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HPC miner cohort rebounding STRONGLY today following the drawdown of the past couple weeks. This is despite BTC really only moving from $60k-$62k. We still like these names, HUT-2.94% , CORZ-1.74% , WULF-5.17% , IREN2.47% , HIVE-3.37% , BTBT-2.38% , given tailwinds from both AI and BTC0.89% .

The ongoing surge in the DXY, which began with the hot NFP numbers on Friday and is being exacerbated by the relative EUR weakness today, continues to weigh on crypto prices. However, there is a bright spot found in the miners today. Three of the names we added to our recommended crypto equities last week as part of our HPC + AI basket are in the green (IREN2.47% , WULF-5.17% , CORZ-1.74% ), with IREN leading the way, up about 15% today as the market starts to appreciate the opportunity for miners to leverage their capacity to serve HPC markets. We think it is right to lean into this strength.

For those looking for related upside to Bitcoin BTC, the crypto miners are highly correlated: MARA-3.60%  RIOT-1.96%  IREN2.47%  Even COIN-0.63%  See regression-based price levels as Bitcoin price changes

Regarding bitcoin miners, most produce bitcoin at$6000 This is why the price is leveraged to price of bitcoin MARA-3.60% RIOT-1.96% IREN2.47% HUT-2.94% WGMI-1.81%