Matthew Sigel
Head of Digital Assets Research at VanEck, Portfolio Manager of NODE ETF
Datavault AI's accounting errors make its previously issued financial statements unreliable. Its 8-K says errors involving a Bitcoin-denominated stock purchase and Bitcoin exchanges will require restatements expected to reduce reported assets; management is also reassessing its going-concern evaluation. x.com
Richtech Robotics has broken trust, which matters more than its restatement. It said its FY2024 and FY2025 financials and four quarterly 10-Qs cannot be relied upon, mainly over warrant and SEPA accounting it calls primarily non-cash. But its December 10-Q said a material weakness was remediated, this filing says it was not, another is coming, and other adjustments could be material. Heavy panic selling looks likely despite the muted reaction. x.com
Super Micro's fundamentals are outrunning fear over its legal and accounting baggage. Its quarter beat with EPS of $0.84 versus $0.61 expected, gross margin rebounded to 10.1%, showing regained pricing power, and next-quarter revenue is guided up to $12.5 billion as AI customers queue for liquid-cooled servers. Management found no need to restate past results despite audit delays. Given the China export, DOJ and accounting issues, this is a bounce trade, not a long hold. x.com x.com
Super Micro's export-control indictment is a high-severity governance event that reaches the core of the investment case. The DOJ charged co-founder and director Wally Liaw and two others, alleging about $510M of servers were diverted to China through concealment; the company isn't a defendant. The $2.5B channel is about 11% of FY2025 revenue, material but not existential. It lands on unremediated control weaknesses after EY resigned, and a 6.3% gross margin with negative operating cash flow. … Show more
MARA's management is clearly clueless, having sold 25% of its bitcoin after a 25–30% drop while sitting years behind peers in the AI data-center transition. The company could be really undervalued if management got it together, but there are much better places for capital unless it cleans house or sells to an operator that can manage the assets better. A renewed bitcoin rally could warrant another look. x.com x.com x.com
DDC Enterprise trades at a $29M market cap against about $143M of net value: its 2,899 bitcoin are worth $231M against $88M of debt, and it just added more. Underdog crypto stocks are usually the last to rally as risk chasers move beyond the known names, so a clean break above the 50-day moving average on expanding volume could spark a fast move. x.com
