Miner Risk/Reward Becoming More Compelling, CPI + Next ERCOT Meeting Are Key Catalysts, SEC Begins Moving Forward on Crypto Rules

Miner risk/reward is becoming more compelling: Since Governor Abbott’s 8/3 directive, Texas-exposed miners have materially underperformed as investors price in delayed data center timelines and a higher cost of capital (yields rising). After that reset, I think the group is getting closer to levels where investors should be careful about waiting for the perfect entry. The ERCOT memo helps bound the downside: A...

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