Reddit Posts
Comparison of Bitdeer ($BSGA) and Core Scientific ($CORZ/$XPDI)
XPDI - Mining and AI Infrastructure Short squeeze
XPDI Power & Digital Infrastructure Acquisition : Material Event - Form 8-K
XPDI - The bitcoin miner that sells shovels during a gold rush, the AWS for crypto with $200M profit in 2021 and $44.9M revenue last month
Core Scientific Announces December Updates (Ticker XPDI) Mined 1000 Bitcoins in December!
XPDI - Merger News - Looks like it’s all SEC at this point.
$BSGA (Bitdeer): Why I believe this is the biggest crypto miner in the world and trading at a huge discount, but nobody knows it yet + $1.5M YOLO
Core Scientific (XPDI) - The Biggest mining company with projected Hashrate of 13EH...
Core Scientific ($XPDI) The Biggest BCorn Miner in the world no one is talking about
Core Scientific ($XPDI) Biggest Bcorn Miner in the World No One is Talking About
What's the deal with all the crypto SPACs trading at or below NAV? $CND $XPDI $FPAC $VIH
Mentions
This is brilliant and well organized with essential information. To be honest, you should probably make a post of just this, even if labeled as discussion. We done, friend. For myself I flipped my XPDI warrants and I did not hold through merger. I was overweight on crypto plays and decided to even sell my CND. I went after the BSGAR (rights) as they cannot be called like warrants for an exchange at an In opportune time for me to drum up cash. Still holding about $700 bucks worth of TUGCW and think they have critical mass not to liquidate. I just personally had to weigh variables and look at my cash flow for H1 and think what can I do? Five crypto spacs was more than most, so obviously I didn’t make my decisions based on risk or fear of the sector. Your information is powerful and I think you should share it more widely. I decided to go for rights because they are the “most known quantity” of a spac vehicle. Also, For the most part I only ever buy warrants. Excepting DNA and MEKA. Therefore I was weighing different variables than that which you set forth. Others will benefit from your analysis which is spot on. Cheers.
I appreciate the post since I have been waiting for this info. Now that I’ve seen it, though, I’m wondering why Bitdeer over Core Scientific? Comparing Core Scientific (CORZ/XPDI) investor presentation and end of 2021 update with Bitdeer’s investor presentation, I see the following as of January 2022: Core Scientific: Current Hash Rate: 13.5 EH/s (from end of year update) 2022 Estimated Hash Rate: 31 EH/s (from investor presentation) 2021 Estimated Power Capacity: 512MW (from investor presentation) 2022 Estimated Power Capacity: 1031MW (from investor presentation) Current BTC Mining rate: 12,528/yr (December rate from end of year update) Power cost: $36/MWh (from Bitdeer investor presentation) BTC price assumed for forward revenue projections: $35,000 2021 Adjusted EBITDA: $203M (from investor presentation) 2022 Adjusted EBITDA: $512M (from investor presentation) Market Cap: $3.5B (as of 1/28) Market Cap/2021E EBITDA: 17.24 Market Cap/2022E EBITDA: 6.83 Bitdeer: Current Hash Rate: 8.6 EH/s (value from investor presentation. Is this average over the year or at end of year?) 2022 Estimated Hash Rate: 20 EH/s (from investor presentation) 2021 Estimated Power capacity: 280MW (from investor presentation) 2022 Estimated Power Capacity: 974MW (from investor presentation) Current BTC Mining rate: ??? Power cost: $39/MWh BTC price assumed for forward revenue projections: ??? 2021 Adjusted EBITDA: $276M (from investor presentation) 2022 Adjusted EBITDA: $337M (from investor presentation) Market Cap: $4.1B (pro-forma @$10 share price) Market Cap/2021E EBITDA: 14.86 Market Cap/2022E EBITDA: 12.17 It looks like Core started with a much slower 1H of 2021 but ramped up dramatically at the end of 2021 and SEEMS to be plausibly on track for their 2022 estimates, which far outstrips Bitdeer’s. Additionally, I have somewhat more confidence in Core’s projections than Bitdeer’s. For one, I don’t know what USD/BTC price Bitdeer used for their forward estimates. Secondly, we know that mining ASICs are extremely hard to come by. Core had a very large ASIC order placed in March of 2021, and supposedly that is being installed now. When did Bitdeer order their ASICs, and what is the status of that order? Overall, I see higher revenue, lower cost, smaller market cap, and less risk with Core. The one benefit I see of BSGA over CORZ is that BSGA still has NAV/redemption protection, for now. But I also think that BSGA is over-valued a bit compared to CORZ, and thus you will not get near-term price improvement even if BTC price goes up 10-20%, whereas you will with CORZ.
It’s not uncommon for SPACs to rise up close to or at $10 right before merger. See XPDI/CORZ for an example. Why? I have no idea, but it’s not surprising. I take any price movements until 1 day after ticker change with a grain of salt.
I'm still 70.92% in cash, but I made some jack on puts and sold my XPDI warrants. So at one point that went up to 78%. I spent the 8% gains immediately, even though it was grim last two weeks. I slowly chiselled in on more PNTMW, SABSW, ROIV and DNA. I am looking at FPAC and DKNG next. If I get some equilibrium and feel more confident I will put some long hold (set and forget) in ORGN. I have massive paper losses.
Take a look at every single de spac in the last few months. Straight tank. Take XPDI for example. Ticker change to CORZ a few days ago and it’s already plummeted to hell
Sold my XPDI/CORZ Feb 10p for $3.20 from $1.55, I'm sure it will go down more from here, but it's diminishing returns and a -30% day is a gift. Rotated into SEAH Feb 7.5p, I suspect once the ticker change occurs, it will drop straight to 6 if not 5..
XPDI redemptions 35%. Pay up! https://www.reddit.com/r/SPACs/comments/s20vse/announcements_x_daily_discussion_for_wednesday/hse6i7j/
It’s a SPAC that is merging today. Used to be XPDI. Proceed with caution
I sold all of my CCAC, IVAN and SEAH puts for 2-3x, XPDI puts are all I have left. I sold 1/3 of them at 3x to cover the cost, i'm lettiing the rest ride hoping for the stock to dump, but so far it's holding steady near nav after the floor dropped, so we'll see how it goes. I actually like the stock, but with so many other spacs getting killed, i bought puts since they were so cheap.
XPDI, because they are merging with Core Scientific and Core Scientific is on track to have over 300,000 crypto mining rigs in their fleet by the end of 2022. With only the 88,000 rigs they had at the end of 2021, they still out mined Marathon Digital Holdings and Riot Blockchain.
Some MM is repeatedly giving me $0.36 fills on $7.5 XPDI Feb puts everytime I put in a limit order and I have never before felt so alive
I’m dumb and maybe I missed it but did anyone post anything about XPDI merge approval? ST saying it went through. Didn’t expect it not too but usually someone makes a comment about it on here.
I use Ortex. Sometimes the number differ. Ortex shows SI of near 2M. If I post that and someone posts another then they get into a crybaby mood. See the comments. Glad you did your own DD. My post was about how other spacs behaved when they had high redemptions. XPDI may have the same high redemptions because of inflation fears and interest hike talk last week. Causing the nav floor to go away before the redemption deadline. I for example redeemed my shares because everything was read and crypto was crashing ✌️
Any last words on XPDI... as it transforms into CORZ?
People redeem more close to the redemption deadline. It doesn’t matter what it was a month or so ago. Right now with the fed and interest rates killing crypto, the price dropped to $9.20. Investors are scared right now. Redemption deadline was jan 14. XPDI was under nav all last week. I redeemed my shares. But more
Definitely do your own DD but a few optionable mergers coming up are XPDI, CCAC, TREB, SEAH, and SBEA. Right now I’m primarily in XPDI and BOXD puts: XPDI’s merger meeting is tomorrow and crypto mining has been getting wrecked (see MARA), while BOXD has a wide pricing discrepancy between commons vs. warrants that makes me think it’ll keep dropping. Have some SEAH 11ps but may sell those off soon (got them around vote date announcement and am up 40+% already). After wrapping those up I’ll turn to the others on the list to see what makes sense.
😅😂 well, I guess we have established that I am officially the only one on the sub who went heavy on crypto SPACS 😂😂 XPDI, CND, BSGA and TUGC… playing them all. Lonely and no interlocutors lol 😝 GLTA!
Relevant tickers for flux in hashrate and or Antminer supply chain are: XPDI, CND, BSGA, and TUGC. Sorry should’ve posted that in the subject line.
>My first attempt at put gang... Going great so far 🥹 I have not been able to pull trigger on a Single put so far. Prices are expensive where prices are cheap the target is not total crap. I was feeling that XPDI would re bound - but not sure how to play it, I was also eyeing DCRN for a bounce that would be nice. But I am so burned both mentally and financially that I cant make sudden moves. Lol.
I'm looking at buying XPDI, but didn't know if I should wait to buy from this article? I know nothing about puts but does this imply they are expecting the price to fall below $7.50? [Link to article](https://www.nasdaq.com/articles/do-options-traders-know-something-about-power-digital-infrastructure-acquisition-xpdi)
I'm genuinely curious, I know nothing about puts but does this article imply that XPDI will fall to $7.50? [Link to article](https://www.nasdaq.com/articles/do-options-traders-know-something-about-power-digital-infrastructure-acquisition-xpdi)
Guys how was $XPDI able to go to $9,32 yesterday? A spac with a nav floor of $10 isn't supposed to go that low? The nav floor hasn't been removed from what I can tell considering there hasn't been a merger vote yet either I believe.
So is XPDI going to avoid the despac dump? Floor should be gone now
>If I had a dollar for every high redemption play… GO HIGH XPDI!
Cipher Mining ended the day at $3.40 If XPDI crashes like that, my puts will make me rich. Die XPDI, DIE!!!!!! If it moons, RIP my puts and congrats to all you warrant and share holders.
If you are at all paying attention, you redeem. If you hold the stock, you can redeem today, buy on the open market to replace your shares, and make a free 5% right off the bat. I can't tell you if XPDI valuation is reasonable or not, but redeeming is 100% the correct action.
what happens to XPDI if redemptions are 90%? a 3.4 Million float - It will rip. Same with SEAH - I guess due to this the 10cs for both arent cheap.
I’m trying to understand this still. XPDI vote is the 19th and floor just fell out today 3 business days before (last day to redeem through fidelity, I know). If the vote is 24th for CFV though, then I would think last redemption day would be the 19th. If you bought tomorrow, would your funds be settled to redeem by then?
I was hoping the XPDI warrants would hold better then the commons for a bit and get a feel where everything was going (generally the case on the “good” SPACS- after merge at least) but both just heading down.
CND may still hold up for a while. XPDI looks bad.
looks like the XPDI floor removal was indeed today. Time to put in a redemption call
Looks like my XPDI puts are gonna print.
This might be right. The cutoff date to redeem on Fidelity looks to be 1/13, so agreed. I was going by this spreadsheet which didn’t have XPDI, but VMAC, which also has the vote on the 19th with floor removal listed as 13th. https://docs.google.com/spreadsheets/u/1/d/1gKVkPc3NFBOw_i5LkMHWBwbsTXBPbo91roSbOiKNDTY/htmlview
XPDI will lose its floor tomorrow from what I gather. Not plan on holding through despac so I suppose I’m selling AH here
Anyone want to take the over/under on 60% redemptions for XPDI?
Having a bunch of XPDI puts close this morning for a 50% gain sounds so much better than saying I made $5 per contract.
thoughts on Feb 10p for $BOXD? also loaded $XPDI puts for Feb death to SPACS!!!!! *except PL*
>I still think CND calls are kinda cheap for January $10 Got some Feb 10 calls for .26 c - think XPDI de SPAC run would do wonders for CND and BSGA.
Why are XPDI puts cheap as compared to TREB, CCAC and IVAN?
I wouldnt mess with XPDI or CND. Warrants are priced really high which means being early and collecting premiums from greedy folks is possible but its a risky play
Imagine if XPDI goes so far down there are mass redemptions, lol. Going from $14ish to under $10.
does anyone know exact amount of XPDI nav? to save me some minutes?:D
Switched from XPDI shares/calls to puts, unfortunately BTC and the market not looking great.
CND vs XPDI ??? If you have to choose one and know they aren't the same but just weighing crypto plays.
So, I am going through the weekend with a huge amount of XPDI, with floor in place at $10. Basically it can lose pennies (most likely outcome tbh) but can also gain significantly especially if BTC has a little rally over the weekend. I feel a lot more comfortable with this than with betting on a crypto rebound through direct BTC exposure.
Highly recommend buying puts before mergers. I’ve made 20-30% gains on puts for ATHN, NGCA, MCMJ, and XPDI in the last few weeks, buying a couple weeks in advance and selling the day of merger or 1-2 days before. There’s little risk as the put often goes up in price even before the merger vote; I could have definitely made more but 30% is great for almost no risk. If you’re following SPACs anyway, this is a great source of side gains.
Wish I bought more HGLN puts... anyone got anymore of these coming up? Bought 1 for XPDI, just think besides low float pump any spac is going to struggle.
This may be a newb question, but I am wondering why XPDI needs to authorize 12 billion (with a B) shares, as though it might be a $120 billion marketcap company. Is this normal behavior for SPACs? o increase the total number of shares of all classes of authorized capital stock from (i) 551,000,000, consisting of (a) 550,000,000 shares of common stock, including (1) 500,000,000 shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), and (2) 50,000,000 shares of Class B common stock, par value $0.0001 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “XPDI common stock”), and (b) 1,000,000 shares of preferred stock, par value $0.0001 per share, to (ii) 12,000,000,000, consisting of (A) 10,000,000,000 shares of common stock, par value $0.0001 per share, and (B) 2,000,000,000 shares of preferred stock, par value $0.0001 per share (Proposal No. 3A); " From https://www.sec.gov/Archives/edgar/data/1839341/000119312521290832/d172159ds4a.htm
...Imagine if XPDI had merged in November when BTC was peaking...
>Thoughts on CND? I wanna park my money somewhere safe with some maybe potential. CND and BSGA's time will come - they may benefit from XPDI de-SPACing and if it goes on a run. I would recommend CND BSGA and ACTD right now - one above 10, one at 10 and 1 at 9.92 ish.
Sold all my XPDI and got 700 😱 🦅 (screaming eagles)
Look at my weekend YOLO post. I think XPDI doubles this month.
I just sold XPDI after holding for almost a year so it will probably go up again now.
>I’ve been mostly cash/pre-DA commons, waiting for a dip. Started buying GENI, DNA, AVPT, SOFI. What else should I pick up? Frankly - XPDI and CND till their floor exists. Specially XPDI just above 10. Arbs are out and if there is a bull run between now and 14th - you can probably do a quick flip on XPDI. Most importantly - if you are able to scalp some gains on XPDI - hold rest through merger with stop loss. If there are any 2 SPACs that can run post merger its XPDI and CND.
$XPDI hardcore calls. About to become the largest publicly traded crypto miner on earth when their merger is finalized on the 19th
Man, I deviated a bit today from having a few bigger positions in commons near NAV and got bit bad on XPDI warrants (sold commons to switch them out near $2.75 but they kept plummeting) but basically got smacked around on everything today badly.
Yeah being in XPDI and CND was brutal when they were dropping hard, but now quite I feel more at peace now that they’re almost at NAV and am watching everything else catch up with the tanking.
Yesterday, my XPDI avg of $10.61 seemed awful. Now it doesn’t seem like the worst idea. Thank you, SPACs, for NAV protection.
With $coin and btc in free fall, XPDI puts are looking like a good bet.
XPDI will fly after converting to CORZ
GGPI and CFVI are solid picks although CFVI just had a decent runup. XPDI didn’t work out for me but CND might be another one. SNII and BRPM are two others that are somewhat above NAV that have high-ish warrants and have moved in the past but I don’t know enough about potential catalysts to gauge their ability to move going forwards. Really slim pickings overall.
I'm out of everything except near NAV plays, and my definition of "near NAV" is within 20% so anything $10 - $12. What are your top picks for near NAV commons that have the ability to move, as opposed to ones that seem to permanently be stuck at NAV. So far my picks are GGPI and CFVI, and sadly that's all I can think of. I thought DCRN would move (nope) and XPDI will lose NAV protection soon.
My new year resolution was not to catch falling knives but bought SE and XPDI today.
Question: If I hold XPDI stock in Fidelity right now do I automatically get the new Core Scientific ticker after merger? Do I have to do anything here?
Wish me luck. Switched out some XPDI commons with warrants. Bounce much quicker then commons and usually bounce up from here a 20-30%. Hope the pattern holds even with merge approaching.
I wasn't tracking BKKT price then but was that because it took off too high causing high IV making the puts a lot more expensive and then it did not drop fast enough before options expired? I'm buying puts on MCMJ, TREB and XPDI but I'm wondering if I should wait a bit until just before merger so that I don't lose a lot of theta decay. Maybe wait until a few days before merger to buy Feb options.
XPDI and CND really going to go under $10?
XPDI does have insider shares unlocking post ticker change, but it is not clear how many as it is not mentioned in the filings. No PIPE though, so that may help PA post merger, but it is a coin toss imo.
I’m playing XPDI, but will take profits at 20% in case it takes off. I’m also buying puts on TREB.
Puts gang, can we discuss upcoming targets? XPDI seems risky with the crypto sentiment still bullish. Any obvious plays coming up?
Lol same sentiment here. I tried to buy the XPDI dip today and got punched in the nuts.. Bitcoin plzzzz!!
I really hope I haven’t held XPDI this long just to sell at a loss by merge time. Never thought I’d say this but go Bitcoin!
I’m new to selling covered calls. I think I made a noob mistake with XPDI by selling CCs instead of my shares when it was $11.50. I closed the options for a tiny profit but selling the shares would’ve been better.
XPDI is at 10.40 right now... 4% risk... it merges on the 17th I believe, but if crypto pops between that time it should see movement... decent risk reward play IMO
Ya, very close for XPDI! I'm not worried about short term action, I'm trying to position myself for the eventual BTC run later this year. I think the Bitmain breakup/shakeout, CCP fallout, geographic repositioning, and reallocation of mining sites are getting settled, not there, but getting there. Also, I think we will see some next gen ASIC reveals, beyond the this generation of Antminers. Was reading about Matrixport yesterday, and have a sense that H2 everything will look pretty good, so I'm trying to load in on solid plays while this is all low.
XPDI is pretty close to merger already. Need BTC to pick up steam over the next 2 weeks to get some momentum into vote I think
Hoping we'll get some run up on the XPDI and sympathy plays closer to merge. BSGAR, CND, others, maybe. Still looking at MARA, but will wait until it tanks more after March 14 earnings. Elsewhere, IONQ just won't provide me that entry point I'm looking for. Bummer. Feels bad man, having flipped those warrants twice was cool, but I wanted to keep it long. Hoping to get into commons at some point. Still haven't acquired the PNTM. Will make some big decisions today and take these lulls to set up more alerts while I'm not too busy and can be judicious. Good luck to everybody. When we have so few online in r/SPACS for about 15-20 days, it tends to be a bottom. Mine was the only car in parking lot yesterday for a while, flashbacks to heavy pandemic days. Stay positive! GLTA!
Didn't you also get a fitbit, only to first set it up to send you stock info? lol. Or was that Citroen? Still, we are all so funny. I had to take an hour this morning to delete, file, or rename like a million screen shots that had accumulated on my desktop of things that were pretty "important" for my trading. Kinda missed the boat on those tips for XPDI, CDXS, and MARA, I'd say, tho. lol. SMH.
With you on XPDI and CND. Will probably bounce with BTC
XPDI was one of my cash parks. Unfortunate that the floor is going away.
Taking XPDI at $10.4 for another swing. Still have the shares I bought last time at $10.4 and sold $12.5 covered calls when it ran to $11.3. I like the r/r here, but merger meeting 1/19, proceed with caution.