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Miners must be going mainstream, article on Bloomberg, most of our faves get a mention https://archive.is/kQuFB

Nothing we mostly don't already know but check out last para. An unnamed miner with $350-400m of machines bought this year but nowhere to put them. “That is not uncommon” apparently.

More evidence that sites are the real gold rush now, not machines which seem more readily available than ever. Oversupply if anything. The thing is there are only a handful of companies with that sort of cash on hand to spend on machines. To do so without a site lined up is woeful. Prey to god it's not one I'm holding.

If an equity raise prevents a bond default or covenant breach it's absolutely in shareholder's best interests.

Agree tickhilltim on management, the absolute inertia on selling the required volume is baffling. If they have nothing to hide on their hugely bullish valuations, they should have no qualms liquidating the necessary decent chunks. If raise was plan all along it would explain why they're so relaxed about it, would enable them to keep up facade. In meantime do feel for shareholders as market does not like to be left guessing, evident from share price destruction, down 40% year to date and it's only mid-March.

Mara with some eye watering volume today, 30m shares in first hour alone, can't be all atm as it's gone up 😜.

Take some comfort that from $25 it only needs 3 more 10%+ days to crack this cycle's peak.

Pangloss73 that's funny, if you're resorting to emotional claims talking garbage clearly you haven't done even a basic analysis of their assets. The fact this has a dramatically lower price to book value than any other UK REIT should set alarm bells ringing. The discount is telling you that the market does not believe their valuation, so while you're trying to shoot the messenger what you're actually doing is arguing with the market. Best of luck with that.

We're on the same page in sense I'm 100% liquidating all my miners within this cycle, need an exit strategy with these dogs. Likely late 24/early 25 for me, although may hop in/out around halving slump, if that plays out.

The govt debt/bitcoin play is a longer term game separate from miners and whims of questionable CEOs / operational risks

Reminds me of that old joke about economists successfully predicting nine of the last five recessions.

Fwiw I see the biggest systemic risk as government debt. US borrowing accelerating dramatically, whoever wins the election that's set to continue. Where US leads we all follow, governments now very used to relying on free money, it's to be very hard to change course now. Ultimately there's a doom loop where they need to borrow more just to maintain spending while keeping up with growing repayments.

This all plays out in years rather than months, but all this money printing can only ever be inflationary, endlessly eroding the value of 'real' money. Best way I know to protect against that is bitcoin.

Magnum.PI for the story of how Mad was gifted the buildings it's worth trawling through the IPO documents, link below gives some details too. They all used to be owned by the company but were carved out by him pre float, who then placed them into various offshore entities registered in Channel Islands.

https://www.theguardian.com/business/2022/jan/11/matthew-moulding-the-curious-case-of-thg-founders-property-deals

The governance problems here remind me of Home REIT. It's no wonder market does not believe their valuations.

Much better incentive would awards based on earnings per share like a proper plc. That would incentivise fewer not more shares in issue. Problem with that - and reason they've gone down the much more comfortable route of targets so low they're effectively awards for turning up - is EPS would also require them generating actual statutory earnings. That's blasphemy at THG.

Be careful with KR1.

In addition to consultancy charges, salaries, fund management costs, there's an annual performance charge amounting to 20% of gains. Those gains calculated on NAV, not share price. The valuer of those hard to value illiquid parts is the same person that benefits from a cut of that valuation.

In fact the fund manager, major shareholder, ceo, key holder as well as valuer are all the same person. This type of extreme conflict of interest would only be allowed on Aquis.

In 2021 that performance charge alone was worth £30m. Won't be long before 2023 charge hits, with altcoin gains that year it's not going to be pretty, and will be an even higher charge this year.

The real kicker is even if you agreed with the stock awards, they could have done a buyback before granting them - that way everyone, including the 35% scum, would benefit. Instead this just continual dilution.

Daydreaming here but imagine if Mara came out and said we're done with the stock sales now, decided against it, no more dilution. Honestly reckon it'd go to $40 overnight. This is the only real overhang on the stock.

Not as mad as it seems. They have plenty of cash on hand for expansion. To expand more than that just they could hang fire until next crypto winter when asset prices truly bombed out, with accumulated warchest from bull. Corz and few others are managing well without printing excessive shares, seems a no brainer when market rewards that approach.

Where I do think management deserve credit, and I guess this is what market approved of too, is how they've largely maintained margins, and been able to generate a fairly decent operating profit, despite pressures on revenues.

They must have achieved this by cutting costs quite dramatically, possibly down to the bone in some parts. This is where it's probably useful they have an unsentimental finance guy in charge, rather than one necessarily with a news/media focused background.

The awareness of overseeing a business in long term decline must help, so they have to watch costs closely even at best of times. But they could have easily cut nothing and hoped for the best like we see in so many companies, which could have easily resulted in a big loss.

Cipher are decent imo, until yesterday they'd underperformed for a while though. I believe that's mainly been down to concentrated shareholder (Bitfury) and concerns they'd be selling off. Bitfury have now said they're splitting shares around employees which should help. The other catalyst was results which showed they'd not been very dilutive (and debt largely flat year on year) - could be where that powerful shareholder comes in useful.

https://investors.ciphermining.com/static-files/6df1812b-820a-42b4-be66-2b1f14a89966

It would be good if Mara made some notes here, in some ways they're being outclassed by smaller players with only a fraction of their capacity.

Best summary of Craig Wright https://craigwright.online/

Not enough in the kitty for more meaningful acquisitions, days of paying £275m for likes of Cult Beauty are gone. That's not a bad thing btw, the fact he can't bolt on more overpriced assets via free softbank/ipo cash should be relief. Overhang of goodwill writedowns that inevitably follow not worth it. Needs organic growth instead.

Should instead focus of selling off non-core vanity assets like country club and hotels (especially St Johns Street, which Mad bought 5 years ago and has been closed for years).

Agree on likelihood of halving related retrace to echo past. What has shifted the dynamic for me though is wildcard of being this close to ATH pre-halving this time around, plus miner decoupling / miners already having retraced quite a bit.

Miners are so forward looking it makes sense they've more than priced in halving if anything. It should then follow once it's actually happened and we enter that new normal, I believe market will instead look forward to stability of 4 year period of unchanged block rewards. It will help that chatter surrounding halving will also stop once it's happened. In theory this will all put a new floor under miner prices for the next phase.

It does seem a bit contradictory that both Vivek's appointment was classed as brilliant news, to judge by the large number of posters on here ramping it up continuously at the time, as well as now his departure, as if that somehow signals a move towards topline growth and other great things? You have to laugh really.

This is the beauty of surpassing all time highs, there's no existing resistance after $69k, we're into pure unchartered territory.

August deadline is very tight in context of time it takes to complete commercial property transactions. Anything coming onto market today would likely be too late, unless they resort to auctions.