We break down CleanSpark’s FY25 results, compare miner margins, and explain why hashprice pressure is pushing operators toward HPC. We also cover TerraWulf’s preferred conversion, Cypher’s warrants, and Hive’s new ATM, plus CleanSpark’s Texas expansion and options-based yield.

• Bitcoin market context and volatility
• CleanSpark FY25 revenue, margins, and BTC stack
• Peer comparisons across gross margins and production
• Sensitivity to hashprice and operating costs
• Digital asset management and options yield on BTC
• ERCOT entry, modular builds, and Submer partnership
• TeraWulf preferred conversion and balance sheet cleanup
• Cipher warrant exercises and Hive $300m ATM
• Debt versus equity levers for buildouts
• Outlook for HPC contracts and miner strategy

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