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Report: In 2024, multiple listed Bitcoin mining companies increased their BTC holdings and expanded into AI businesses, achieving business diversification

ChainCatcher message, according to a report released by NiceHash and Digital Mining Solutions on January 7, publicly listed Bitcoin mining companies are following in the footsteps of MicroStrategy by increasing their Bitcoin treasury holdings.The report states: "In 2024, there has been a significant shift among Bitcoin mining companies, with many choosing to retain more of their mined Bitcoin or not selling it at all."Mining companies may choose not to sell Bitcoin for various reasons, including expectations of further appreciation in BTC prices or strengthening their balance sheets, as well as for hedging against currency devaluation.The report mentions that MARA Holdings, Riot Platforms, and Hut 8 have used borrowed funds to increase their Bitcoin holdings, further expanding their treasury strategies. Four of the largest 16 Bitcoin-holding companies are mining firms.The report states that, in addition to their core mining operations, by 2024, some mining companies "will further diversify into high-performance computing and artificial intelligence to generate predictable revenue streams to buffer against mining volatility."This trend is particularly evident in the United States, where "the harsh mining economics and lucrative AI/HPC business are enticing them to diversify into other computing fields." In addition to increasing their BTC holdings, mining companies like CleanSpark have also chosen to retain most of the BTC produced in recent months. Several Bitcoin miners with a market capitalization of at least $100 million have generated significant revenue from AI and HPC initiatives. For example, in the first three quarters of 2024, HPC/AI revenue accounted for nearly 8% of Hut 8's revenue and nearly 7% of Hive Digital's revenue.

The listed company Sol Strategies has obtained a credit line of 25 million Canadian dollars for investment in SOL and staking business

ChainCatcher news, publicly traded company Sol Strategies (stock code: CYFRF, HODL.CN) announced on Monday that it will invest 25 million Canadian dollars in the Solana ecosystem through an unsecured credit facility.The unsecured revolving credit facility will accrue interest at a rate of 5% per annum, compounded daily. Sol Strategies has drawn 4 million Canadian dollars in principal and plans to use "the remaining funds to make large-scale purchases of Solana tokens to support its staking operations and acquisitions." According to the statement, it must utilize the entire facility by January 6, 2027.The company, headquartered in Toronto, is the latest initiative following the rebranding of Cypherpunk Holdings to become one of the major Solana stakers and ecosystem participants.In July last year, Cypherpunk Holdings appointed Leah Wald as CEO, shifting its focus to the Solana ecosystem. The company has sold several investments, including equity in Animoca Brands, which was previously its second-largest holding after Bitcoin, and it has also directly invested in SOL and Solana validators.As of December 31, 2024, Sol Strategies has staked over 1.5 million SOL (worth approximately 450 million Canadian dollars) in its validator operations, including over 140,000 SOL owned by the company.Last December, the company announced its intention to seek a listing on Nasdaq. From Wald's appointment as CEO to the end of last year, the price of HODL has increased by over 2,000%. (The Block)
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