Pilemaster

[Daniel Roberts @danroberts0101]

A lot of questions this week on funding, so here's how a GPU typically gets funded at $IREN.

First, the customer signs a multi-year take-or-pay contract and agrees to a prepayment. On our recent 3-year contracts, prepayments have been 45% to 55% of the associated GPU capex.

Second, financing is committed, secured by the contracted GPUs. On the Microsoft contract we secured an A-rated facility at around 6%, which together with prepayments covers 96% of GPU capex. More recently, for a non-investment grade counterparty at Mackenzie, we secured financing at 9% fixed, which together with prepayments covers more than the full cost of the GPUs.

That's the GPU side. The data centers are a separate, long-term asset base, and we own the ones our GPUs run in. Construction has been funded from cash to date, with no debt against these multi-billion dollar assets. As they come online with contracted customers, they can support financing in their own right.

The processes behind the next facilities are continuing, and new paper will cost what the market charges. With GPU paybacks of around two years on our recent 3-year contracts, a wider spread barely moves the economics.

There's more customer demand than we can build for. As we noted at our recent earnings, 2026 is largely sold out, recent 3-year contracts are at more than double the prior year's pricing, and demand for anything we can bring online in 2027 covers it several times over, with prepayments a focus in every negotiation. Conversations on 2028 capacity are already underway.

Meanwhile announced capacity keeps slipping across the industry, which is the point: signing deals isn't the bottleneck in this market, bringing GPUs online is, and that's our focus.

[Dom Kwok | EasyA @dom_kwok]

i'm giving away $1,000 $XRP.

like and retweet this tweet to enter.

must be following me to be eligible!

[Alex Palmer @ThatAlexPalmer]

quick test - get a friend who’s never touched crypto to buy a bit of bitcoin.

how long did that take, how many steps, and which ones did you have to explain?

now ask them to buy a tokenized version of the *real* publicly traded stock of your choice.

see the issue?

[Ricky Gervais @rickygervais]

Oh. My. God.
I’ve never been so happy.
Best fans in the fucking world 🌎 #AlleyCats ❤️

[Chris Yin @chriseyin]

DTCC is the backbone to an incredible financial system that powers $114 Trillion in assets today. Typically orgs of this size cannot move or innovate quickly

But not here. The DTCC has been a pioneer in understanding, collaborating, and innovating in tokenization and applying it to the world's financial layer

Excited & proud to work with them to bring global markets onchain

As Bill Gates said, people overestimate can be done in 1 year and underestimate what can be done in 10 years. If we're still in the early years of tokenization, it's hard to articulate how insane year 10 will be

Incredibly bullish on the future
Incredibly bullish on tokenization
Incredibly bullish on Plume

We have only just begun!

[Rockstar Games @RockstarGames]

Grand Theft Auto VI: An Extended Look premieres on @netflix Thursday, August 27 at 3 p.m. ET.

https://t.co/px5rI0eKh7

[Chris Yin @chriseyin]

Excited to finally share our new look!

It's been incredibly gratifying to see tokenization sweep the globe over the last few years since we started Plume.

There's been more progress than we ever could have imagined and the path forward is incredibly clear.

Grateful to continue to build alongside all of the legends in tokenization. Much more to come!

[Plume @plumenetwork]

Open Finance is here.

Plume’s new look comes with the same conviction to bring the world's highest-quality assets onchain, open to institutions and investors everywhere.

We've built the distribution rails that tokenized assets need to scale. Now it’s time for Open Finance.

[Treasury Secretary Scott Bessent @SecScottBessent]

More than a year ago, the House passed the Clarity Act.

There’s been progress since — thousands of hours of bipartisan negotiations took place at the staff and Member levels. The Senate Committees on Banking and Agriculture advanced their respective titles. And Senate Republicans produced a floor-ready product that, as I type this, is waiting for a vote.

It’s disappointing — but not surprising — that Senate Democrats are choosing politics on the cusp of a major victory for American leadership. Find another instance in history where Congress, when given the choice, opted to push an industry out of the United States rather than smartly regulate it. American Exceptionalism was once a bipartisan goal; if Clarity fails, I have serious doubts.

These same Democrats — many of whom have taken millions of dollars from the crypto industry — proclaim that Clarity lacks safeguards for consumers and falls short in countering illicit finance. Nothing could be further from the truth. Titles II and III materially uplift regulatory and compliance obligations for digital asset intermediaries, placing them on similar footing with traditional financial institutions. The Blockchain Regulatory Certainty Act — which Washington lobbyists have spun up as a boogeyman for certain groups of prosecutors and law enforcement — does nothing other than codify longstanding Treasury Department policy that’s remained consistent across Administrations: non-custodial builders and developers are not, and have never been, subject to registration obligations under the Bank Secrecy Act. And at this point, major law enforcement trades that once opposed the bill, including the Fraternal Order of Police, have now endorsed it.

The Senate needs to vote NOW on this landmark legislation. The truth is that Senate Democrats are afraid to advance the Clarity Act as they fear Senator Warren and the “Anti-Crypto Army” she once promised to build. In the days ahead, Leader Thune will put this theory to the test. Will Senate Democrats be on the side of American Exceptionalism, or will they opt to cede American leadership of a global industry for fear of the bespectacled squirrel’s Left flank?

America will lead or America won’t. It’s not more complicated than that. I believe Satoshi once said it best:

“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

[Anthony Noto @anthonynoto]

Thank you, @DavidSolomon. Glad to have Goldman Sachs adding its voice to this effort. We are both examples of Banks that do not see this the same way as "other" banks. @SoFi actively supports passing the CLARITY Act to set clear rules of the road. Durable regulation protects consumers and drives innovation.

[Plume @plumenetwork]

Plume's AML technology outpaces world-class standards.

Don't just take our word for it. The Bermuda Monetary Authority says it's never seen a more forward-looking and comprehensive approach.

[Pilemaster @Stoneheale83148]

@moonpay gm💜

[Ondo Finance @Ondo]

We're excited to announce a partnership with SBI Group, one of Japan's leading financial institutions.

The collaboration covers tokenizing Japanese assets with distribution across the SBI ecosystem, and settlement using the JPYSC stablecoin.

Ondo CEO Ian De Bode on the partnership:

“Japan is one of the most sophisticated capital markets in the world, and SBI sits at the center of it. This collaboration creates a path to bring Japanese assets onchain.”

Yoshitaka Kitao, Representative Director, Chairman, President & CEO, SBI Holdings:

“Ondo Finance has established itself as a global leader in the tokenization of real-world assets and is at the forefront of the tokenized equities market. We believe Ondo will be a key strategic partner as SBI Group forms a global corridor for digital assets.”

Japan's capital markets, now connected to global onchain finance, powered by Ondo.

[Patrick McHenry @PatrickMcHenry]

For over two decades in Congress, I saw how bold, forward-looking legislation can move our country ahead, and how outdated rules leave us scrambling to catch up.
The Clarity Act is Congress’s chance to be proactive: establish consumer protections, provide regulatory certainty and give entrepreneurs the confidence to build.
As I write in Fortune, Congress can seize the moment & break the cycle of reactive regulation. Now is our chance.

[Ripple @Ripple]

XRP 🤝 University of Kansas

History on a jersey patch: the first-ever crypto sponsorship of a major college athletics program starts today.

[Kansas Jayhawks @KUAthletics]

A shared commitment to innovation and excellence. 🤝

Kansas Athletics is proud to announce a new groundbreaking partnership with Ripple, bringing the XRP brand to Jayhawk uniforms.

[Ripple @Ripple]

Ripple is joining #Giving4th — @America250's new movement to make Independence Day a national day of charitable giving.

We're matching donations to @CODE4Vets up to $10K. CODE funds the most effective organizations helping veterans get back to work, preparing them for the job market and raising awareness of the value they bring to employers.

Give cash, stock, or crypto ($XRP & $RLUSD accepted) — Ripple will match it: https://t.co/zgrLZorPf2

[EasyA Kickstart @EasyA_Kickstart]

$500 in $SOL to one person who likes and retweets this post.

[Bill Ackman @BillAckman]

An important read on the hyperscalers and why we are bullish.

[Pilemaster @Stoneheale83148]

@dom_kwok hi dom, serious question: Can XRP actually go up while BTC is dragging? Market feels mostly tied to BTC movement.