es

It still baffles me how people are still “Buying the Dip” on $IREN. Amid their $6,000,0000,000 ATM, diluted and sold into the open market. Thinking that it will increase their share price. While $NBIS was able to differentiate themselves and secure more hyperscaler deals + $NVDA backing. $IREN GW raw asset moat they had two years ago is now almost gone. It’s hard to see the stock appreciating much in value when $6,000,000,000 of structural dilution works against you in every rally. Better to wait after current shareholders get diluted first before going long.

$BITF Expecting some major news as we head into the 4th month of the year, especially with over $1 billion in cash on hand. Ben has clearly been holding back on big announcements until the rebrand is complete. Permitting across the portfolio should be much further along by now. So the big question is — outside of Washington, which site is dropping next? Sharron, Quebec, or Panther Creek? Will Ben go ahead and sign an early contract in Washington just to get momentum going on the other sites? Or do they line up more project funding to push everything forward, on top of that $1B war chest? Another $400–500 million in project loans for the other sites would be ideal. They don’t want to get too leveraged without revenue coming in, but they also can’t afford to sit still and do nothing. I think we’ll see more project funding announcements soon, along with meaningful updates on the other sites.Still believe Ben is waiting until summer for the Washington deal to get the best possible terms. Once that contract is signed, they can comfortably raise more equity through convertible notes.