🪙 Bitcoin Mining Companies: Key Players in a Challenging Environment ⚡⛏️
Bitcoin mining companies play a crucial role in the cryptocurrency ecosystem, utilizing high-performance computing hardware to solve complex mathematical problems and validate Bitcoin transactions. Miners are rewarded with newly minted BTC and transaction fees, but profitability is highly sensitive to Bitcoin’s price, network difficulty, electricity costs, operational efficiency, and the growing pivot to AI/high-performance computing (HPC) for diversified revenue.
As of December 15, 2025, with BTC trading around $89,000 (down ~30% from its October ATH of ~$126,000), mining margins are compressed amid elevated difficulty and post-peak caution. Many firms are leveraging owned power infrastructure for AI/HPC deals to offset risks.
🔥 Bitcoin’s Parabolic Arc Snaps: Veteran Trader Peter Brandt Eyes $25K Crash Floor 📉
Updated: December 15, 2025
Veteran trader Peter Brandt warns that Bitcoin’s signature growth parabola has fractured, potentially signaling the end of the current bull cycle and opening the door to a severe correction down to around $25,000.
Key Facts:
- Bitcoin reached an all-time high of approximately $126,000 in October 2025.
- As of December 15, 2025, BTC is trading around $89,000, down over 30% from its peak.
- The pullback has violated the long-term parabolic curve that defined previous bull cycles.
Veteran chart analyst Peter Brandt highlighted on X that Bitcoin’s parabolic advance—visible on log-scale charts dating back to 2010—has been broken. Historical violations of similar parabolas have preceded 70–80% drawdowns.
“The current parabolic advance has been violated. 20% of ATH = $25,240,” Brandt noted, calculating an 80% drop from the $126,000 high.
Bitcoin’s bull cycles have shown diminishing returns over time:
- Post-2012 halving: ~100x gain
- Post-2016 halving: ~74x gain
- Post-2020 halving: ~8x gain
- Post-2024 halving (April 2024): Roughly 2x gain to $126,000 peak
The current cycle’s smaller multiplier, combined with the parabola break, supports Brandt’s bearish outlook for a deeper bear market in 2026.
🇺🇸 Pro-Crypto Policy Developments 🚀
Despite supportive policies—including ETF inflows and regulatory clarity—short-term price action remains weak amid broader market caution and macro risks.
📅 Bear Market Timeline & Strategy (Updated for Current Conditions) 🔴🩸
Right Now – December 2025 🔴🔴🔴 SELL rallies / HOLD core / tiny DCA only
- Ongoing correction after October ATH
- Volatility from ETFs and macro events
- Sell into strength on bounces
January – June 2026 📉📉📉 BEAR MARKET – Mostly SELL or HOLD
- Post-peak decline with altcoin wreckage
- Miner stress and capitulation waves
- Accumulate stables; strong hands only for dips
July – September 2026 🩸🩸🩸 CAPITULATION ZONE – Light nibbling
- Peak fear and negative headlines
- Possible oversold bounces for small buys
October – November 2026 🟢🟢🟢 MAIN BUY ZONE – Load aggressively
- Historical cycle low window (~364 days from ATH)
- Potential bottom: $40k–$60k range
2027+ 🚀🌕 Next cycle ignition
Current Signal: 🔴🔴🔴 Respect the bear — patience rewards the disciplined. Mining stocks with AI/HPC pivots may offer relative strength in downturns. Stay vigilant, kings. 💎🙌
Facts on Bitcoin Miners: Insights into Key Crypto Companies 🏗️💡🚀
THE $200 MILLION LIE: What Really Happened November 21st
Bitcoin didn’t crash because people sold. Bitcoin crashed because the math broke.
On November 21, 2025, $200 million in actual selling triggered $2 billion in forced liquidations. Read that again. For every real dollar… pic.twitter.com/kdPByrapPG
— Shanaka Anslem Perera ⚡ (@shanaka86) November 21, 2025
Top Ranked Digital Asset Companies (December 2025 Edition)
Bitcoin is currently trading around $89,000–$90,000 (down from October 2025 ATH of ~$126,000), with ongoing correction amid macro caution and ETF flow volatility. The sector continues its aggressive pivot to AI/HPC infrastructure, fueled by massive capital raises (convertibles/debt) to fund power expansions and GPU deployments. Pure mining margins remain compressed, rewarding companies with diversified revenue, strong balance sheets, and executed AI backlogs.
Ranking based on: market cap + treasury/NAV + execution (hashrate + AI/HPC deals) + balance sheet strength + momentum (as of mid-December 2025).
| Rank | Ticker | Highlights | Cash & Debt | Market Cap | Next Earnings | Beat/Surprise Potential |
|---|---|---|---|---|---|---|
| #1 | COIN 💱🚀 | Undisputed leader: S&P 500 member, massive custody/assets, diversified revenue (trading + Base + institutional). Consistent crusher. | Multi-billion cash pile, minimal debt | ~$72B | ~Feb 19–25, 2026 | Extremely High (history of beats) |
| #2 | MSTR 🪙🪖 | Largest corporate BTC holder (~671,000 BTC, ~$60B value at $90k BTC). Leveraged proxy trading near/at discount to NAV amid debt concerns. | ~$1.4B cash, ~$8.2B debt (BTC-collateralized) | ~$50–60B (volatile) | ~Feb 2026 | High (driven by BTC marks) |
| #3 | CIFR ⚡🧠 | Efficient miner with strong AI/HPC optionality; recent convertible raises for expansion. High growth setup. | Decent cash, manageable debt | ~$6–8B | ~Feb 23–26, 2026 | Very High |
| #4 | WULF ⚡🔥 | Zero-emission focus, major HPC deals (e.g., Fluidstack), rapid pivot success. Premium valuation justified. | Improving cash, higher debt from raises | ~$5–6B | ~Feb/Mar 2026 | Very High – AI momentum |
| #5 | IREN 🌱⚡ | Renewable-powered breakout; massive convertible raises for AI infrastructure. Monster pipeline. | Strong post-raise liquidity, convertible debt | ~$12–13B | ~Feb 2026 | Very High |
| #6 | RIOT ⛏️⚡ | Scale leader, clean balance sheet, Rockdale evolving into AI play. Solid cash position. | ~$300–600M cash, low debt | ~$5–6B | ~Feb/Mar 2026 | High |
| #7 | CORZ 🧠🔥 | HPC backlog leader post-reorg; revenue ramping from contracts. AI pure-play emerging. | Improving, net debt reducing | ~$5B | ~Feb 2026 | Very High – HPC catalysts |
| #8 | CLSK 🌍⛏️ | Efficient operator, major expansions (e.g., Houston land). AI pivot accelerating. | ~$40–900M cash (variable), debt from raises | ~$3B | ~Feb 2026 | High |
| #9 | MARA 🏃⛏️ | Large BTC treasury (~53,000 BTC), power ownership, Kaspa diversification. Multiple compressed vs AI peers. | Decent cash + treasury, debt managed | ~$4B | ~Feb/Mar 2026 | Moderate-High |
| #10 | HUT 🏰⛏️ | Top BTC holder (~13–15k BTC), zero/low debt, successful HPC pivot. Undervalued risk/reward. | Strong cash, minimal debt | ~$3–4B | ~Feb 2026 | High |
| Tie | BITF / Others | Turnarounds with HPC deals; cheaper valuations but execution risks. | Manageable cash/debt | ~$1–2B | ~Mar 2026 | Moderate |
Dropped/Shifted: Pure plays without strong AI execution faded; focus on diversified leaders.
🏆 Current Leaderboard Categories (Dec 2025)
- Most Bulletproof: Coinbase (COIN) – Institutional moat, cash machine.
- Best Leveraged BTC Bet: Strategy (MSTR) – Massive treasury, but debt/leverage risk.
- Fastest Mover / Best 2026 Setup: Cipher (CIFR) or IREN – AI/HPC deals + efficient funding.
- Most Likely 3x–5x in 12–24 Months: WULF or CORZ – HPC revenue inflection + power ownership.
- Sleeper / Best Risk/Reward: Hut 8 (HUT) – Clean sheet, treasury, undervalued.
The meta remains: Power ownership + executed AI/HPC backlog + low-cost funding = winners. Pure mining is tough in this environment—2026 will separate AI printers from legacy miners. Stay positioned in diversified leaders; volatility creates opportunities.
Source GROK
🗓️ EASY BUY / SELL TIMELINE 📊🚀📉
Right Now – December 2025 🔴🔴🔴 SELL rallies / HOLD core / tiny DCA only
Correction phase ongoing after October ATH
ETFs and leveraged positions contributing to volatility
Potential dead-cat bounces on macro events (e.g., rate cuts) — sell into strength
Risk of drop below $80k → accelerated selling
January – June 2026 📉📉📉 BEAR MARKET – Mostly SELL or HOLD
Classic post-peak decline
Altcoins likely -70–90%
Miner capitulation expected
Best: Sell rallies, accumulate stables/cash
Only strong hands buy significant dips
July – September 2026 🩸🩸🩸 CAPITULATION ZONE – Start light nibbling
Extreme fear, negative headlines peak
Hashrate drops, final washout possible
Oversold bounces: Small buys on volume
Still high risk — many sell bottoms here
October – November 2026 🟢🟢🟢 MAIN BUY ZONE – Load aggressively
~364–400 days from October 2025 ATH aligns with historical cycle lows
Potential bottom: $44k–$62k range
Generational opportunity if reached
2027+ 🚀 Next cycle begins
Post-halving pattern repeats with new inflows
Super Simple Rules
🔴 Sell / Stay sidelined
🟡 Pros only / small DCA
🟢 Buy
🟢🟢🟢 Generational wealth zone
Current Signal (December 15, 2025): 🔴🔴🔴 Respect the downside — bull market violated
Bitcoin Historical Data
View full chart here
Stay disciplined. Cycles reward patience.
VIX
SOLD all my $BTC today at $100.4K
It has been a fun ride holding the corn all the way from FTX bankruptcy and Luna ponzi (<$20K) to euphoria again.
Not buying back until $31K here is why..
(1/6) pic.twitter.com/4dRh0t2tii
— Mr Wolf ⋈ ττ (@Wolfquant) December 7, 2024
Bitcoin Halving Cycle Buy & Sell Zones ₿📈📉✂️⚡
- 2024 Halving Cycle (Current Cycle) 🔥🗓️ 📅 Halving: April 13, 2024 🟢 BEST BUY WINDOW: November 27, 2022 – April 13, 2024 🔴 BEST SELL / TAKE PROFIT WINDOW: July–November 2025 ⏩ 500 Days After: September 25, 2025 → THIS WAS THE TARGET TOP ZONE (We are now +587 days post-halving – classic blow-off top window. Most 2024–2025 gains already happened. Current price action is distribution.)
- 2028 Halving Cycle 🚀⛏️ 📅 Halving: ~March 2028 🟢 BEST BUY WINDOW: September 3, 2026 – March 20, 2028 🔴 BEST SELL WINDOW: January–July 2029 ⏩ 500 Days After: August 2, 2029 → MAIN PROFIT TARGET
- 2032 Halving 🌙✨ 📅 Halving: ~March 3, 2032 🟢 BEST BUY WINDOW: September 17, 2030 – March 3, 2032 🔴 BEST SELL WINDOW: June–December 2032 ⏩ 500 Days After: August 19, 2033 → BLOW OFF TOP ZONE
Simple Rule That Has Worked Every Cycle 🟢 BUY 500 days before halving → you buy at the absolute despair/bottom 🔴 SELL 480–600 days AFTER halving → you sell at the absolute euphoria top
2024 cycle followed this perfectly: Bought 2022–early 2024 → sold 2025 Q3–Q4 = 10x–20x+ gains
Do it again in 2026–2029.
https://x.com/thescalpingpro/status/1879817220563566654?s=46&t=dIyEx0slixDheYh6TvSBrg
investment strategy starting with just 1 cent ($0.01), and extending into future halving cycles:
Top Bitcoin miners 3 months by president62324 on TradingView.com
https://www.barchart.com/shared-watchlist/3821?uid=6758578728d1c
Top Bitcoin miners 3 months by president62324 on TradingView.com
Source https://www.youtube.com/watch?v=aEi45oIHNm8
Fear and greed index Bitcoin
Public Companies that Own Bitcoin
(source updated 16th Dec 2025)
Public Companies that Own Bitcoin
| Entity | Country | Symbol:Exchange | Filings & Sources | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|---|---|
| Strategy (MicroStrategy) |  |
MSTR:NADQ | Filing | 671,268 | $57.88 B | 3.197% |
| Marathon Digital Holdings Inc | |
MARA:NADQ | Filing | 52,850 | $4.56 B | 0.252% |
| Twenty One Capital (XXI) | |
XXI:NASDAQ | Filing | 37,229.7 | $3.21 B | 0.177% |
| Metaplanet Inc. |  |
3350.T:TYO | Filing | 30,823 | $2.66 B | 0.147% |
| Bullish | |
BLSH:NYSE | Filing | 24,340 | $2.10 B | 0.116% |
| Riot Platforms, Inc. | |
RIOT:NADQ | Filing | 19,324 | $1.67 B | 0.092% |
| Galaxy Digital Holdings | |
GLXY:NASDAQ | Filing | 17,102 | $1.47 B | 0.081% |
| Coinbase Global, Inc. | |
COIN:NADQ | Filing | 14,458 | $1.25 B | 0.069% |
| Hut 8 Corp |  |
HUT:NASDAQ | Filing | 13,696 | $1.18 B | 0.065% |
| CleanSpark Inc | |
CLSK:NASDAQ | Filing | 13,033 | $1.12 B | 0.062% |
| Bitcoin Group SE Bitcoin Holdings |  |
BTGGF:TCMKTS | 12,387 | $1.07 B | 0.059% | |
| Tesla, Inc | |
TSLA:NADQ | Filing | 11,509 | $992.33 M | 0.055% |
| Block, Inc. | |
SQ:NYSE | Filing | 8,584 | $740.13 M | 0.041% |
| GD Culture Group Limited | |
GDC:NASDAQ | Filing | 7,500 | $646.67 M | 0.036% |
| Cango Inc. |  |
CANG:NYSE | Filing | 6,643.5 | $572.82 M | 0.032% |
| Next Technology Holding Inc. | |
NXTT:NASDAQ | Filing | 5,833 | $502.94 M | 0.028% |
| Nakamoto (KindlyMD, Inc.) | |
NAKA:NASDAQ | Filing | 5,764.9 | $497.06 M | 0.027% |
| Semler Scientific | |
SMLR:NASDAQ | Filing | 5,021 | $432.92 M | 0.024% |
| ProCap BTC, LLC | |
CCCM:NASDAQ | Filing | 4,932 | $425.25 M | 0.023% |
| American Bitcoin Corp. | |
ABTC:NASDAQ | Filing | 4,783 | $412.40 M | 0.023% |
| GameStop Corp. | |
GME:NYSE | Filing | 4,710 | $406.11 M | 0.022% |
| Empery Digital (Formerly: Volcon) | |
EMPD:NASDAQ | Filing | 4,081.4 | $351.91 M | 0.019% |
| Boyaa Interactive International Limited |  |
0434.HK:HKEX | Filing | 3,670 | $316.44 M | 0.017% |
| Bitdeer Technologies Group |  |
BTDR:NASDAQ | Filing | 2,470.3 | $213.00 M | 0.012% |
| The Smarter Web Company PLC |  |
SWC.AQ:AQSE | Filing | 2,440 | $210.38 M | 0.012% |
| Voyager Digital LTD | |
VOYG:TSX | Filing | 2,287 | $197.19 M | 0.011% |
| Sequans Communications S.A. |  |
SQNS:NYSE | Filing | 2,268 | $195.55 M | 0.011% |
| Capital B (Formerly: The Blockchain Group) | |
ALCPB:EPA | Filing | 2,201 | $189.78 M | 0.01% |
| Core Scientific, Inc. | |
CORZ:NASDAQ | Filing | 2,116 | $182.45 M | 0.01% |
| Exodus Movement Inc | |
EXOD:OTCMKTS | Filing | 2,038 | $175.72 M | 0.01% |
| BitFuFu, Inc. | |
FUFU:NASDAQ | Filing | 1,953 | $168.39 M | 0.009% |
| Bitfarms Limited | |
BITF:NASDAQ | Filing | 1,827 | $157.53 M | 0.009% |
| NEXON Co. Ltd | |
NEXOF:OTCMKTS | Filing | 1,717 | $148.04 M | 0.008% |
| Canaan Inc. | |
CAN:NASDAQ | Filing | 1,610 | $138.82 M | 0.008% |
| Bitcoin Well Inc. | |
BTCW:TSXV | Filing | 1,573.5 | $135.67 M | 0.007% |
| Cipher Mining | |
CIFR:NASDAQ | Filing | 1,500 | $129.33 M | 0.007% |
| Fold Holdings, Inc. | |
FLD:NASDAQ | Filing | 1,490 | $128.47 M | 0.007% |
| Remixpoint, Inc. | |
3825.T:TSE | Filing | 1,273.1 | $109.77 M | 0.006% |
| Brooker Group’s BROOK (BKK) |  |
BROOK:BKK | Filing | 1,150 | $99.16 M | 0.005% |
| Satsuma Technology PLC (Formerly: TAO Alpha PLC) | |
SATS:LSE | Filing | 1,148.6 | $99.04 M | 0.005% |
| ANAP Holdings | |
3189:TYO | Filing | 1,018.0 | $87.77 M | 0.005% |
| DDC Enterprise Limited (DayDayCook) | |
DDC:NYSE | Filing | 1,008 | $86.91 M | 0.005% |
| H100 Group |  |
H100:NGM | Filing | 1,004.6 | $86.62 M | 0.005% |
| Meitu | |
HKD:HKG | Filing | 941 | $81.14 M | 0.004% |
| KULR Technology Group, Inc. | |
KULR:NYSE | Filing | 920 | $79.32 M | 0.004% |
| Ming Shing Group Holdings Limited (MSW) | |
MSW:NASDAQ | Filing | 833 | $71.82 M | 0.004% |
| AirNet Technology Inc. | |
ANTE:NASDAQ | Filing | 819.1 | $70.62 M | 0.004% |
| SOS Limited | |
SOS:NYSE | Filing | 802.8 | $69.22 M | 0.004% |
| Phunware, Inc. | |
PHUN:NASDAQ | Filing | 630 | $54.32 M | 0.003% |
| NFT Investments PLC | |
NFT:AQSE | 626 | $53.98 M | 0.003% | |
| Méliuz |  |
CASH3:B3 | Filing | 604.7 | $52.14 M | 0.003% |
| MercadoLibre, Inc. |  |
MELI:NADQ | Filing | 570.4 | $49.18 M | 0.003% |
| Alliance Resource Partners | |
ARLP:NASDAQ | Filing | 568 | $48.97 M | 0.003% |
| Bitmax Co., Ltd |  |
377030:KRX | Filing | 551.2 | $47.53 M | 0.003% |
| Convano Inc. (Creation Of New Value And New Opportunities) | |
6574:TYO | Filing | 519.9 | $44.83 M | 0.002% |
| Jasmine International PCL | |
JAS:SET | Filing | 506.4 | $43.66 M | 0.002% |
| CIMG Inc. | |
IMG:NASDAQ | Filing | 500 | $43.11 M | 0.002% |
| DigitalX |  |
DGGXF:OTCMKTS | Filing | 425.1 | $36.65 M | 0.002% |
| Neptune Digital Assets | |
NPPTF:OTCMKTS | Filing | 410 | $35.35 M | 0.002% |
| Nano Labs Ltd | |
NA:NASDAQ | Filing | 400 | $34.49 M | 0.002% |
| DMG Blockchain Solutions Inc. | |
DMGGF:OTCMKTS | Filing | 359 | $30.95 M | 0.002% |
| 3U Holding AG | |
UUU:DE | Filing | 358.3 | $30.89 M | 0.002% |
| Net Holding Anonim Sirketi |  |
NTHOL TI:IST | Filing | 352.7 | $30.41 M | 0.002% |
| LM Funding America, Inc. | |
LMFA:NASDAQ | Filing | 294.9 | $25.43 M | 0.001% |
| The9 Limited | |
NCTY:NASDAQ | Filing | 285 | $24.57 M | 0.001% |
| Advanced Bitcoin Technologies AG | |
ABT:DUS | Filing | 254 | $21.90 M | 0.001% |
| Phoenix Digital Assets PLC | |
PNIX:AQSE | Filing | 247 | $21.30 M | 0.001% |
| LQwD FinTech Corp | |
LQWDF:OTC | Filing | 238.5 | $20.56 M | 0.001% |
| CoinShares International Limited |  |
CNSRF:OTCQX | Filing | 236 | $20.35 M | 0.001% |
| Virtu Financial, Inc. | |
VIRT:NASDAQ | Filing | 235 | $20.26 M | 0.001% |
| Rumble | |
RUM:NASDAQ | Filing | 210.8 | $18.18 M | 0.001% |
| HIVE Digital Technologies | |
HIVE:NASDAQ | Filing | 210 | $18.11 M | 0.001% |
| DEFI Technologies | |
DEFTF:OTC | Filing | 208.8 | $18.00 M | 0.001% |
| Linekong Interactive Group Co., Ltd |  |
8267:HKSE | Filing | 193.1 | $16.65 M | 0.001% |
| Prenetics | |
PRE:NASDAQ | Filing | 187.4 | $16.16 M | 0.001% |
| Bitcoin Treasury Capital AB | |
BTC-B:STO | Filing | 187.2 | $16.14 M | 0.001% |
| S Science Co., Ltd. | |
5721:TSE | Filing | 182.0 | $15.69 M | 0.001% |
| FRMO Corp. | |
FRMO:OTCMKTS | Filing | 158.7 | $13.68 M | 0.001% |
| BitMine Immersion Technologies, Inc. | |
BMNR:NYSE | Filing | 154.2 | $13.30 M | 0.001% |
| Vaultz Capital PLC | |
V3TC:AQSE | Filing | 135 | $11.64 M | 0.001% |
| Horizon Kinetics Holding Corporation | |
HKHC:OTCID | Filing | 131 | $11.30 M | 0.001% |
| Phoenix Group PLC |  |
PHX:ADX | Filing | 131 | $11.30 M | 0.001% |
| Sixty Six Capital, Inc. | |
SIX:CSE | Filing | 126.8 | $10.93 M | 0.001% |
| Genius Group | |
GNS:NYSE | Filing | 120 | $10.35 M | 0.001% |
| Vanadi Coffee SA |  |
VANA:BME | Filing | 100 | $8.62 M | 0.0% |
| BIGG Digital Assets Inc. | |
BBKCF:OTCMKTS | Filing | 100 | $8.62 M | 0.0% |
| Bitcoin Depot | |
BTM:NASDAQ | Filing | 100 | $8.62 M | 0.0% |
| Digi Power X Inc. (Digihost) | |
HSSHF:OTCMKTS | Filing | 97 | $8.36 M | 0.0% |
| Vinanz Limited (London BTC Company) |  |
VINZF:OTCQX | Filing | 86.0 | $7.42 M | 0.0% |
| Yuxing InfoTech Investment Holdings Limited | |
8005:HKSE | Filing | 78.2 | $6.74 M | 0.0% |
| Matador | |
MATA:TSXV | Filing | 77.4 | $6.67 M | 0.0% |
| Canada Computational Unlimited Corp. | |
SATO:TSXV | Filing | 75 | $6.47 M | 0.0% |
| Coinsilium |  |
COIN:AQUIS | Filing | 73.7 | $6.35 M | 0.0% |
| ATAI Life Sciences N.V. | |
ATAI:NASDAQ | Filing | 58 | $5.00 M | 0.0% |
| WonderFi | |
WNDR:TSX | Filing | 39.8 | $3.43 M | 0.0% |
| k33 |  |
K33:STO | Filing | 35 | $3.02 M | 0.0% |
| Investview, Inc. | |
INVU:OTCMKTS | Filing | 32.4 | $2.79 M | 0.0% |
| Value Creation Co., Ltd. | |
9238:TSE | Filing | 30.4 | $2.62 M | 0.0% |
| HK Asia Holdings Limited | |
1723.HK:HKEX | Filing | 28.9 | $2.49 M | 0.0% |
| Metromile | |
MILE:NASDAQ | Filing | 25 | $2.16 M | 0.0% |
| Sphere 3D Corp | |
ANY:NASDAQ | Filing | 22.7 | $1.96 M | 0.0% |
| MURANO GLOBAL INVESTMENTS PLC |  |
MRNO:NASDAQ | Filing | 21 | $1.81 M | 0.0% |
| SATO Technologies Corp. | |
SATO:TSXV | Filing | 21 | $1.81 M | 0.0% |
| Jetking Infotrain Limited |  |
JETKINGQ:BSE | Filing | 21 | $1.81 M | 0.0% |
| Hamak Gold Limited | |
HAMA:LSE | Filing | 20 | $1.72 M | 0.0% |
| Thumzup Media Corporation | |
TZUP:NASDAQ | Filing | 19.1 | $1.65 M | 0.0% |
| MOGO Inc | |
MOGO:Nasdaq | Filing | 18 | $1.55 M | 0.0% |
| Quantum Solutions Co., Ltd. | |
2338:TSE | Filing | 17.7 | $1.53 M | 0.0% |
| MAC HOUSE CO.,LTD. | |
7603:TSE | Filing | 17.5 | $1.51 M | 0.0% |
| Athena Bitcoin Global | |
ABIT:OTCID | Filing | 17 | $1.47 M | 0.0% |
| Belgravia Hartford Capital Inc. | |
BLGV:CSE | Filing | 15.7 | $1.35 M | 0.0% |
| Abits Group Inc. | |
ABTS:NASDAQ | Filing | 15.7 | $1.35 M | 0.0% |
| OneMedNet Corporation | |
ONMD:NASDAQ | Filing | 15 | $1.29 M | 0.0% |
| Intchains Group Limited | |
ICG:NASDAQ | Filing | 12.7 | $1.10 M | 0.0% |
| Goobit Group AB | |
BTCX:NGM | Filing | 11.6 | $1.00 M | 0.0% |
| Hyperscale Data, Inc. | |
GPUS:NYSE | Filing | 11.1 | $957,069 | 0.0% |
| Intesa Sanpaolo S.p.A |  |
ISP.MI:BIT | Filing | 11 | $948,447 | 0.0% |
| Digital Commodities Capital Corp. | |
DIGI:CSE | Filing | 10.6 | $913,958 | 0.0% |
| Locate Technologies Limited | |
LOC:ASX | Filing | 10.1 | $870,847 | 0.0% |
| Norwegian Block Exchange AS (NBX) | |
NBX:OSE | Filing | 10 | $862,225 | 0.0% |
| BitStrat Holdings Limited | |
6113:HKEX | Filing | 10 | $862,225 | 0.0% |
| Boxabl Inc. | |
BXBL:NASDAQ | Filing | 10 | $862,225 | 0.0% |
| Fragbite Group AB (PUBL) | |
ST:FRAG | Filing | 9.5 | $819,113 | 0.0% |
| CryptoStar Corp. | |
CSTR:TSXV | Filing | 7.6 | $655,291 | 0.0% |
| Cathedra Bitcoin Inc. | |
CBTTF:OTCMKTS | Filing | 7.6 | $655,291 | 0.0% |
| BIT Mining Limited | |
BTCM:NYSE | Filing | 7.3 | $629,424 | 0.0% |
| Where Food Comes From, Inc. | |
WFCF:NASDAQ | Filing | 7 | $603,557 | 0.0% |
| AlAbraaj Restaurants Group |  |
ABRAAJ:BSE | Filing | 7 | $603,557 | 0.0% |
| AgriFORCE Growing Systems Ltd. | |
AGRI:NASDAQ | Filing | 6.8 | $586,313 | 0.0% |
| GreenMerc AB | |
L5L:FSE | Filing | 6.2 | $534,579 | 0.0% |
| Tap Global Group Plc | |
TAP:AQSE | Filing | 5 | $431,112 | 0.0% |
| Fintech Select Ltd. | |
FTEC:TSXV | Filing | 5 | $431,112 | 0.0% |
| SBC Medical Group Holdings, Inc. | |
SBC:NASDAQ | Filing | 5 | $431,112 | 0.0% |
| Agile Media Network | |
6573:TSX | Filing | 4.7 | $405,245 | 0.0% |
| Kitabo Co.,Ltd | |
3409:TYO | Filing | 4.6 | $396,623 | 0.0% |
| FRNT Financial Inc. | |
FRNT:TSXV | Filing | 4.4 | $379,379 | 0.0% |
| LEEF Brands, Inc. | |
LEEF:CSE | Filing | 4.4 | $379,379 | 0.0% |
| Green Minerals AS | |
GEM:OSE | Filing | 4 | $344,890 | 0.0% |
| Refine Group AB | |
REFINE:STO | Filing | 3.7 | $319,023 | 0.0% |
| Spetz Inc. | |
SPTZ:CSE | Filing | 3.7 | $319,023 | 0.0% |
| Boostheat Group SA | |
ALBOO:EPA | Filing | 3.5 | $301,778 | 0.0% |
| Pioneer AI Foundry Inc. | |
JPEG:CBOE CA | Filing | 3.2 | $275,912 | 0.0% |
| The Crypto Company | |
CRCW:OTC | Filing | 3 | $258,667 | 0.0% |
| 333D Limited | |
T3D:ASX | Filing | 2.0 | $172,445 | 0.0% |
| Argo Blockchain PLC | |
ARBKF:OTCMKTS | Filing | 2 | $172,445 | 0.0% |
| Safello Group AB | |
SFL:STO | Filing | 2 | $172,445 | 0.0% |
| Banxa Holdings Inc | |
BNXAF:OTCMKTS | Filing | 1.6 | $137,956 | 0.0% |
| Advanced Blockchain AG | |
DE000A0M93V6:XETRA | Filing | 1.2 | $103,467 | 0.0% |
| Panther Metals Plc | |
PALM:LSE | Filing | 1 | $86,222 | 0.0% |
| ATIF Holdings Ltd. | |
ATIF:NASDAQ | Filing | 0.2 | $17,244 | 0.0% |
| Harrys Manufacturing Inc. | |
HARY:CSE: | Filing | 0.2 | $17,244 | 0.0% |
| Bit Digital, Inc. | |
BTBT:NASDAQ | Filing | 0 | $0 | 0.0% |
| TeraWulf Inc. | |
WULF:NASDAQ | Filing | 0 | $0 | 0.0% |
| Totals: | 1,030,958 | $88.89 B | 4.909% |
Countries & Governments that Own Bitcoin
| Entity | Country | Filings & Sources | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|---|
| USA | |
Filing | 198,012 | $17.07 B | 0.943% |
| China | |
194,000 | $16.73 B | 0.924% | |
| UK | |
Filing | 61,245 | $5.28 B | 0.292% |
| Ukraine |  |
46,351 | $4.00 B | 0.221% | |
| Bhutan |  |
11,286 | $973.11 M | 0.054% | |
| El Salvador |  |
Filing | 7,475.4 | $644.55 M | 0.036% |
| Finland |  |
Filing | 90 | $7.76 M | 0.0% |
| Georgia |  |
66 | $5.69 M | 0.0% | |
| Roswell, New Mexico | |
Filing | 0.2 | $17,244 | 0.0% |
| Germany | |
0.0 | $0 | 0.0% | |
| Totals: | 518,526 | $44.71 B | 2.469% |
Private Companies that Own Bitcoin
| Entity | Country | Filings & Sources | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|---|
| Block.one | |
Filing | 140,000 | $12.07 B | 0.667% |
| Tether Holdings LTD | |
Filing | 92,646.2 | $7.99 B | 0.441% |
| BitMEX |  |
Filing | 50,017.4 | $4.31 B | 0.238% |
| Xapo Bank | |
Filing | 38,931 | $3.36 B | 0.185% |
| Mt. Gox | |
Filing | 34,164 | $2.95 B | 0.163% |
| River Financial Inc. | |
Filing | 21,314 | $1.84 B | 0.101% |
| The Tezos Foundation |  |
Filing | 17,500 | $1.51 B | 0.083% |
| Stone Ridge Holdings Group | |
Filing | 10,000 | $862.23 M | 0.048% |
| SpaceX | |
Filing | 8,285 | $714.35 M | 0.039% |
| Massachusetts Mutual | |
Filing | 3,500 | $301.78 M | 0.017% |
| Ionic Digital Inc. | |
Filing | 2,662.4 | $229.56 M | 0.013% |
| Lisk Foundation | |
Filing | 1,898 | $163.65 M | 0.009% |
| Strike | |
Filing | 1,500 | $129.33 M | 0.007% |
| Seetee AS | |
Filing | 1,170 | $100.88 M | 0.006% |
| Cardone Capital | |
Filing | 1,000 | $86.22 M | 0.005% |
| Lazarus Group |  |
Filing | 804.3 | $69.35 M | 0.004% |
| Luna Foundation Guard | |
313 | $26.99 M | 0.001% | |
| Angel Studios, Inc. | |
Filing | 303.1 | $26.13 M | 0.001% |
| Evertz Pharma GmbH | |
Filing | 100 | $8.62 M | 0.0% |
| Real Bedford Football Club | |
Filing | 82.7 | $7.13 M | 0.0% |
| Meanwhile Insurance Bitcoin (Bermuda) Limited |  |
Filing | 70.7 | $6.10 M | 0.0% |
| Relai Holding AG | |
Filing | 47.1 | $4.06 M | 0.0% |
| Pepperoni Software | |
Filing | 17.6 | $1.52 M | 0.0% |
| SayNode Operations AG | |
Filing | 15.0 | $1.29 M | 0.0% |
| Occams Advisory Inc. | |
Filing | 13.1 | $1.13 M | 0.0% |
| JAN3 | |
Filing | 12 | $1.03 M | 0.0% |
| Forager Collective LLC | |
Filing | 8.3 | $715,646 | 0.0% |
| Blockhenge | |
Filing | 5.0 | $431,112 | 0.0% |
| Bitcoin Holding Sweden AB | |
Filing | 2.2 | $189,689 | 0.0% |
| KV Cégcsoport (KV Group) |  |
Filing | 1.2 | $103,467 | 0.0% |
| Bergfahrten | |
Filing | 1.1 | $94,844 | 0.0% |
| Rainforest Foundation US | |
Filing | 1.0 | $86,222 | 0.0% |
| West Main Self Storage | |
Filing | 0.5 | $43,111 | 0.0% |
| Bitcoin Association Switzerland | |
Filing | 0.0 | $0 | 0.0% |
| Totals: | 426,386 | $36.76 B | 2.03% |
ETFs that Own Bitcoin
View Treasuries of Only U.S. Bitcoin ETFs
| Entity | Country | Symbol:Exchange | Filings & Sources | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|---|---|
| iShares Bitcoin Trust (Blackrock) | |
IBIT:NASDAQ | Filing | 778,052.2 | $67.09 B | 3.705% |
| Fidelity Wise Origin Bitcoin Fund | |
FBTC:CBOE | Filing | 202,425.1 | $17.45 B | 0.964% |
| Grayscale Bitcoin Trust | |
GBTC:NYSE | Filing | 166,870.4 | $14.39 B | 0.795% |
| Grayscale Bitcoin Mini Trust | |
BTC:NYSE | Filing | 48,868.2 | $4.21 B | 0.233% |
| CoinShares / XBT Provider | |
XBTE:NADQ | Filing | 48,466 | $4.18 B | 0.231% |
| Bitwise Bitcoin ETF | |
BITB:NYSE | Filing | 40,413.5 | $3.48 B | 0.192% |
| ARK 21Shares Bitcoin ETF | |
ARKB:CBOE | Filing | 39,023.2 | $3.36 B | 0.186% |
| Purpose Bitcoin ETF | |
BTCC:TSX | Filing | 21,047.2 | $1.81 B | 0.1% |
| Vaneck Bitcoin Trust | |
HODL:CBOE | Filing | 16,757.2 | $1.44 B | 0.08% |
| 3iQ The Bitcoin Fund | |
QBTCBV:TSX | Filing | 13,000 | $1.12 B | 0.062% |
| ETC Group Bitcoin ETP | |
BTCE:XETRA | Filing | 12,967.5 | $1.12 B | 0.062% |
| Bitwise Physical Bitcoin ETP (BTCE) | |
BTCE:ETR | Filing | 12,089.7 | $1.04 B | 0.058% |
| Bitwise 10 Crypto Index Fund | |
BITW:OTCMKTS | Filing | 10,784 | $929.82 M | 0.051% |
| Hashdex Nasdaq Crypto Index ETF. | |
HASH11:BVMF | Filing | 9,254.6 | $797.95 M | 0.044% |
| CI Galaxy Bitcoin Fund ETF (CAD) | |
BTCX:TSX | Filing | 8,923.3 | $769.39 M | 0.042% |
| 21Shares AG | |
ABTC:SWX | Filing | 8,915.9 | $768.75 M | 0.042% |
| Fidelity Advantage Bitcoin ETF | |
FBTC.CA:TSE | Filing | 8,664.3 | $747.06 M | 0.041% |
| VanEck Vectors Bitcoin ETN | |
VBTC:XETRA | Filing | 6,868 | $592.18 M | 0.033% |
| Invesco Galaxy Bitcoin ETF | |
BTCO:CBOE | Filing | 6,108 | $526.65 M | 0.029% |
| Franklin Bitcoin ETF | |
EZBC:CBOE | Filing | 5,844.3 | $503.91 M | 0.028% |
| Valkyrie Bitcoin Fund | |
BRRR:NASDAQ | Filing | 5,767.0 | $497.25 M | 0.027% |
| Grayscale Digital Large Cap Fund | |
GDLC:OTCMKTS | Filing | 5,750.5 | $495.82 M | 0.027% |
| iShares Bitcoin ETP | |
IB1T.GY:XETR | Filing | 3,772.6 | $325.28 M | 0.018% |
| Invesco Physical Bitcoin ETP | |
BTIC:LSE | Filing | 3,664.4 | $315.95 M | 0.017% |
| CI Galaxy Bitcoin Fund (USD) | |
BTCX:TSX | Filing | 3,619.9 | $312.12 M | 0.017% |
| 3iQ CoinShares Bitcoin ETF | |
BTCQ:TSX | Filing | 2,414.1 | $208.15 M | 0.011% |
| Global X (EBTC) | |
EBTC:CBOE | Filing | 2,364.4 | $203.86 M | 0.011% |
| ChinaAMC Bitcoin ETF | |
3042.HK:HKEX | Filing | 2,310.4 | $199.21 M | 0.011% |
| Valour Bitcoin Zero ETP | |
BTC0E.AS:OTC | 2,000 | $172.45 M | 0.01% | |
| Osprey Bitcoin Trust | |
OBTC:OTC | Filing | 1,923.3 | $165.83 M | 0.009% |
| Evolve Bitcoin ETF | |
EBIT:TSX | Filing | 1,835.9 | $158.30 M | 0.009% |
| Hashdex Nasdaq Bitcoin ETF | |
BITH11:SAO | Filing | 1,755.3 | $151.35 M | 0.008% |
| Bosera HashKey Bitcoin ETF | |
09008.HK:HKEX | Filing | 1,653.2 | $142.54 M | 0.008% |
| WisdomTree Bitcoin Fund | |
BTCW:CBOE | Filing | 1,598 | $137.78 M | 0.008% |
| QR Assets | |
QBTC11:BVMF | Filing | 1,093.1 | $94.25 M | 0.005% |
| Monochrome Bitcoin ETF | |
IBTC:CBOE | Filing | 965.9 | $83.28 M | 0.005% |
| Bitwise Core Bitcoin ETP (BTC1) | |
BTC1:XETR | Filing | 460.6 | $39.71 M | 0.002% |
| Harvest Bitcoin Spot ETF | |
3439.HK:HKEX | Filing | 292.9 | $25.25 M | 0.001% |
| DDA Physical Bitcoin ETP | |
XBTI:XETR | Filing | 211 | $18.19 M | 0.001% |
| Hashdex Bitcoin ETF | |
DEFI:NYSE | Filing | 134.9 | $11.63 M | 0.001% |
| 21Shares Bytetree BOLD ETP | |
BOLD:CBOE | Filing | 68.9 | $5.94 M | 0.0% |
| Jacobi FT Wilshire Bitcoin ETF |  |
BCOIN:XAMS | Filing | 18.2 | $1.57 M | 0.0% |
| Totals: | 1,509,017 | $130.11 B | 7.186% |
Bitcoin Mining Companies that Own Bitcoin
The list below shows only Bitcoin mining companies.
View Chart
| Entity | Country | Symbol:Exchange | Filings & Sources | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|---|---|
| Marathon Digital Holdings Inc | |
MARA:NADQ | Filing | 52,850 | $4.56 B | 0.252% |
| Riot Platforms, Inc. | |
RIOT:NADQ | Filing | 19,324 | $1.67 B | 0.092% |
| Hut 8 Corp | |
HUT:NASDAQ | Filing | 13,696 | $1.18 B | 0.065% |
| CleanSpark Inc | |
CLSK:NASDAQ | Filing | 13,033 | $1.12 B | 0.062% |
| Cango Inc. | |
CANG:NYSE | Filing | 6,643.5 | $572.82 M | 0.032% |
| American Bitcoin Corp. | |
ABTC:NASDAQ | Filing | 4,783 | $412.40 M | 0.023% |
| Ionic Digital Inc. | |
Filing | 2,662.4 | $229.56 M | 0.013% | |
| Bitdeer Technologies Group | |
BTDR:NASDAQ | Filing | 2,470.3 | $213.00 M | 0.012% |
| Core Scientific, Inc. | |
CORZ:NASDAQ | Filing | 2,116 | $182.45 M | 0.01% |
| BitFuFu, Inc. | |
FUFU:NASDAQ | Filing | 1,953 | $168.39 M | 0.009% |
| Bitfarms Limited | |
BITF:NASDAQ | Filing | 1,827 | $157.53 M | 0.009% |
| Canaan Inc. | |
CAN:NASDAQ | Filing | 1,610 | $138.82 M | 0.008% |
| Cipher Mining | |
CIFR:NASDAQ | Filing | 1,500 | $129.33 M | 0.007% |
| SOS Limited | |
SOS:NYSE | Filing | 802.8 | $69.22 M | 0.004% |
| Alliance Resource Partners | |
ARLP:NASDAQ | Filing | 568 | $48.97 M | 0.003% |
| Neptune Digital Assets | |
NPPTF:OTCMKTS | Filing | 410 | $35.35 M | 0.002% |
| DMG Blockchain Solutions Inc. | |
DMGGF:OTCMKTS | Filing | 359 | $30.95 M | 0.002% |
| LM Funding America, Inc. | |
LMFA:NASDAQ | Filing | 294.9 | $25.43 M | 0.001% |
| The9 Limited | |
NCTY:NASDAQ | Filing | 285 | $24.57 M | 0.001% |
| HIVE Digital Technologies | |
HIVE:NASDAQ | Filing | 210 | $18.11 M | 0.001% |
| Digi Power X Inc. (Digihost) | |
HSSHF:OTCMKTS | Filing | 97 | $8.36 M | 0.0% |
| Vinanz Limited (London BTC Company) | |
VINZF:OTCQX | Filing | 86.0 | $7.42 M | 0.0% |
| Investview, Inc. | |
INVU:OTCMKTS | Filing | 32.4 | $2.79 M | 0.0% |
| Sphere 3D Corp | |
ANY:NASDAQ | Filing | 22.7 | $1.96 M | 0.0% |
| SATO Technologies Corp. | |
SATO:TSXV | Filing | 21 | $1.81 M | 0.0% |
| Thumzup Media Corporation | |
TZUP:NASDAQ | Filing | 19.1 | $1.65 M | 0.0% |
| Abits Group Inc. | |
ABTS:NASDAQ | Filing | 15.7 | $1.35 M | 0.0% |
| CryptoStar Corp. | |
CSTR:TSXV | Filing | 7.6 | $655,291 | 0.0% |
| Cathedra Bitcoin Inc. | |
CBTTF:OTCMKTS | Filing | 7.6 | $655,291 | 0.0% |
| BIT Mining Limited | |
BTCM:NYSE | Filing | 7.3 | $629,424 | 0.0% |
| AgriFORCE Growing Systems Ltd. | |
AGRI:NASDAQ | Filing | 6.8 | $586,313 | 0.0% |
| Argo Blockchain PLC | |
ARBKF:OTCMKTS | Filing | 2 | $172,445 | 0.0% |
| Bit Digital, Inc. | |
BTBT:NASDAQ | Filing | 0 | $0 | 0.0% |
| TeraWulf Inc. | |
WULF:NASDAQ | Filing | 0 | $0 | 0.0% |
| Totals: | 127,723 | $11.01 B | 0.608% |
Defi
| Entity | Country | Filings & Sources | # of BTC | Value Today | % of 21m |
|---|---|---|---|---|---|
| Wrapped Bitcoin | 126,851.2 | $10.94 B | 0.604% | ||
| Coinbase Wrapped Bitcoin (cbBTC) | |
Filing | 53,905 | $4.65 B | 0.257% |
| Casascius Coins | |
Filing | 37,250.4 | $3.21 B | 0.177% |
| Solv Protocol Bitcoin (SolvBTC) | |
Filing | 18,819 | $1.62 B | 0.09% |
| Threshold Network (tBTC) | Filing | 5,709.7 | $492.30 M | 0.027% | |
| Stacks sBTC | |
Filing | 5,015.4 | $432.44 M | 0.024% |
| Avalanche Bridged Bitcoin | |
Filing | 4,851.0 | $418.27 M | 0.023% |
| The Liquid Network | Filing | 4,153.7 | $358.14 M | 0.02% | |
| The Mempool Open Source Project | Filing | 3,720.7 | $320.81 M | 0.018% | |
| Lightning Network | Filing | 3,710.1 | $319.89 M | 0.018% | |
| Rootstock | Filing | 2,432 | $209.69 M | 0.012% | |
| tzBTC | Filing | 817.7 | $70.50 M | 0.004% | |
| Totals: | 267,236 | $23.04 B | 1.273% |
🔴🩸 Digital Asset & Mining Companies – NOVEMBER 2025 BEAR MARKET SNAPSHOT 🩸🔴 Bitcoin ≈ $83,480 | Cycle Day 46 of 364-day bear | Everything is bleeding, but the real winners are the ones who pivoted to AI/HPC and kept clean balance sheets.
Here is the brutally honest, updated status on every name you asked about (as of Nov 21, 2025 close).
Galaxy Digital (GLXY.TO) 🌌 Market Cap: ~$1.4B (down ~50% from 2025 highs) 2025 Performance: –58% Status: Survived the bear better than pure miners thanks to trading & asset management revenue. Latest (Q3 2025): Small profit on trading, but mining/Helios dragged. Nasdaq listing finally completed in September 2025. Helios site now has 300 MW of HPC contracts signed (not the full 800 MW yet). Verdict: One of the few non-mining names that is actually okay in this environment. Quietly accumulating.
Canaan Inc. (CAN) ⛏️ Market Cap: ~$280M 2025 Performance: –76% Status: Basically left for dead. Miner manufacturer in a bear market = maximum pain. Self-mining fleet still ~5 EH/s, but they are selling machines at huge discounts just to stay alive. Avalon A15 series is good on paper, but nobody is buying new rigs when BTC is $83k and power costs are high. Verdict: Avoid until we see capitulation volume in 2026.
MicroStrategy (MSTR) 🪙🦍 Market Cap: ~$51B BTC Held: 649,870 (~$54.3B at current price) → trades at slight discount to NAV on bad days 2025 Performance: +290% (yes, still the best performing large cap of the year despite the crash) Status: Michael Saylor is still buying on dips. Raised another $3B convertible in October at the top (perfect timing again). No mining, pure BTC treasury play. The ultimate leveraged long that somehow keeps working. Verdict: The only “safe” way to be massively leveraged to Bitcoin right now.
Core Scientific (CORZ) 🔥🧠 ◀ BUYY Market Cap: ~$4.7B 2025 Performance: +1,150% from Jan 1 (yes, really) Status: The undisputed HPC/AI pivot king. HPC backlog now >$8B annualized run-rate revenue locked in for 2026–2030. Still mines ~15 EH/s but that’s now the side hustle. Cell phone deal + three new hyperscalers = basically printing money. Verdict: The #1 stock to own in the entire sector for 2026–2028.
Bitdeer (BTDR) 🌐 Market Cap: ~$2.1B 2025 Performance: –12% Hashrate: 22.5 EH/s self-mining + hosting SEALMINER A2: Mass production hit 35 EH/s in Q3 2025, best-in-class 14.9 J/TH in real conditions $400M convert raised at the top → fully funded Now has 1.4 GW power pipeline energized or under construction Verdict: One of the very few miners that actually executed perfectly. Will be top 5 hashrate in 2026.
CleanSpark (CLSK) 🌍 ◀ Still a BUY Market Cap: ~$2.6B 2025 Performance: +380% Hashrate: 52 EH/s operational Just closed the 285 MW Houston AI campus deal → will be 500 MW HPC-ready by mid-2026 Zero debt, $350M cash, ultra-low power costs Produced more BTC than anyone else post-halving because efficiency is insane Verdict: The efficiency monster. Will eat weaker miners alive in the bear.
Bit Digital (BTBT) 🖥️ Market Cap: ~$820M 2025 Performance: +240% Fully pivoted → 95% of revenue now from HPC/AI 1,200+ NVIDIA H100/H200/B200 GPUs deployed $250M+ HPC contracts signed YTD Still has ~2 EH/s mining but that’s basically free cash flow now Blackwell delay actually helped them → locked in contracts early at better pricing Verdict: Tiny cap, massive torque if AI demand stays hot.
Hut 8 (HUT) 🏰 ◀ BUY Market Cap: ~$3.6B 2025 Performance: +520% BTC Held: ~15,200 (top 8 public holder) Zero debt, $450M cash Fleet upgrade complete → power cost now 2.7¢/kWh, efficiency 18.9 J/TH 100 MW HPC site live with Bitmain, another 200 MW coming Q2 2026 Verdict: The cleanest balance sheet in mining + real HPC revenue starting = sleeper 5x into next bull.
Riot Platforms (RIOT) ⚡ Market Cap: ~$4.8B 2025 Performance: +180% Hashrate: 68 EH/s goal on track Rockdale becoming hybrid mining/HPC (300 MW HPC pilot live) $700M cash, low debt Verdict: Still the scale king. Will survive and thrive, but multiple compressed vs pure HPC names.
Marathon Digital (MARA) 🏃♂️ Market Cap: ~$3.9B BTC Held: ~53,000 Hashrate: 46 EH/s Kaspa mining adding ~$8M/month revenue 1.7 GW owned power but most still mining-focused Verdict: Solid, but lagging the AI pivot leaders.
Hive Digital (HIVE) 🐝 Market Cap: ~$680M 2025 Performance: +95% 100 MW Paraguay site Phase 1 live Q3 2025 HPC revenue now $22M annualized (NVIDIA H200 cluster) 15% ROIC leader Verdict: Small but executing very well.
Bitfarms (BITF) 🌾 Market Cap: ~$1.6B 2025 Performance: +140% Hashrate: 21 EH/s Paraguay + Texas expansion on track Clean balance sheet post-Riot takeover defense Verdict: Turnaround complete. Cheap on EV/hashrate.
Iris Energy (IREN) 🌱⚡ ◀ TOP BUY Market Cap: ~$12.3B (highest multiple for a reason) 2025 Performance: +2,100% (the 2025 supernova) Hashrate: 50 EH/s achieved, 60 EH/s by March 2026 AI/HPC: 2,500+ NVIDIA GPUs live, multiple hyperscaler LOIs (people swear it’s Microsoft or Google) 100% renewable, 810 MW operational by mid-2026 Verdict: The market has crowned the new king. Deserves the premium.
The meta in November 2025 is crystal clear: Own power + HPC backlog + zero/low debt = winners Pure mining with no AI = dead money until 2026 capitulation
Top 3 buys right now for the next leg:
- Core Scientific (CORZ)
- Iris Energy (IREN)
- Hut 8 (HUT)
Ref Bitcoin price
https://goldprice.org/gold-price-per-kilo.html
