💚 Block Green Partners with Meanwhile to Launch Revolving Bitcoin Facility

We're thrilled to announce a strategic partnership with Meanwhile, the Sam Altman-backed pioneer in Bitcoin-denominated life insurance. Together, we're introducing a Bitcoin revolving credit facility designed to empower miners with flexible working capital for mining and AI compute investments.

This collaboration aligns with our mission to unlock Bitcoin's full potential while providing Meanwhile with yield opportunities from creditworthy industrial Bitcoin miners.

Stay tuned for more updates as we continue building the future of Bitcoin-powered innovation.

⛏️ In the News

• Bitcoin mining giant Foundry has laid off 27% of its workforce as part of a restructuring plan that includes spinning off its self-mining business into a standalone subsidiary under Digital Currency Group.

• MARA purchased 11,774 Bitcoin for $1.1b and became the first public Bitcoin miner to achieve a record-breaking 50 EH/s hashrate, despite a 4.4% dip in its stock price following the announcement.

• Hut 8 plans to raise up to $500m through a stock sale to fund growth initiatives, including buying BTC as a strategic reserve, and has launched a $250 million stock repurchase program.

• Microsoft unveiled a water-free cooling data center design using closed-loop systems, potentially saving 125 million liters of water annually per facility, amid growing environmental concerns over AI and data center impacts.

• Bitcoin ASIC manufacturer Bitmain expanded its production line to the U.S. to enhance supply chain efficiency amid U.S.-China trade tensions and delays in equipment deliveries at U.S. ports.

• JPMorgan raised price targets for Bitcoin mining stocks reflecting their power assets, Bitcoin holdings, and a "HODL premium" similar to MicroStrategy's BTC-focused valuation strategy.

• The U.S. Supreme Court rejected Nvidia's appeal to dismiss a class-action lawsuit accusing it of misleading investors by understating over $1B in GPU sales to crypto miners.

• Vancouver City Council has approved a motion to explore integrating Bitcoin into its financial operations, including a Bitcoin reserve, despite concerns over environmental impact and illicit activity risks.

🐝 Hive November Update

• HIVE mined 103 BTC in November 2024, increasing its HODL portfolio to 2,713 BTC, up 67% year-over-year.

• Maintained an average mining capacity of 5.3 EH/s, with a peak hashrate of 5.7 EH/s. Achieved an average daily production rate of 3.42 BTC, or 19.3 BTC per EH.

• As of November 30, 2024, HIVE’s Bitcoin holdings were valued at over $261m, based on a BTC price of approximately $96,400.

• HIVE purchased 11,500 Avalon ASIC miners and 8.6 EH/s of Bitmain's S21+ Hydro machines, aiming for 15 EH/s by summer 2025.

• The expansion is expected to generate over $300m in annual revenue and more than $200m in mining margin.

🤑 Miner Convertible Note Offerings

🧼 CleanSpark Announces Private Offering of $550m Convertible Notes

• CleanSpark has priced its offering of $550 million aggregate principal amount of 0.00% Convertible Senior Notes due 2030.

• Initial purchasers have the option to purchase an additional $100m of notes within 13 days of issuance.

• Capped call transactions are included with an initial cap price of $24.66 per share, a 100% premium to the closing price of CleanSpark's stock on December 12, 2024.

• CleanSpark plans to repurchase approximately $145m of its common stock from Convertible Notes investors.

• Net proceeds, estimated at $535.9m (or $633.6m if the option is exercised in full), will be used for capped call transactions, stock repurchase, repaying outstanding line of credit with Coinbase, capital expenditures, acquisitions, and general corporate purposes.

🚨 Riot Platforms Plans $500m in Convertibles Offering to Acquire BTC

• Riot Platforms intends to offer $500m of convertible senior notes due 2030 in a private offering to qualified institutional buyers.

• The notes are unsecured, senior obligations and will mature on January 15, 2030, with the option for Riot to redeem them starting January 20, 2028.

• The notes are convertible into cash, Riot common stock, or a combination of both, at Riot's discretion.

• Proceeds will be used to acquire additional Bitcoin and for general corporate purposes.

👁️ IREN Raises $440m in Convertibles Offering to Fund Strategic Initiatives

• IREN closed an offering of $440m in 3.25% convertible senior notes due 2030.

• The offering was oversubscribed and upsized from $300m to $400m, plus a $40m greenshoe.

• Net proceeds of approximately $425.4m will be used for various purposes, including capped call and prepaid forward transactions, corporate purposes, and working capital.

• The notes have a 3.25% coupon and a 30% conversion premium, with capped call transactions to provide a hedge up to an initial cap price of $25.86 per share.

• IREN also entered into a prepaid forward transaction for $73.7 million of ordinary shares, intended to facilitate derivative transactions and allow investors to hedge investments.