Part 2/12:
Reflecting on a similar analysis conducted three months prior, the presenter emphasizes how swiftly market conditions evolve. Despite a seemingly flat cryptocurrency market over the last several months, clear signs of systemic stress have emerged—not only within the global banking system but also within the ranks of Bitcoin miners themselves.
Since July, concerns around liquidity risk and the strength of balance sheets have increased. Interestingly, mining companies are notably diverse in their financial structures—each with unique balance sheet configurations, mining deployment strategies, and cash flow models. Some miners hold significant Bitcoin reserves (hodl), others sell immediately, and their approaches to dilution and equity issuance vary widely.