CoinDesk Podcast Network THE MINING POD: Mining Stock May Updates, BTC Treasury Company Mania, CoreWeave’s $7B Applied Digital Deal
Jun 6, 2025
The hosts dive into May production updates from leading Bitcoin miners like CleanSpark and Riot. They discuss the explosion of Bitcoin treasury companies, inspired by MicroStrategy's model, and question how many can thrive. A standout topic is CoreWeave’s massive $7 billion deal with Applied Digital, hinting at future market shifts. Finally, in the cry corner, the hosts explore silver's recent surge to a 13-year high, reflecting on the ironies of such a limited long-term gain.
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Bullish Hash Price Forward Curve
- Hash price projections from Luxor's forward curve indicate expectations of stability around $50 per petahash/day through November.
- This suggests bullish sentiment despite recent margin pressures post-halving.
Miners Shift to Selling Bitcoin
- Major public miners show a trend to sell mined Bitcoin to cover operational costs rather than holding all.
- Marathon continues growing Bitcoin treasury via share issuance, bucking others who prioritize revenue cash flow.
Risks of Treasury Company Mania
- Many Bitcoin treasury companies have leveraged debt and equity financing to accumulate Bitcoin, risking dilution and complex financial dynamics.
- This crowded trade raises concerns about sustainability and potential market unwinding similar to prior Bitcoin investment products.