“For the last several years, the Commission’s views on crypto have been largely expressed through enforcement actions without engaging the general public,” said Acting Chairman Mark Uyeda. “It’s time for the Commission to rectify its approach and develop crypto policy in a more transparent manner. The Crypto Task Force is designed to do just that.
“Riot had a remarkable year in 2024, generating record revenue of $376.7M and net income of $109.4M,” said Jason Les, CEO. “These results are particularly noteworthy in the context of the Bitcoin network’s ‘halving’ in April of 2024, and an increase in global hash rate of 67% over the course of the year. Riot also generated record adjusted EBITDA of $463.2M in 2024, demonstrating the value of our Bitcoin treasury policy of retaining Bitcoin production rather than selling. Due to our efforts over the prior year, we are in an exceptionally strong position and focused on executing on the exciting opportunities ahead of us to maximize shareholder value, particularly on the AI/HPC front.”
Following the report, Roth MKM kept a Buy rating and $20 price target on Riot. The company has signaled a more aggressive stance on HPC/AI, positioning up to 1.7GW for potential HPC/AI customers, with the remaining 600MW at Corsicana alone supporting $400M in annual recurring revenue, the analyst said. Riot’s CapEx outlook for 2025 is also muted at $198M but could increase post-HPC/AI study, and the firm believes that the stock would move higher on a hyperscaler deal, full Corsicana/Rockdale expansion, and a clear financing plan, Roth stated. The firm concluded that with the stock trading at 10-times expected FY25 EBITDA, the valuation only reflects only a fraction of its HPC/AI potential.
On Tuesday, Bitdeer (BTDR) reported a Q4 loss per share of ($3.22) on revenue of $69M, which compared to a loss per share of (5c) on revenue of $114.8M last year. The company also reported a crypto balance of $77.5M as of December 31.
CEO Matt Kong said, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by 4Q25. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the 4Q25 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”
Following the report, H.C. Wainwright lowered the firm’s price target on Bitdeer to $20 from $21 and kept a Buy rating on the shares. The share price performance in 2025 “has created a very attractive buying opportunity,” the analyst said. The firm noted the shares traded down by nearly 30% after the print on the optics of a big earnings miss, which was largely driven by $480M of non-recurring, non-cash charges related to fair value changes on derivative liabilities. H.C. Wainwright views the selloff as overdone and believes this is an attractive entry point for investors to gain exposure to a “rapidly growing,” vertically integrated bitcoin miner with a “massive pipeline of energy assets.”
Meanwhile, Benchmark lowered the firm’s price target on Bitdeer to $24 from $29 and kept a Buy rating on the shares. While Bitdeer had signaled to the market that more of its resources would be focused on the development of its bitcoin mining ASIC chips and rigs, the extent of that focus and its impact on Q4 results was “clearly greater than many investors had anticipated” given the decline of more than 28% during yesterday’s trading session, the analyst noted.
Additionally, Roth MKM lowered the firm’s price target on Bitdeer to $23.50 from $29 and kept a Buy rating on the shares. The quarter was weighed down by hosting, but self-mining growth remains the focus, the analyst said. Demand for third-party hardware sales was strong, though Bitdeer is prioritizing its bitcoin mining capacity, pushing additional sales into late FY25 or FY26, the firm added.
On Wednesday, MARA Holdings (MARA) reported Q4 EPS of $1.24 on revenue of $214.4M, which compares to EPS of 66c on revenue of $156.8M last year. The company also reported that bitcoin holdings increased 197% to 44,893 bitcoin at year end and in Q4, MARA mined 2,492 bitcoin and purchased 15,574 bitcoin using cash and proceeds from zero-coupon convertible senior notes offerings.
MARA CEO Fred Thiel said, “We established the company’s leadership in bitcoin mining through an asset light model, transformed it to a vertically integrated energy and infrastructure company in 2024, and in 2025, we will continue to focus on being the dominant player in bitcoin mining while expanding our footprint in energy generation. In conjunction with our emerging technology business, we are taking steps today, including investing in research and development, to establish our presence in AI and adjacent markets, which we expect will create additional revenue opportunities over the long term.”
Additionally on Wednesday, Core Scientific (CORZ) reported a Q4 loss per share of (60c) on revenue of $94.9M, which compared to a loss per share of (51c) on revenue of $141.9M last year.
“Looking ahead in 2025, we are executing on a clear strategy for accelerated growth, driven by unprecedented demand for HPC infrastructure and the continued strength of our Bitcoin mining operations. With our expanded infrastructure capacity, industry-leading operational expertise, and commitment to technological innovation, Core Scientific is uniquely positioned to capture the growing opportunities in AI computing and digital asset mining. We remain focused on delivering value to our shareholders and reinforcing our position as an industry leader in scalable, high-density computing solutions,” said CEO Adam Sullivan.
The company also announced Wednesday an expansion of its relationship with CoreWeave. The new agreement brings an additional $1.2B in contracted revenue across Core Scientific’s Denton, TX location. The 70 MW of additional contracted power at the Denton site increases the full critical IT load to approximately 260 MW. The agreement increases CoreWeave’s total contracted HPC infrastructure with Core Scientific to approximately 590 MW across six sites.
On Thursday, Roth MKM lowered the firm’s price target on Core Scientific to $23 from $25.50 but kept a Buy rating on the shares. The company expanded its CoreWeave partnership, pushing the contract value past $10B, while management emphasized diversification and power expansion, the analyst said. With 300MW of expansion potential and ongoing discussions with hyperscalers, Core Scientific appears well-positioned, the firm added.
Meanwhile, Cantor Fitzgerald lowered the firm’s price target on Core Scientific to $21 from $24 and kept an Overweight rating on the shares. The Q4 results were still that of a decently scaled bitcoin miner, the analyst said, noting that Core Scientific also signed another deal with CoreWeave, which proves that concerns about potential demand issues at CoreWeave are overblown.
On Friday, TeraWulf (WULF) reported a FY24 loss per share of (21c) on revenue of $140.1M, which compared to a loss per share of (35c) on revenue of $69.2M for the same period last year. As of December 31, the company held $274.5M in cash and cash equivalents and bitcoin on its balance sheet.
CEO Paul Prager said, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.”
STRONGHOLD SHAREHOLDERS VOTE FOR MERGER: On Thursday, Stronghold Digital Mining (SDIG) announced that its stockholders voted for the pending merger between Stronghold and Bitfarms (BITF). Approximately 99.6% of the votes cast at the special meeting, which is approximately 54.5% of the issued and outstanding shares of Stronghold Class A common stock and Class V common stock, voting together as a single class, entitled to vote at the Special Meeting, voted to approve the merger agreement proposal. With the approval of the proposal, the company expects the closing of the merger to occur in March.
“I’m incredibly proud of what we’ve accomplished at Stronghold,” said Gregory Beard, CEO. “We are thrilled by the strong endorsement from our stockholders, who recognize the significant value and potential of this merger and look forward to the next chapter for our stockholders as a part of Bitfarms.”
SOLUNA ENTERS LAND PURCHASE AGREEMENT: Soluna Holdings (SLNH) announced Tuesday that it has secured the necessary land purchase agreement to build its new data center, Project Rosa. Project Rosa will provide up to 187 MW of sustainable energy, executed in two phases, specifically allocated to support high-performance computing tasks in AI and botcoin mining. Project Rosa will be strategically co-located with a 240 MW wind farm in Texas, enabling the project to harness a substantial share of its renewable energy directly. Soluna has secured the land purchase agreement for the 60 acres of land necessary for this project’s development.
“Securing these land agreements is a critical achievement for Soluna,” said John Belizaire, CEO. “Project Rosa not only enhances our operational capacity but also reinforces our commitment to delivering sustainable, cutting-edge solutions in high performance computing.”
STRATEGY BUYS MORE BITCOIN: In a Monday regulatory filing, Strategy (MSTR) announced that, during the period between February 18 and February 23, the company acquired approximately 20,356 bitcoins for approximately $1.99B in cash, at an average price of approximately $97,514 per bitcoin, inclusive of fees and expenses. The bitcoin purchases were made using proceeds from a convertible notes offering. As of February 23, the company, together with its subsidiaries, held an aggregate of approximately 499,096 bitcoins, which were acquired at an aggregate purchase price of approximately $33.1B and an average purchase price of approximately $66,357 per bitcoin, inclusive of fees and expenses.
CRYPTO STOCK PLAYS: Publicly traded companies in the space include Bit Digital (BTBT), Coinbase, Core Scientific, Greenidge Generation (GREE), Mara Holdings, MicroStrategy, Riot Platforms (RIOT), Stronghold Digital Mining and TeraWulf.
PRICE ACTION: As of time of writing, bitcoin dropped about 16% this week to $82,063 in U.S. dollars, according to CoinDesk.
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