25 Jun 2025, 12:28

MARA partners with TAE Power to develop load management system

More on Marathon Digital Buy MARA Holdings For Its Bitcoin And Get The Mining Business 'For Free' MARA Holdings: An Intriguing Combination Of Bitcoin Treasury And Efficient Mining MARA Holdings: On The Verge Of Profitability, Still Too Risky For Me

25 Jun 2025, 12:21

Galaxy Digital: Crypto Cycles And AI Servers Collide (Rating Upgrade)

Summary Upgrading Galaxy Digital to buy after the recent pullback, as risk-reward has improved and technicals look supportive for a new uptrend. Helios data center transition offers stable, high-margin recurring revenue, reducing reliance on volatile crypto markets and boosting long-term sustainability. Valuation is reasonable at current levels, with potential for 36–37% upside if crypto market sentiment improves. Key risks remain: heavy crypto dependence, Helios execution uncertainty, and potential dilution. I recommend buying at $18.3, not higher. Introduction I have covered Galaxy Digital Inc. ( GLXY ) twice before, once under the ticker symbol GLXY on the TSE calling it a buy and recently as GLXY on the Nasdaq issuing a hold rating . The performances since then are depicted below. GLXY Performance after Buy rating GLXY Performance after Hold rating I did rate them a hold on May 19 but did not sell any shares as I believe the stock has more upside potential this year. After the recent pullback, I do see a more favorable risk-reward ratio in buying GLXY. Therefore, I am upgrading my rating to a buy again. Why I Am Long Again Recent momentum for Galaxy Digital has been halted by the combination of a crypto price correction and the pricing of a new share offering totaling around $500M. Proceeds of the set offering will be used to build out their Helios data center Infrastructure. What I did not cover so far due to length constraints is the Data Center opportunities GLXY has. Therefore, this will be the focus of this article. It is, however, quite significant to the company, as shown in their division of business fields into Digital Assets , which includes Global Markets, Asset Management, and Investment Banking, and Data Centers , which covers their Helios Data Center in Dickens County, TX, initially intended to be used for Bitcoin mining but now being repurposed to host AI HPC services. Demand for data centers is set to grow at almost 300% throughout 2030. Similarly, data center IT CapEx is estimated to grow at a CAGR of 23%, reaching $800B in 2028, per McKinsey. Even if these optimistic assumptions are halved, this would be a very attractive market for Galaxy Digital to enter. GLXY IR Their 15-year agreement with CoreWeave marks a shift in their revenue model. At an estimated $900M annual recurring revenue projected to fully materialize into 2027, they are now less susceptible to crypto price volatility. These revenues are both stable and of a high-margin nature, as GLXY projects 90%+ EBITDA margins for them due to their triple lease agreement structure. Conservatively estimated, this could net GLXY an additional $500M of net income per year. More capacity should be gradually unlocked and a full capacity of 2,500 MW could be reached in 2035, which at a 90% utilization rate and $150 per kW/month could earn them a total of $2.4B in ARR. This could in turn translate to $800-900M of net income from data centers annually, assuming higher depreciation costs causing EBITDA margins to decrease a little bit. This seems to be a much better field of business to operate in rather than Bitcoin mining, and I'm glad they're transitioning. Bitcoin mining is incredibly dependent on Bitcoin prices and, excluding mining efficiency increases, needs Bitcoin prices to double every four years just to earn the same revenues and profits. Still, one cannot deny the fact that Galaxy's stock price continues to be very dependent on Bitcoin prices, which drives the broader cryptocurrency market. In my latest BTC analysis, I shared the following: In the short term, though, I'm expecting a slight pullback to $97.5k or, in the worst case, to $93.5k We have now seen Bitcoin retrace to $98k. The worst might be behind us, but I continue to see a case for $93.5k as the worst-case current scenario. Either way, Bitcoin was super quick to regain the psychologically important $100k mark, despite economic and geopolitical uncertainties. In my view, this is clear evidence that the momentum is strong enough to reach further ATHs this year. Bitcoin's monthly RSI still has room for one further euphoric leap this year, as in all post-halving years, it has reached levels north of 90, whereas we have just seen 75 in 2024, a halving year. TradingView When it comes to valuation, traditional measures only get us so far. But looking at the P/B value, it has come down a little bit over the past few weeks. In my last coverage, it was at 2.7X and is now at 2.2X, which, in my view, is more reasonable and contains a little more room to run to the upside in case of continued crypto market euphoria. Specifically, I could see this value reach levels of 3X during peak investor sentiment, sometime around late Q3 or Q4 this year. This implies a short-term upside potential of 36%. Data by YCharts Since estimates are hard to find, I will do my own scenario analysis, based on FY 2025 and 2026. As long as a big portion of GLXY's profits stems from cyclical unrealized digital asset gains, they deserve to trade at high-single-digit P/E ratios, considering the unpredictability and the fact that profits vary greatly from true cashflows. As I assume rising digital asset prices in 2025, GLXY's net income would be boosted significantly by holdings gains as well as higher AUM, trading and lending usage, and advisory. I can imagine these developments to drive net income to around $700M in 2025, giving GLXY a forward P/E of 9.9X, which seems like the stock is neither over- nor undervalued for its 2025 upcoming performance. A continued crypto bull market is therefore already priced in. For 2026, gains or losses from the crypto markets are hard to forecast since it is supposed to be a crypto winter year. That could compromise net income drastically. They could, however, achieve revenues of $1B ($300M from financial services, $700M from Helios), which would put them at a forward P/S ratio of just below 7X, which is also reasonable considering their revenue will become much more predictable and be of high-margin nature. Checking technicals again, I realize that GLXY is trading at a crucial support of CAD25. The 200-day MA is also inching closer and could offer support. If these levels are lost, however, I could see the price moving down toward CAD20 (-20%). GLXY's recent drop of 30% also falls within its usual range of corrections since 2022. Weekly RSI down to 54 and daily RSI at 45 make me more confident at the start of a new uptrend. From then, it is important that they reclaim the descending trend line starting from their 2021 highs as support. Price has been rejected here three times on the daily chart in the last few weeks. Overcoming this resistance would give them a good foundation for trying to break through the key resistance zone at CAD34-36, which is my new preliminary price target, offering approximately 37% upside. TradingView Risks As mentioned in my prior coverage, GLXY's core risk remains its heavy dependence on crypto markets. A prolonged pullback in Bitcoin could lead to declining trading activity, lower AUMs, and negative net income. I particularly expect a lot of volatility going into 2026 where Galaxy will have to prove whether they can perform while reporting potentially large unrealized losses on their digital asset holdings. Additionally, Q1 2025's large loss as well as the Nasdaq listing increase the risk of shareholder dilution. Galaxy truly needs predictable revenues in order to safely be able to fund its costs and future expansions, so taking on debt and issuing a lot of shares is no longer necessary. Proceeds from share offerings are needed to restructure Helios and build it out in order to achieve maximum capacity. While likely, Helios has not proven to be economically viable and has not turned over a dime. This is set to change in the first half of next year but does remain an operational risk, as it is very hard to calculate ROI when investors don't precisely know about the amount of investment needed and whether projected capacity, revenues, and profits will truly materialize. Conclusion I am upgrading Galaxy Digital back to a Buy, though with less conviction than during the April lows. The recent pullback did improve the risk-reward ratio, but it is not as favorable as it was when prices hit $8-$12. Still, Galaxy Digital Inc. offers exposure to growing AI adoption, cryptocurrency financial services, and digital asset holdings growth. At today's prices, investors get the above-named sections for a fair valuation and decent technicals. Helios has the potential to make GLXY's financial profile more sustainable and less volatile over the coming years. This remains a 2025-focused investment, but I will continue to monitor both the Helios rollout and broader crypto dynamics closely. Depending on how these develop, Galaxy Digital could transition into a longer-term position for me, heading into 2026 and 2027. Disclaimer: At the time of writing this article, GLXY's stock price is at $18.3. I recommend buying at this price, not any higher.

25 Jun 2025, 12:14

Could This Be Top Crypto Buy Of June 2025 As DOGE and TON Surge

The crypto market is currently going through a period of heightened fluctuations. Amid these conditions, these projects have displayed their momentum both in terms of price growth and community growth. One of the most standout projects of June 2025 is Mutuum Finance (MUTM) , which has signaled that it could be the top crypto to add to your portfolio based on current statistics. The Mutuum Finance (MUTM) project has so far broken through multiple milestones in its ongoing presale, and even doubters are now jumping in to take advantage of the huge price discount. Let us take a deep dive into the three projects of June 2025 that you should buy, and why each one of them deserves your attention. DOGE DOGE is a well-known crypto project that is known for massive price fluctuations. While the earliest investors experienced some respectable gains, it has been a bloodbath since then. The price has been known to fluctuate by double digits in just a few days, making it nearly impossible to plot an entry or exit point. As such, while DOGE will continue to attract new buyers through hype for the coming years, it will likely remain a challenge to predict the price growth of DOGE. For more reliable, sustainable, and predictable price performance, Mutuum Finance (MUTM) is a great option. TON TON is the native coin on the Toncoin blockchain project, which is currently engaged in a massive integration with Telegram. The blockchain aims to be a competitor of Ethereum (ETH). However, while it could achieve some respectable gains, it is unlikely to dethrone Ethereum (ETH. When TON is a good coin, most of the initial gains have been mopped up by the community, which means the potential for future growth is limited. For more massive growth, Mutuum Finance (MUTM) is a great option. Mutuum Finance (MUTM): Designed For Growth Mutuum Finance (MUTM) is a project in the presale phase. It is designed as a decentralized non-custodial lending protocol, where users can participate as lenders, borrowers, or liquidators. As lenders, they can deposit assets into the communal pools to earn passive income. Interest rates in the communal pools are based on the pool utilization rate. To determine the pool utilization rate, the protocol measures the value of assets being actively borrowed versus the total value of assets in the pools. As the utilization rate rises, the interest rate rises, which pushes borrowers to repay their loans to avoid the rising rates. At the same time, it attracts more lenders looking to benefit from the rising yields in the pools. In some cases, the Mutuum Finance team can adjust the optimal utilization target for individual assets, as well as the interest slopes. These actions are taken to defend liquidity on the protocol. This is often done in cases where the rates on external protocols become more attractive compared to Mutuum Finance (MUTM). When that happens, arbitrageurs could raid the platform to siphon liquidity from the pools. Adjusting those parameters ensures that they mitigate that issue by keeping borrowing costs at the same level as the rest of the market. Another step that Mutuum Finance (MUTM) takes to defend liquidity on the protocol is liquidity mining. In a liquidity mining program, the platform offers incentives in the form of MUTM tokens to those who supply liquidity to the protocol. The liquidity mining program will be focused on high-value assets, ensuring that the protocol’s liquidity is preserved even during high market volatility. The team will implement a tiered system to determine how to distribute the mining rewards. For instance, the team will focus on tokens that promote protocol stability and discourage token inflation. Their focus will be on tokens like widely-adopted stablecoins due to their important role in lending and use as collateral. However, small, volatile assets that can destabilize the ecosystem will not be added. MUTM Token Presale The Mutuum Finance (MUTM) presale is currently in phase 5. So far, over $11 million has been raised in the ongoing presale from around 12,400 unique buyers. In the current phase of the presale, tokens are going for $0.03, a 200% increase from the phase 1 price of $0.01. The token price is set to go up by 16.67% in phase 6 to $0.035. That will also reduce the guaranteed ROI from the current level of 100% to just 71.43%. With analysts predicting that MUTM tokens could outperform DOGE and TON, this presale presents your best opportunities to snap up a valuable growth opportunity in the crypto market. So far, the MUTM presale has been a massive success when it comes to participation numbers. For instance, 47% of the tokens set aside for phase 5 have been sold, barely two weeks after it began. This fast pace shows that investors want to take full advantage of the 50% discount off the planned MUTM token listing price of $0.06. You, too, can act and be part of this massive opportunity for massive growth. For more information about Mutuum Finance (MUTM), visit the links below: Website: https://www.mutuum.com/ Linktree: https://linktr.ee/mutuumfinance

25 Jun 2025, 12:00

CleanSpark and Green Minerals Expand Bitcoin Strategies Amid Market Shifts

Two publicly traded companies—CleanSpark in the United States and Green Minerals in Norway—have announced major steps forward in their respective Bitcoin strategies, signaling continued momentum in institutional adoption of the asset. While CleanSpark achieved a milestone of 50 exahashes per second (EH/s) in mining capacity with plans to reach 60 EH/s, Green Minerals is initiating a Bitcoin treasury program worth up to $1.2 billion as part of a broader blockchain integration effort. Despite differing operational focuses, both companies aim to position Bitcoin as a key part of their financial and strategic planning. CleanSpark Hits 50 EH/s Milestone, Cementing Status as One of the World's Largest Bitcoin Mining Firms US-based Bitcoin mining powerhouse CleanSpark Inc. (NASDAQ: CLSK) announced on Tuesday that it has surpassed 50 exahashes per second (EH/s) in operational hashrate, placing it firmly among the world’s top mining entities. The milestone represents a new era of scale and efficiency for the company, which now operates over 30 mining facilities across Georgia, Mississippi, Tennessee, and Wyoming. The achievement is part of CleanSpark’s aggressive expansion strategy and signals a growing consolidation of hashrate among US public miners as the Bitcoin network becomes increasingly competitive post-halving. Powering the Future with 50 EH/s Hashrate is a critical metric in the Bitcoin ecosystem, indicating how much computational power is being deployed to secure the network and validate transactions. A higher hashrate directly increases the likelihood of earning Bitcoin mining rewards. Reaching 50 EH/s is not only a testament to CleanSpark’s operational prowess but also a strategic defense against volatility and halving-induced revenue compression. CleanSpark’s vertically integrated infrastructure has proven instrumental in reaching this milestone. By directly managing its energy procurement and operational footprint, the company is able to minimize downtime and optimize margins — a critical advantage in an industry where power costs can make or break profitability. The company’s mining fleet is powered by a diverse mix of energy sources across its facilities, many of which leverage favorable power agreements and renewable energy options. This strategic flexibility allows CleanSpark to withstand fluctuations in electricity markets while maintaining efficient and reliable mining operations. Eyes Set on 60 EH/s The firm isn’t stopping at 50 EH/s. CEO Zach Bradford confirmed that CleanSpark is on track to reach 60 EH/s in the near term, which would further solidify its ranking among the global mining elite. The planned scale-up comes at a pivotal time, as many smaller and less efficient mining firms have struggled to remain profitable in the wake of the April 2024 halving, which cut Bitcoin block rewards in half from 6.25 BTC to 3.125 BTC. The move also reflects broader institutional confidence in Bitcoin’s long-term value proposition — a belief increasingly shared by public miners who are choosing to hold their mined BTC rather than sell at market lows. In addition to mining at scale, CleanSpark’s Digital Asset Management division has begun actively managing its 12,500+ self-mined BTC — a significant treasury now being deployed to generate passive returns. Bradford emphasized that the firm’s approach allows it to finance growth without diluting shareholder equity. Rather than sell Bitcoin on the spot market, CleanSpark is reportedly exploring strategies like Bitcoin-backed lending, liquidity provision, and strategic DeFi deployments. This treasury-first strategy mirrors moves made by other institutional players, such as MicroStrategy and Marathon Digital, who are treating Bitcoin not just as a mined asset but as an active balance sheet tool. CleanSpark's Institutional Ascent CleanSpark's rise has come at a time of renewed attention on institutional Bitcoin adoption and US mining dominance. Following the halving, the barriers to entry in Bitcoin mining have risen considerably, pushing smaller miners out and giving large-scale, energy-efficient operations a commanding advantage. The firm's ability to scale efficiently and capitalize on treasury management has made it a darling of institutional investors, many of whom view Bitcoin mining equities as high-beta plays on the underlying asset. With CleanSpark's next goal of 60 EH/s on the horizon and a growing portfolio of managed BTC assets, the company appears well-positioned to capitalize on the next Bitcoin bull cycle — especially as demand surges from spot ETFs, sovereign wealth funds, and corporate treasuries. As Bitcoin's supply issuance slows and network difficulty increases, the firms that can mine most efficiently and deploy their capital with strategic foresight are likely to define the next decade of crypto infrastructure. CleanSpark is making a strong case that it intends to be one of them. Green Minerals Unveils $1.2 Billion Bitcoin Treasury Strategy Amid Deep Sea Mining Uncertainty Meanwhile, Norwegian deep sea mining firm Green Minerals ASA made waves in the financial and cryptocurrency sectors on Tuesday after announcing that it would invest up to $1.2 billion—in collaboration with its partners—to build a Bitcoin treasury, marking one of the boldest moves yet by a publicly traded European company to adopt Bitcoin as a reserve asset. The Euronext Growth Oslo-listed company said in a statement that it plans to acquire its first Bitcoin “in the next few days,” framing the move as a long-term strategy to integrate blockchain technologies and hedge against fiat currency risks. Executive Chairman Ståle Rodahl emphasized that the initiative would help “safeguard long-term value” while reinforcing the company’s mission of financial innovation and sustainable development. “Bitcoin’s decentralized, non-inflationary properties make it an attractive alternative to traditional fiat,” Rodahl said. “By integrating a Bitcoin treasury strategy, we are not only mitigating fiat risks but also reaffirming our commitment to financial innovation and the sustainable creation of long-term value.” Strategic Pivot Amid Regulatory Hurdles Green Minerals’ announcement comes at a precarious time. The company’s core business—mining deep sea minerals such as cobalt and rare earth elements—has come under increasing pressure from both environmental advocates and regulators. In 2024, Norway’s government ordered a moratorium on deep sea mining, freezing plans to issue permits originally slated for 2025. That decision was followed last week by another policy shift: the Norwegian Labor government proposed a temporary ban on new power-intensive crypto mining operations, citing better use cases for the country’s energy grid, such as community data centers. Despite these hurdles, Green Minerals appears to be embracing a parallel pivot into blockchain and crypto assets—a move increasingly common among public companies seeking alternatives to volatile fiat and legacy banking systems. Rodahl said the Bitcoin treasury would not replace the company’s existing operations but would serve as a financial foundation to support upcoming capital expenditures tied to its mining ambitions. “The program offers a robust hedge against currency debasement, particularly valuable for a company with a long project horizon,” he stated. Beyond Bitcoin accumulation, Green Minerals signaled its broader intent to integrate blockchain solutions into its mining operations. The company cited supply chain transparency, mineral origin certification, and operational efficiency as key blockchain-enabled improvements, suggesting a hybrid approach that aligns Web3 technology with industrial resource development. This mirrors growing interest in blockchain-based supply chain solutions among mining and logistics firms worldwide, where immutability and decentralization can ensure authenticity and sustainability—a key selling point in the increasingly ESG-conscious investment world. Following Strategy’s Playbook Green Minerals’ Bitcoin pivot follows a growing trend led by Strategy (formerly MicroStrategy) and its chairman Michael Saylor, who has famously turned his enterprise software company into a Bitcoin powerhouse with more than 592,300 BTC—worth over $62 billion—held on its balance sheet. According to bitcointreasuries.com, more than 245 public companies now hold Bitcoin, a number that has grown by 13% in the past month alone, with cumulative holdings exceeding $88 billion. Other companies like Upexi, Wellgistics Health, and DeFi Development Corp. have taken a similar path, albeit expanding their crypto exposure to include assets like XRP and Solana. Bitcoin treasury data (Source: Bitcointreasuries ) While Green Minerals did not specify how many BTC it intends to accumulate initially, the $1.2 billion ceiling implies a substantial potential purchase that would instantly rank the firm among the top institutional holders of Bitcoin globally. Despite the bold announcement, investors responded with concern. Shares of Green Minerals plunged nearly 35% on Tuesday following the news, as markets weighed the ambitious Bitcoin strategy against regulatory uncertainty and ongoing setbacks in its core mining business. Critics argue that the company may be diverting focus from its already embattled seabed mining initiatives at a time when public sentiment and government policy are increasingly aligned against extractive oceanic practices. Additionally, Norway’s energy politics present a complicating factor. The government’s call for a reassessment of power-intensive industries—including crypto mining—could ultimately restrict Green Minerals’ ability to scale any digital asset-related ventures domestically, especially if future infrastructure needs intersect with regulatory bottlenecks. A Long-Term Bet on Bitcoin Regardless of short-term turbulence, Green Minerals is positioning itself as an early European adopter of Bitcoin as a strategic treasury asset—a bold bet that aligns it with a growing cohort of global firms seeking refuge from inflationary fiat regimes and volatile commodity cycles. The company’s move also brings attention to a broader shift: as environmental regulations tighten and capital becomes harder to secure in traditional markets, Bitcoin is increasingly viewed not just as an investment, but as a core financial infrastructure—especially by firms with long timelines and high exposure to macroeconomic risk. Whether Green Minerals can execute this vision successfully—and appease skeptical investors—remains to be seen. But in committing up to $1.2 billion to Bitcoin, the company has made clear that it sees the world’s leading digital asset not just as a hedge, but as a cornerstone for future value creation.

25 Jun 2025, 11:52

Bitcoin Hashrate Decline in June May Reflect Multiple Factors Including Geopolitical and Environmental Pressures

Bitcoin’s hashrate experienced its most significant decline in three years, dropping over 15% between June 15 and 24, signaling potential shifts in the mining landscape. This downturn has sparked discussions

25 Jun 2025, 11:43

Bitcoin hashrate down ~15% since June 15, steepest drop in 3 years

In what looks to be the most dramatic decline in three years, Bitcoin’s hashrate dropped over 15% between June 15 and 24.