Carmine

Government, even in its best state, is but a necessary evil; in its worst state, an intolerable one.

[Carmine @rc08610]

@ClayTravis The kids call him Jimmy the Saint

[Carmine @rc08610]

@MartinShkreli Space Race 2.0 is next and will dwarf them all

[Carmine @rc08610]

@StephenZeiner @CaptainKeel @keelinfra_ We were ALL Todd Anderson at some point in our lives.

[Carmine @rc08610]

@AnthonyCumia Would.

[Carmine @rc08610]

@Kalshi Too low. Post war boom coming.

[Carmine @rc08610]

@aelfred_D Windows XP version.

[Carmine @rc08610]

@Nero This is 🔥 but Howard Roark would probably disagree.

[Carmine @rc08610]

@RantyAmyCurtis Physics is grand. Isn’t?

[Carmine @rc08610]

@unusual_whales In the 1880s farmers were increasingly concluding that the traction steam engine was not worth the extra extravagant costs. We know how that worked out.

[Carmine @rc08610]

@sciencegirl 💯 and this type earns you the most heaven loyalty club points.

[Carmine @rc08610]

@MarkChangizi

[Carmine @rc08610]

$SDRC the continued management silence could be one of two things. 1) we have to issue more shares to fund the existing business plan, 2)announcement of some type of joint venture with the new partner who will want preferential treatment with shares to protect their downside.

Either way, the existing shareholders have a high probability of being cooked

[Carmine @rc08610]

@theOGmattyd WTF is this slop of a post. There couldn’t be a more tone deaf CEO.

[Carmine @rc08610]

Groks take:

this is **not** a desperate equity raise

Keel just announced a **$350M convertible senior notes** offering (due 2032), with an option for +$58M. These are **senior unsecured debt notes**, guaranteed by Bitfarms.

Key context from their Q1 call (Jonathan Mir, CFO):

> “We have the liquidity [$533M cash+BTC] to reach lease execution across all 3 sites **without the need to tap into debt or equity capital markets**. That said, we will remain opportunistic if attractive opportunities arise… we would envision having a **credit line and/or an ATM** in place at some point this year…”

This fits. Proceeds are for:

- Capped call transactions (to **limit dilution** on conversion)
- General corporate purposes, specifically “funding deposits for long-lead equipment and/or collateralizing letters of credit related to **expanding and/or accelerating** data center development projects”

They’re using cheap(ish) debt + hedging to go faster on Panther Creek/Sharon/Moses Lake while sitting on strong liquidity. Not diluting now to survive — positioning to accelerate.

Management has executed every major milestone they laid out. This is consistent with the plan.

[Carmine @rc08610]

@scottthomasm @DeItaone @andrepaltry The split is more like 60/40.
But the estimates are that 4.7 million. Temporary jobs will be created to build these data centers. The permanent jobs are more like .7 million. It’s material to the US market.

[Carmine @rc08610]

@LifeEnjoya4L @TheIranianzg3z @andrepaltry “Si vis pacem, para bellum” Said by the Romans, who by the way, invaded the Middle East 2000 years ago.

[Carmine @rc08610]

@LifeEnjoya4L @TheIranianzg3z @andrepaltry You just enjoy the spoils of western culture. While you actively worked to destroy it.

[Carmine @rc08610]

@LifeEnjoya4L @TheIranianzg3z @andrepaltry Says the dude living his best life in Australia.