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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-3.19% , CORZ-2.88% , WULF-4.90% , IREN2.09% , HIVE-3.85% , BTBT-3.32% , given tailwinds from both AI and BTC0.53% .

Regarding bitcoin miners, most produce bitcoin at$6000 This is why the price is leveraged to price of bitcoin MARA-4.10% RIOT-2.25% IREN2.09% HUT-3.19% WGMI-2.03%

If one wants a leveraged exposure to bitcoinBTC, the miners are. Below regression stock price to bitcoin price:

• Price Now -> Price If BTC$100k
  • MARA $26 -> $377
  • RIOT $16 -> $463
  • HUT $16 -> $206
  • COIN $151 -> $2,832

From the above:

• Exchanges: COIN-0.98%
• Miners: MARA-4.10%  RIOT-2.25%  HUT-3.19%

These are historical correlations. But you see the implied upside is large.$100k bitcoin is basically a double but miners could rise more

For those following the potential spot ETF approval ofBTC #bitcoin, the clues are becoming louder and tangible

• see tweet from chief counsel of Grayscale
• “Forms”?

The crypto miners are highly leveraged to the spot price of Bitcoin

• RIOT-2.25% MARA-4.10% HUT-3.19%  evenCOIN-0.98%
• See potential upside for each stock ifBTC reaches$100,000

https://x.com/craigsalm/status/1742903003399463313?s=46&t=ox_Iko2UDeJ6GX8T2qbNkw

Looks like investors starting to bid up Bitcoin and crypto stocks too post-FOMC

• BTC
• MARA-4.10% RIOT-2.25% HUT-3.19% COIN-0.98% GBTC-0.17%