actual lenders, who are: - Committing billions of dollars to fund its "riskiest" customer contracts - Accepting ever-declining spreads on their loans - Agreeing to covenant amendments to accommodate the delay in one of $CRWV's data centers tells a very different story with respect to the market view's on $CRWV's credit profile than the noise coming from some small trading volumes in illiquid CDS instruments.
Happy New Years all Bitfarmers! I'm pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American. This transaction brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC/AI energy infrastructure in 2026, where we believe we will be able to generate much stronger returns on our invested capital with HPC/AI. The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI. $bitf investor.bitfarms.com/news-releases/…
Watching @BitdeerOfficial $BTDR very closely at these levels. The company has demonstrated impressive month-over-month hashrate growth as they deploy the A2 at their facilities. The recently announced A3 has incredibly impressive efficiency and will be folded into their production mix. I think the company is beginning to hit its stride on a number of fronts is well positioned to become the largest publicly traded bitcoin miner by self-mining hashrate in 2026 by deploying their own machines. I think Bitdeer also has effectively a free embedded call option for HPC/AI upside given its current valuation with its Ohio site that is in advanced negotiations with a potential partner per their monthly report. But what has caught my attention the most is the current short interest on the stock in light of the bigger picture catalysts. The stock is well-positioned for a short squeeze that could be triggered from a single press release that could range from a massive hashrate target, a major miner placing a larger order for the A3, or an HPC deal. The current days to cover short ratio is 5.25 days, looking at average volume needed to cover per the table I made and attached to this post, shorts could quickly find themselves in a bind and we could see a major move to the upside. Disclaimer: not financial advice
