@jdorman81 at @arca is interested in Core Scientific.

Core Scientific (NASDAQ: $CORZ) is in the final stages of its major business pivot from BTC mining to AI/HPC hosting.

Last June, CORZ announced a 200 MW, 12-year contract to host Coreweave's GPUs for a total contract value of $3.5B. Over the past year, numerous additional options for the contract between the two parties were signed and that deal is now 590 MWs, which will generate $10B in revenue for Core Scientific. In the 1Q2025 earnings presentation, Core Scientific stated that the first billable 25MWs were to be delivered by end of May, with 65MWs delivered by the end of June. At a steep discount vs. its peers in the HPC/AI data center sector, CORZ is attractive as it moves away from a post-reorg equity in the low multiple BTC mining sector, to a dominant player in the higher multiple HPC/AI Data center sector.

Coreweave ($CRWV) already attempted to acquire CORZ before going public. CORZ makes up the majority of CRWV's contracted MWs, and we believe that there is an inherent floor price to CORZ as the recent strength of CRWV's stock price opens up significantly more options for them to acquire CORZ in a stock + cash transaction.

‍

‍

@WillPeets at @100Acrevc points at liquid DeFi tokens' relative valuation to $CRCL.

There has been a lot of discussion on the high valuation of $CRCL and its valuation relative to $COIN and USDC circulating supply.

There has been far less discussion around the relative valuation of liquid DeFi tokens which in aggregate generate 5x the revenue that CRCL does and are by far the largest beneficiary of stablecoin proliferation. Many of these tokens trade at single digits multiples. This will change once regulatory clarity allows for institutional investment in crypto.

‍

‍

@samuelmandrew at @NorthIslandVC shared his perspective on HypeEVM.

The Hyperliquid EVM launch could catalyze more perps volume share gain for Hyperliquid. Yes, people are aware of Hyperliquid, but I believe they’re sleeping on HyperEVM.

In my view, HyperEVM improves Hyperliquid product even more compared to its CEX competitors. HyperEVM enables DeFi functionality integrated directly into Hyperliquid DEX. From my perspective, no one else has that.

There is $3.8B of stablecoins on Hyperliquid DEX, which, once the EVM launches, can be moved at one click into HyperEVM DeFi apps, like borrow / lend platforms, to earn yield. That means your margin collateral can simultaneously earn yield, which reduces your net funding rate. And all this can be managed automatically because of integration between Hyperliquid EVM and exchange.

‍

This post is for informational purposes only and should not be construed as financial or investment advice.