Member Info for Globex

Must be one of the worst IPOs in recent history this, absolute trainwreck from start to finish.

Hive looks good on paper and hold a wee bit too, but yes main challenge is market totally indifferent to it. Could be as they've not really kept the expansion pace and most machines will be getting on a bit. Iceland unfortunately will become more problematic too https://archive.is/f2phT

Taken the opportunity to join Clsk exodus with last holdings, insider sells and interview highlighted here raising some red flags. Don't totally hate it, tbh was v good to me and if falls far enough could be a good rebuy opportunity. For now though it looks like we're entering a Mara phase 🤞

Short report not all that convincing to me, not very damning. Weirdly you'd think Mstr holders would have already been aware of its whopping premium to underlying holdings, apparently all not to judge by the drop, crazy space we're in.

Could be hype's got them yeah. To go from being nobodies to running a £4bn company must be a bit like being a lottery winner, people go weird.

They were strangely direct and tad aggressive about it. Makes me question Clsk more than Mara, these kinds of digs don't normally come from a position of strength. Indicates a bit of insecurity if anything, the more you're winning the less mind you should be paying to your competitors. Even if everything they were saying was true, there are enough analysts to work it all out without going public with their own critique.

It's not a great look for a ceo to be taking such direct shots at a competitor. You don't really see this in other industries, it's a bit embarrassing tbh. The Clsk chair did a similar thing on twitter posting that nonsense cost to mine chart vs other miners that ended up making bitdeer look better lol.

btw I happen to agree the Mara side projects are a bit of a distraction and would rather it reverted to being a pure play miner, no clue on the immersion claims, but ultimately market will decide the winner, and maybe both companies will prosper, no need for ceo opinions into the mix too.

Maybe there's life in the old dog yet.

It will be interesting to see if any more credible offers materialise. Two things have changed since that previous approach - results are now out there so if there are prospective bidders they know the state of play, no leaping into the dark. The other thing is that approach being made public might in itself flush out others, if they think it's potentially in play. Times quoted a source saying "everyone's looking at it".

Being in north Africa isn't an issue, even Glencore has operations in Morocco. Mining/exploration companies tend to be in far flung places, nature of the beast, you don't find many gold mines somewhere cosy and local.

It would be classic if someone did ask about his daughter being on the payroll though, just to see look on his face. And actually it would be quite reasonable to ask whether that role was advertised to external candidates as part of a proper recruitment process, whether £55k part time represents good value for shareholder money and the thinking behind her receiving a 25% year on year pay increase.

I think the kindest way to describe Bearhunter is someone with mental health problems. He sees everyone as part of a conspiracy focused entirely on bringing down a micro cap podcast publisher. Very angry about that. Too intellectually challenged to understand reality. Not even worth engaging with to be honest. That was probably his buy at 8:08am today.

Controversial thought ahead, look away if you're easily offended.

Bearing in mind the jam tomorrow is looking more distant than ever, looking ahead to catalysts that might actually this around, is there a sense that Sorrell keeling over might do it? Being realistic he's now 79, anyone investing here will have already thought about succession.

We know there's been bidder interest but ultimately him having the blocking vote will put a kibosh on that, he hasn't even seen fit to inform shareholders. With him gone there'd be nothing blocking a takeover. And even without a takeover with a single share class this would behave more like a normal plc, entering indexes and bought by more trackers.

Then we come to what would the company actually lose by him not being there. There are convincing arguments that say for all his pass triumphs he's a bit past it now. With all the galivanting around the globe and missteps such as countless outlook misses, it's become clear he's now more of a figurehead without a true handle on operations.

Could hold both, needn't be a choice. No question Mstr is winning all the prizes at the moment.

These stocks are so momentum driven movements tend to get exaggerated in either direction. Remember how after the ETFs were approved Mstr struggled, it went on to drop 40% in Jan, and all the social media "experts" were saying it was over because people would just buy the ETFs instead. They underestimated it, and I believe a similar dynamic is at play now with Mara and a few other miners.

Hard pass on buying into companies giving these nonsense numbers, did think Galaxy were better than this. Cost to mine per coin is a bad metric at the best of times, this example particularly awful. In a competition to see who can blag stripping out the most costs I think Galaxy may win.

"The calculation excludes depreciation, mark-to-market on power contracts, and corporate overhead."

Money Iren doesn't hold any btc, appreciate your optimism around middle sized miners but let's keep things real here.

Galaxy results give their hosted mining hashrate as 2.2 EH - bit of a discrepancy with the 2.4 "capacity" Argo have been claiming.

https://s201.q4cdn.com/407453138/files/doc_financials/2023/q4/4Q23-Earnings-Release_Final.pdf

The one saving grace is how authorities seem powerless, business regs so loose in Texas. As hard as it must be for those residents, practically it only becomes a problem for us as investors if they change the laws to somehow clamp down. In the meantime that lady seems like a formidable campaigner, from article too, could be time for Mara to pay her a couple of million bucks over the value of her property to sign a NDA and relocate.

It's not great and for once I found myself agreeing with an anti-miner people, their complaints seem legitimate and in such a litigious country as you say lawsuits seem inevitable. This particular site must be too close to a residential area, other sites I'm sure largely avoid these issues by being in middle of nowhere.

As bearish as this all seems though it doesn't change my bullishness for miners this cycle. Let's be honest in the long term all miners are a bit screwed on the economics alone, but we should still have plenty of good opportunities from the hype in meantime.

When do they expect to at least break even, so that the company no longer has to rely on placings to stay afloat?

This is key as over the years they've made over £40m by selling shares but very little commercially. For all their hype revenue remains tiny but we're not talking about a startup anymore, it's been listed for coming for 8 years now. If there's no end in sight for these placings and shareholders know another round of dilution is perpetually around the corner, it will always damage the investment case.

It does seem like it's getting to the point where grid capacity can only go so far, could be we're entering the end game for mining in the US as a whole sadly. When even freedom loving Texans are getting restless you know we're screwed.

Stories like below make me more nervous about holding miners than anything else - even moreso than the federal level energy/tax regulations which I think will face decent opposition. Have to wonder about the DD they did on this site before buying it - but beyond that it's that this local opposition I believe will ultimately influence the politics and be biggest long term challenge.

https://www.dlnews.com/articles/people-culture/granbury-texas-residents-under-aural-attack-from-bitcoin-mine/

Lol true, also big pressure on Clsk for those earnings, I like the stock but they're going into it with market expecting absolute perfection for this revaluation to make any sense. Meanwhile Mara that bombed out expectations at the stage where Fred just has to turn up and not fall over.

Could do with a catalyst to fix sentiment. Other miners pumping will surely bring out the animal spirits in management? Looking ahead most immediate change needed has to be improving yield by sorting the operational drag. Then after halving when we're down to survival of the fittest, once new monthly reports filter through May+ being biggest should count for a lot. Following that Q1s ideally we hear they are done with the shelf offering, more than anything this will be a gamechanger, they must be printing shares like crazy now and imo accounts for much of the underperformance we're seeing.