Member Info for CLSKBull

A lot of the people saying insider selling are idiots (yes you klepto). Most of the time it is selling a portion of bonus shares to cover tax, in the case of WULF, Prager was transferring shares to another entity he controls. So you have to read the SEC filings and not believe twitter.

TSMC is releasing 2nm chips next year which is what I am assuming BTDR will use for these groundbreaking ~5JT machines. It means 600EH of existing hash (plus many EH of current orders) becomes effectively obsolete next year and will be a massive competitive advantage for Bitdeer.

Bitmain will also take advantage of these chips, however I suspect they run internally for a bit before releasing for sale.

900MW online, and targeting 2GW total.

Bitdeer will be a giant - however 2025 is later than I'm looking at. But I believe they are due an uplift anyway.

https://www.tsmc.com/english/dedicatedFoundry/technology/logic/l_2nm

I feel we're close to fundamentals not being important. Let's see what JP has to say tonight.

Well done with WULF all.

PI this what I'm looking at.

MARA - Overdue a run to 30.

SLNH - Tiny miner with AI hosting - might be in the process of breaking out.

BTDR - Could be a giant - ex Bitmain people, making a 5(ish) J/T miner next year. Loads of MW's - could be a sleeping giant.

HIVE - Undervalued - but might stay undervalued. Tentative signs of moving but hard to know.

MIGI - Board favourite - could move towards $4 again for no reason.

DGHI - Undervalued but not really moving either.

BTBT - Large ETH holdings. Mining and AI/HPC. Good volume, should probably run at some point.

BITF - Undervalued but ongoing takeover attempt by RIOT. I'm leaving this one alone until further clarity.

Yes the democrats have been largely against bitcoin mining, and now Trump picking up some easy votes.

Yes 404 - strange pictures to be seeing. Democrats have generally vilified bitcoin mining, now Trump has decided to become pro bitcoin mining. Strange times we're living through.

Yes definitely a trade and not an investment, but there are likely other companies you can do the same trade in with more upside potential and less downside risk.

Bitcoin still to convincingly break last ATH. Market sentiment is absolute disinterest just now.

Don't forget the NASDAQ listing which could also pick up.

I think we see 20p before 2p.

It went up as high as 30p at the turn of the year (less than 6 months ago). So if you had a short you'd likely have been stopped out.

It's overvalued now as you say, but the market does what it wants, and this can move when it wants to.

In a 100k bitcoin scenario I think Argo would go to 20p, and the buyers would not be reading any interim reports. Placing for sure but they'll need to be clever about it as it might be only one shot at it.

I think you can short Argo on IG.

Absolutely no reason that Argo couldn't go to 20+ before it went to 2p, so that would not be good risk/reward.

Micoley would be good to get an alternative view on the bull case for Argo? The updates and financial statements make for grim reading, but perhaps you see something that others don't?

Micoley, why would someone short when BTC is near ATH? There's every chance it goes up before it goes down.

Tech, yes agree that this might happen on bitcoin around 100k (if this happens). Although if they raised enough to clear the debt they are still stuck with the other 3 issues - so they'd likely have to raise $100mil to get anywhere. Unless they decide to pivot into another area somehow.

Argo has 4 main problems:

1. Hosting agreement with Galaxy is coming up. If not renewed what happens?

2. Secured debt with high interest rates.

3. Significant "non direct" costs vs revenue.

4. No clear way forward/roadmap for investors.

Had a quick look at policy. A bit wooly and seems that pay is largely determined by the Remuneration Committee - which is 2 directors. Think they are perhaps marking their own homework? A+'s all round.

Maria Perrella (Chair of the Audit and Remuneration Committees)

Raghav Chopra (Member of the Audit and Remuneration Committees)

"The Remuneration Committee consists of myself, as Chair, and Raghav Chopra as member"

Arbkl is trading at 9.18, started at 25, good yield just now but clearly high risk. They'll expire worthless at this rate and it's in their interest to strike a deal. But perhaps they are spread too thin to make enough of a dent.

I don't understand - how can you vote against receiving the annual accounts? Surely they are what they are?

Looking at the annual report, they have 4 directors, 8 senior management, and 32 employees at end of 2023.

Directors compensation was 2,272,074 - 940k of which was payoffs for Wall/Appleton.

So that leaves 4,157,926 to be split amongst the rest, which gives an average of 100k per employee.

Interestingly Mara has 60 employees as per last quarterly, so benchmarking Argo seems to stand out.

Why does Argo have so many employees and what do they do?

Chippas, the jury is out for me. I know his hands are tied and inherited a mess, but I would have expected something more from him, at least some sort of restructure on these senior bonds.

Just seems to me that no one has their heart in this and they are just going through the motions hoping for a bull run.

Only 8% of shares voted, so the directors with their large holdings could have voted through all their amendments quite easily.

Oh wait, the chairman holds less than £15k of shares. Says it all really.

Directors’ share holdings

Director

Ordinary Shares, PSUs, RSUs

and ADSs at 31 December

2023

Percentage of Issued Share

Capital

Matthew Shaw 137,289 Ordinary Shares 0.02%

Thomas Chippas 2,850,000 PSUs on ADS 5.35%

Maria Perrella 6,000 ADS 0.01%

Raghav Chopra Nil Nil

Yeah a good sign. We have to suffer today but if bitcoin and markets hold they should run up again. Quite a bit of short interest to turbo boost at some point.