Most traders still file this company under "bitcoin miner." That's accurate and completely out of date.
Last month it crossed $1 million in average daily revenue, and a growing share of that has nothing to do with mining. It's building GPU infrastructure for artificial intelligence, with contracts already signed and a target that would multiply that revenue by year end. It's even weighing shutting down mining in one country to free the power for chips.
Miners get valued like commodity producers. Contracted computing gets valued like infrastructure. Same company, two very different multiples — and the market hasn't decided which one this is.
Then the chart broke out. The business news came first and the tape confirmed second. That's the sequence I want before taking a swing position, and I took one.
Inside the full breakdown:
→ The dual-engine model and the numbers behind both halves
→ Last fiscal year's revenue growth, and what the loss on the statements actually consists of
→ The AI pivot: what's contracted, what's a target, and the decision that reveals which engine management believes in
→ The technical setup broken down — pole, flag, break — with my own chart on screen
→ My exact levels: target, invalidation, and where the idea is wrong
→ My position, average price and size
→ Eight risks, including the ones most coverage of this name skips
Sourced from company releases, SEC filings and published analyst notes. Charts and signals from my own terminal.
⚠️ Disclosure: I hold a long position in the stock covered in this video, with my exact share count and average price shown inside. Educational analysis and personal opinion, not investment advice. I'm not a financial advisor. This is a high-beta company that is not profitable on a GAAP basis and whose largest revenue line depends on the price of bitcoin — it carries substantial risk. Do your own research.
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