Jorge A.
Stock & Options Trader
CleanSpark is bad for shareholders because it loses money mining Bitcoin, at an all-in cost above $120K per coin. Even excluding about $670M of markdowns on its Bitcoin holdings, it lost almost $400M over the past year, and depreciation eats the rest of its so-called profits. Its shareholder equity is below what it has raised from investors, though its miners are still carried above their worth. This rebuts @Market_Maestros, who argues miners trade on EV/EBITDA and the losses are unrealized. … Show more
Strategy runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com x.comÂ
KULR is funding growth without diluting shareholders, extending its at-the-market equity pause through September 30, 2026 and drawing on cash and its Bitcoin treasury instead. It holds about 1,085 BTC and roughly $19M in cash. Q1's $28M net loss was mostly a $20M+ non-cash Bitcoin markdown, while revenue nearly doubled to $4.8M, gross margin rose from 8% to 29% and the operating loss shrank. Its battery business for spaceflight, military drones and data-center backup is getting healthier. x.comÂ
Bitcoin and ether liquidity is fleeing to AI and the SpaceX IPO, leaving crypto, the darling of 2020-2021, with no bid. The timeline now chases AI the way it chased crypto in 2021, which looks like Magnetar 2.0. Crypto has led markets for a long time and may be leading again, so it may be time to take profits. x.com x.comÂ
Bit Digital's discount to NAV is not attractive because its exposure to volatile assets like bitcoin cuts both ways. It works while bitcoin is running, and the company also carries heavy dilution. x.comÂ
KULR's case rests on scaling production and generating real profits, with the ramp funded by a bitcoin-backed loan from Coinbase. The risk is that the stock remains heavily correlated with bitcoin, though the recent pullback has not hurt it much. The CEO has committed to buying no more bitcoin, but it is still a financial asset on the balance sheet and serves as the loan's collateral. x.comÂ
IREN looks unable to become profitable any time soon, even with Nvidia's $2 billion investment. Fiscal Q3 revenue was $144.8M as Bitcoin mining revenue fell 33% to $111.2M, while AI cloud revenue rose 94% to $33.6M but is only 23% of the total. Depreciation and amortization of $121.2M equals 83.7% of revenue, and the net loss was $247.8M. x.comÂ
KULR Technology is set up for a short squeeze, with short interest above the 20% threshold on a float of 44M shares. It makes batteries for defense, transportation and space, reports earnings tomorrow after the bell and has technical momentum, with $6.00 the next major level. x.comÂ
The selloff in smaller space stocks after SpaceX's IPO is an opportunity: it was mechanical rotation into the new benchmark, not a rerating, as Rocket Lab was sold the week it joined the Nasdaq 100. Satellites bill monthly for years while rockets get paid once; AST SpaceMobile stands out with approval and launch cadence. SpaceX is the core holding, Rocket Lab's Neutron the second-mover bet; Firefly, Virgin Galactic and Momentus are lottery tickets or survival cases. Suppliers are ballast. x.com … Show more