John Todaro

Miners are signing lucrative "colo" (colocation) leases with hyperscalers (e.g., Hut 8's deal with a Google credit backstop). Hyperscalers have committed $660B+ to capex. The market currently values miners at 3-4x EBITDA, whereas AI data centers trade at ~15x. As miners prove they can execute on these AI contracts (without taking on GPU depreciation risk), their stock prices should re-rate upward to close the discount gap with traditional data center REITs like EQIX. LONG. These miners are effectively value plays on AI infrastructure. Failure to execute on power delivery; political pushback on energy usage; "one-and-done" contracts without renewal.

Miners are signing lucrative "colo" (colocation) leases with hyperscalers (e.g., Hut 8's deal with a Google credit backstop). Hyperscalers have committed $660B+ to capex. The market currently values miners at 3-4x EBITDA, whereas AI data centers trade at ~15x. As miners prove they can execute on these AI contracts (without taking on GPU depreciation risk), their stock prices should re-rate upward to close the discount gap with traditional data center REITs like EQIX. LONG. These miners are effectively value plays on AI infrastructure. Failure to execute on power delivery; political pushback on energy usage; "one-and-done" contracts without renewal.

Miners are signing lucrative "colo" (colocation) leases with hyperscalers (e.g., Hut 8's deal with a Google credit backstop). Hyperscalers have committed $660B+ to capex. The market currently values miners at 3-4x EBITDA, whereas AI data centers trade at ~15x. As miners prove they can execute on these AI contracts (without taking on GPU depreciation risk), their stock prices should re-rate upward to close the discount gap with traditional data center REITs like EQIX. LONG. These miners are effectively value plays on AI infrastructure. Failure to execute on power delivery; political pushback on energy usage; "one-and-done" contracts without renewal.

Miners are signing lucrative "colo" (colocation) leases with hyperscalers (e.g., Hut 8's deal with a Google credit backstop). Hyperscalers have committed $660B+ to capex. The market currently values miners at 3-4x EBITDA, whereas AI data centers trade at ~15x. As miners prove they can execute on these AI contracts (without taking on GPU depreciation risk), their stock prices should re-rate upward to close the discount gap with traditional data center REITs like EQIX. LONG. These miners are effectively value plays on AI infrastructure. Failure to execute on power delivery; political pushback on energy usage; "one-and-done" contracts without renewal.

Reaction to the Coinbase Super Bowl ad and general public sentiment is "very negative." In crypto, peak negativity from the general public often marks a cyclical bottom (capitulation). LONG. Buy when the public hates it. Macro headwinds or continued high interest rates keeping liquidity out of risk assets.

Robinhood had its "best month ever" in January regarding prediction market volumes. While Coinbase is trying to enter prediction markets, Robinhood is already capturing significant momentum and market share in this specific vertical. LONG. Robinhood is successfully diversifying engagement while crypto-specific retail volume lags. Commoditization of prediction markets as Gemini and Coinbase enter the space.