All research in Bitcoin Mining — 1 reports.
The world's largest Bitcoin miner by hashrate and the fourth-largest corporate BTC holder (about 35,300 coins). But on an all-in mining cost basis it now loses money on every coin it mines, has burned cash and diluted shares nearly 3.8x over three years, lags peers on the AI pivot with zero hyperscaler signings, and trades at a 2.4x mNAV that is richer than MSTR. No margin of safety. Rating Watch: a transforming cycle stock whose AI option is already paid for at today's price.
