Market price climb 34% this month despite massive share dilution and erratic energy cost
Company report show $150 million in new debt for data center hardware purchase
Institutional holder dump 12 million share since January while retail buyer FOMO trigger rally
Mining margin shrink fast due to high hash rate difficulty and rising electricity fee
Infrastructure build for high performance compute center stay behind schedule by three month
Energy contract for Texas site remain non-firm, exposing company to spot price volatility
Management issue 40 million new common share in Q1 to cover operational shortfall
Financial statement reveal company rely on equity financing to fund 80% of expansion
Analyst point to extreme valuation premium compared to historical book value of asset
Market sentiment ignore fundamental reality of cyclical mining profit and high leverage risk
Not financial advice