J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

Equity Bottom-Up

<ul><li>American Data Centers, after a one-month stint as a joint venture between bush league broker Dominari Holdings (NASDAQ: DOMH) and Eric and Donald Trump Jr., is now becoming a bitcoin miner and hoping for a Nasdaq IPO.</li><li>ADC is doing this in tandem with a public company that already failed at mining. We strongly doubt that either ADC, in its shape shift to miner, or its public sponsor will be a good bet for investors. </li><li>On March 31, 2025, Eric Trump announced plans for a joint venture bitcoin mining company with Hut 8 Corp (NASDAQ: HUT).</li></ul>

American Data Centers, after a one-month stint as a joint venture between bush league broker Dominari Holdings (NASDAQ: DOMH) and Eric and Donald Trump Jr., is now becoming a bitcoin miner and hoping for a Nasdaq IPO.ADC is doing this in tandem with a public company that already failed at mining. We strongly doubt that either ADC, in its shape shift to miner, or its public sponsor will be a good bet for investors. On March 31, 2025, Eric Trump announced plans for a joint venture bitcoin mining company with Hut 8 Corp (NASDAQ: HUT).

Art of the Deal : Value Destruction for a Listed Company, and a Weak Coming IPO

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.</li><li>Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.</li><li>Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.</li></ul>

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.

<ul><li>This week, we review the troubled history of Gryphon Digital Mining (GRYP), the reverse-merger partner of Hut 8’s (HUT) new spin-off, American Bitcoin, soon to trade on Nasdaq as ABTC.</li><li>HUT will own 80% of the spin-off. GRYP is the junior partner in the deal; its shareholders get 2% of the spin-off.</li><li>But there is magic somewhere in the numbers: based on GRYP's own current market cap, the 2% allocation implies a valuation for American Bitcoin that is more than twice the current market cap for all of HUT—even though most of its ABTC's operations are still currently contained in HUT as a majority owned subsidiary.</li></ul>

This week, we review the troubled history of Gryphon Digital Mining (GRYP), the reverse-merger partner of Hut 8’s (HUT) new spin-off, American Bitcoin, soon to trade on Nasdaq as ABTC.HUT will own 80% of the spin-off. GRYP is the junior partner in the deal; its shareholders get 2% of the spin-off.But there is magic somewhere in the numbers: based on GRYP's own current market cap, the 2% allocation implies a valuation for American Bitcoin that is more than twice the current market cap for all of HUT—even though most of its ABTC's operations are still currently contained in HUT as a majority owned subsidiary.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Canada

Hut 8 Mining Corp. operates as a cryptocurrency mining company. The Company offers blockchain infrastructure and technology solutions. Hut 8 Mining serves customers in North America.

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Hut 8 Mining (HUT US)

Art of the Deal : Value Destruction for a Listed Company, and a Weak Coming IPO

American Data Centers, after a one-month stint as a joint venture between bush league broker Dominari Holdings (NASDAQ: DOMH) and Eric and Donald...

J Capital Research

Crypto Datacenters NAV

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.

Fabricated Knowledge

Crypto Hustle

This week, we review the troubled history of Gryphon Digital Mining (GRYP), the reverse-merger partner of Hut 8’s (HUT) new spin-off, American...

J Capital Research

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

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