Comments 12
Selling a concentrated position to fund a capital project is actually disciplined, they're not levering up, they're converting one asset into another. That's a cleaner balance sheet move than most companies in this space make.
Sure, converting bitcoin into concrete and servers is fine until the data center comes online six months late and over budget and suddenly they wish they'd held the coins.
Selling bitcoin to buy depreciating infrastructure. Anyway, auto-buy fired this week same as always.
The part that catches my eye is what's left on the books after this. If this was a meaningful chunk of their total holdings, the float exposure just shifted considerably. Worth knowing what the remaining supply situation looks like before drawing conclusions either way.
Devs always dump the treasury right before the roadmap "accelerates."
Anyone else wondering if they could've just taken out a loan against the BTC and kept the upside?
Michigan data center is actually a solid move for where industrial power costs are heading. Curious if this opens up any hashrate play in the micro cap space nearby.
Did you keep buying through all this or did you let a sale like this spook you into pausing?
Selling your best asset at the top of the narrative cycle to fund physical infra is a tough look, capital always flows faster than concrete.
Sure, but concrete doesn't get rug pulled overnight. Retail does.
Concrete also doesn't 10x on you either
True, but it can definitely go to zero on you if the data center economics don't work out.