Research Report – December 2025
IREN Ltd – Update Report (December 2025) — This 37-page update walks through IREN’s December 2025 financing package and what it really means for equity holders.
Instead of re-hashing the AI hype, the note focuses on capital structure, dilution and funding for the build-out – the part of the story most people are hand-waving.
Research Report – November 2025
IREN × Microsoft Institutional Deal Note (Flash) — a concise, model-backed breakdown of IREN’s newly announced multi-year GPU cloud contract with Microsoft. Built for PMs/analysts who need the economics, drivers, and valuation levers on one report.
Research Report – November 2025
IREN’s control of grid-connected power and fast build capability positions it as a scaled supplier of bare-metal AI GPUs with optionality to layer higher-margin managed services, creating a path to durable ROIC through the 2026–2028 Blackwell cycle while maintaining downside support from Bitcoin cash flows.
Research Report – September 2025
Ethereum is no longer just “digital gold’s cousin” — it’s becoming the financial internet’s core infrastructure. Stablecoins, Wall Street tokenization, and AI-on-chain adoption are converging into a multi-trillion-dollar opportunity.
This 20+ page institutional-style report provides a hedge fund–level analysis of BMNR (Bitmine Immersion Technologies, NASDAQ: BMNR) — the first publicly traded Ethereum treasury company, positioned as the MicroStrategy of Ethereum.
Investment Gems 