Amanda Fabiano, former Head of Mining at Galaxy and now with Nakamoto, joins us to talk about the shift from Bitcoin mining to building diversified Bitcoin operating businesses. Why the "HODL-only" strategy is evolving for Nasdaq-listed companies, the importance of recurring revenue, and how NAKA is positioning itself as a leader in the next phase of the Bitcoin financial infrastructure.

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Notes:

• Strategy focused on recurring revenue models.

• Transition from mining to operating businesses.

• Shift toward diversified crypto business models.

• Market adjustment for Bitcoin specific firms.

Timestamps:

00:00 Start

05:26 Amanda joins NAKA

07:18 BTC Inc brands

12:06 Valuing companies

16:45 Kindly MD deal

20:18 Next steps & business lines

21:53 Raising debt

28:49 Senior debt obligation

32:54 Preferred equity

34:17 Dividends?

34:58 David Bailey on both sides of the books

40:31 Using proceeds to buy BTC not debt

44:21 NASDAQ delisting notice

49:34 Wrap up

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CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

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