Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Thematic (Sector/Industry)

<ul>
<li>Bitcoin mining companies continue to suffer from crypto winter’s market conditions: substantial drop in mining rig prices, low cryptocurrency prices, heightened volatility, and unprofitable mining operations.</li>
<li>We are looking for bright spots and believe Marathon Digital Holdings and Riot Blockchain will survive the crypto winter with the opportunity to win market share in the coming years.</li>
<li>Our analysis suggests all-in-breakeven costs (miner costs+power costs+OpEx) of the most efficient BTC mining companies to mine a BTC close to the current BTC price of ~$20,000. </li>
</ul>


Bitcoin mining companies continue to suffer from crypto winter’s market conditions: substantial drop in mining rig prices, low cryptocurrency prices, heightened volatility, and unprofitable mining operations.
We are looking for bright spots and believe Marathon Digital Holdings and Riot Blockchain will survive the crypto winter with the opportunity to win market share in the coming years.
Our analysis suggests all-in-breakeven costs (miner costs+power costs+OpEx) of the most efficient BTC mining companies to mine a BTC close to the current BTC price of ~$20,000. 


Crypto Mining Industry Series: Looking For Bright Spots As The Darkest Months Ahead

<ul>
<li>During the last three months, the crypto market has lost ~$2 trillion in value and slightly recovered in July when BTC bulls could hold a $20K price level. </li>
<li>Bitcoin mining economics changed dramatically, and depressed BTC prices forced inefficient miners out of the market. Some BTC mining companies started to sell Bitcoins to cover OpEx and CapEx. </li>
<li>We remain bullish on <a href="https://www.smartkarma.com/entities/marathon-digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:33244:1" rel="noopener">Marathon Digital Holdings (MARA US)</a> and upgrade <a href="https://www.smartkarma.com/entities/riot-blockchain-inc" target="_blank" data-smartkarma-citation="entities:35453:1" rel="noopener">Riot Blockchain (RIOT US)</a> and <a href="https://www.smartkarma.com/entities/cipher-mining" target="_blank" data-smartkarma-citation="entities:33309:1" rel="noopener">Cipher Mining (CIFR US)</a>  to Overweight on favorable risk-reward post-recent sell-off.</li>
</ul>


During the last three months, the crypto market has lost ~$2 trillion in value and slightly recovered in July when BTC bulls could hold a $20K price level. 
Bitcoin mining economics changed dramatically, and depressed BTC prices forced inefficient miners out of the market. Some BTC mining companies started to sell Bitcoins to cover OpEx and CapEx. 
We remain bullish on Marathon Digital Holdings (MARA US) and upgrade Riot Blockchain (RIOT US) and Cipher Mining (CIFR US)  to Overweight on favorable risk-reward post-recent sell-off.


Crypto Mining Industry Series: Time To Focus On Efficient Crypto Miners

<ul>
<li>Bitcoin mining is booming in the United States and we expect ~2.5 GW of new cumulative mining capacity will be added by crypto mining companies in the U.S. this year. </li>
<li>Today, Foundry USA is the biggest mining pool globally, and North America has been the clear beneficiary of China’s cryptocurrency ban in 2021.</li>
<li>We see a huge untapped opportunity for Bitcoin mining companies. We initiate Marathon Digital Holdings with Overweight and Cipher Mining and Riot Blockchain with Neutral.  </li>
</ul>


Bitcoin mining is booming in the United States and we expect ~2.5 GW of new cumulative mining capacity will be added by crypto mining companies in the U.S. this year. 
Today, Foundry USA is the biggest mining pool globally, and North America has been the clear beneficiary of China’s cryptocurrency ban in 2021.
We see a huge untapped opportunity for Bitcoin mining companies. We initiate Marathon Digital Holdings with Overweight and Cipher Mining and Riot Blockchain with Neutral.  


Crypto Mining Industry Series: Let The Crypto Miners Rush Begin

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>Bitdigital (BTBT) has an intrinsic valuation gap estimated at $4 per share, suggesting nearly 100% upside potential.</li><li>The company is spinning off its data center and cloud services into a new entity, Whitefiber, while ceasing bitcoin mining and raising $150 million to enhance its Ethereum staking strategy.</li><li>Recent market trends highlight the increasing value of high-performance computing assets, which may positively impact Bitdigital's future prospects.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Bitdigital (BTBT) has an intrinsic valuation gap estimated at $4 per share, suggesting nearly 100% upside potential.The company is spinning off its data center and cloud services into a new entity, Whitefiber, while ceasing bitcoin mining and raising $150 million to enhance its Ethereum staking strategy.Recent market trends highlight the increasing value of high-performance computing assets, which may positively impact Bitdigital's future prospects.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Bit Digital (BTBT) - Thursday, Jun 26, 2025

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.</li>
<li>Insiders are buying in this offering which adds to the bullish thesis.</li>
<li>They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. </li>
</ul>


WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
Insiders are buying in this offering which adds to the bullish thesis.
They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 


WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

United States

Bit Digital, Inc. operates as a bitcoin mining company. The Company focuses on its mining business located globally in Asia, Canada, and the United States.

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Bit Digital (BTBT US)

Crypto Mining Industry Series: Looking For Bright Spots As The Darkest Months Ahead

Crypto mining industry suffers from low BTC prices, high energy costs, and increased mining difficulty, putting some BTC miners on the verge of the...

Andrei Zakharov

Crypto Mining Industry Series: Time To Focus On Efficient Crypto Miners

We remain bullish on Marathon Digital Holdings and upgrade Riot Blockchain and Cipher Mining to Overweight on favorable risk-reward post-recent...

Andrei Zakharov

Crypto Mining Industry Series: Let The Crypto Miners Rush Begin

We see a huge untapped opportunity for Bitcoin mining companies. We initiate Marathon Digital Holdings with Overweight and Cipher Mining and Riot...

Andrei Zakharov

Bit Digital (BTBT) - Thursday, Jun 26, 2025

Bitdigital (BTBT) offers nearly 100% upside potential to $4 per share through strategic changes, including a spin-off and enhanced Ethereum...

Value Investors Club (VIC)

WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

IPO Boutique

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Crypto Mining Industry Series: Looking For Bright Spots As The Darkest Months Ahead

Crypto mining industry suffers from low BTC prices, high energy costs, and increased mining difficulty, putting some BTC miners on the verge of the...

Andrei Zakharov

Crypto Mining Industry Series: Time To Focus On Efficient Crypto Miners

We remain bullish on Marathon Digital Holdings and upgrade Riot Blockchain and Cipher Mining to Overweight on favorable risk-reward post-recent...

Andrei Zakharov

Crypto Mining Industry Series: Let The Crypto Miners Rush Begin

We see a huge untapped opportunity for Bitcoin mining companies. We initiate Marathon Digital Holdings with Overweight and Cipher Mining and Riot...

Andrei Zakharov

Bit Digital (BTBT) - Thursday, Jun 26, 2025

Bitdigital (BTBT) offers nearly 100% upside potential to $4 per share through strategic changes, including a spin-off and enhanced Ethereum...

Value Investors Club (VIC)

WhiteFiber, Inc. (WYFI): Subsidiary of Bit Digital, CoreWeave Comp Attracting IPO Interest

​WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.

IPO Boutique

WhiteFiber is offering 7.8 million shares at $15-$17, with insiders buying in, expecting revenue of $17.7m-$19.6m for Q2 2025.