The Index
400 dossiers · 1 need attention
A research screener for every company we cover. Search a name or ticker, then sort and triage dossiers by coverage freshness, our conviction and trading relevance.
A American Bitcoincatalyst in 44d | A Trump-branded, Hut-8-controlled bitcoin-accumulation SPV that sells equity to buy BTC and rents its mining from its parent — a ~3x-mNAV levered BTC proxy with no AI optionality, now down ~94% and asking holders for a 1-for-40 reverse split. | — | 8 |
| A leveraged Ethereum proxy that lives and dies on the mNAV premium — and the premium is already gone (trading ~0.75–0.89x NAV), turning the equity-issuance flywheel into a dilution headwind on a $9–10B ETH bet audited by a two-person Nevada CPA shop. | — | 8 | |
| The toll-booth on the financialization of everything — ETFs, private markets, Aladdin, and now tokenized + crypto rails — trading at ~19x forward for low-double-digit organic-fee compounding; the bull case is "BlackRock IS the market," the bear case is that the market has finally noticed and is suing over it. | — | 8 | |
| A payments compounder mid-turn — Cash App user growth is dead but Dorsey's 40%-headcount AI cut converts a flat top line into ~700bps of margin expansion and ~60% adj-EPS growth; the bet is on durable efficiency + on-balance-sheet lending working, against an AML/credit overhang. BULLISH/MEDIUM at ~16x forward. | — | 8 | |
C Canaancatalyst in 44d | A real #3 ASIC maker that just clawed back to gross profit and product parity with Bitmain — but it is a sub-$1 going-concern call masquerading as a turnaround, where serial equity dilution and a hashprice depression decide the outcome long before the A16 does. | — | 8 |
| A Bitmain/Antalpha-controlled reverse-merger shell wearing a Bitcoin-miner costume and now an AI-compute costume — high-cost fleet, ~50% related-party voting control, a NYSE sub-$1 delisting clock, and a balance sheet half-built on Antalpha loans; avoid the equity, watch only as a Bitmain-proxy / forced-restructuring special situation. | — | 0 | |
| A bitcoin miner that has successfully optioned itself into an AI landlord — $11.4B of hyperscaler lease backlog backstopped by Google and Amazon is real, but the equity is priced for flawless execution of a buildout that hasn't started cashing rent, and the whole thesis is a bet on shovels-in-the-ground beating the sector's 25%-delivered track record. | — | 8 | |
| A high-quality, regulation-first stablecoin franchise priced as a fintech but earning like a leveraged bond fund — the entire thesis now hangs on two August 2026 events (the Coinbase renegotiation and the rate path), and at ~$80 the market is paying for a re-rating that requires Circle to win both. | — | 8 | |
| A best-in-class US bitcoin miner that has rebuilt itself into a 0%-convert-funded, share-shrinking BTC-beta vehicle now sprinting late into the AI/HPC pivot — the equity is a leveraged call on bitcoin and on executing a datacenter business that today earns exactly $0. | — | 8 | |
| The regulated front-door to crypto with a real moat and a strengthening regulatory tailwind, wrapped around an earnings stream so volatile it just printed back-to-back GAAP losses — a ~70x-NTM-P/E call on crypto cycle timing dressed up as a fintech compounder; own the franchise, not this price. | — | 8 | |
| A bitcoin miner that became an AI-datacenter landlord — the shareholders who killed CoreWeave's $9B buyout were right, and CoreWeave then handed them a $10.2B / 590 MW lease as consolation. The bet is now binary on one tenant. Bullish on execution, but it is a single-customer levered real-estate play priced like a software compounder (~20x sales) — own the buildings, fear the concentration. | — | 8 | |
| A levered Solana proxy whose only value-creation engine — issuing stock above NAV to buy SOL — has stalled exactly as mNAV collapsed to ~1.0x; below par the flywheel runs in reverse and the $83M Q1 equity wipeout, three material weaknesses, and a SOL-collateralized margin book make this a forced-deleveraging short into the next SOL drawdown. | — | 8 | |
| The best-run business in tokenized credit — a real, ~50%-EBITDA-margin lending-tech engine wearing a crypto multiple — but it is one HELOC product, one founder's super-vote, fresh material weaknesses and a million-record breach away from re-rating the wrong way; great company, priced like a story, own it cheaper. | — | 8 | |
| A melting traditional active-manager (structural fee/flow decay, only WAM resolved) wearing a tokenization halo too small to matter yet — the BENJI option is real but ~0.15% of AUM; you are buying a 4% yield and a turnaround in active fixed income, not a crypto stock. | — | 8 | |
| Two companies stapled together — a volatile crypto merchant bank wrapped around an emerging West-Texas AI-datacenter annuity (CoreWeave, >$1B/yr × 15yr); the stock has decoupled from bitcoin and now trades the Helios optionality, but CoreWeave single-tenant concentration plus a marked-to-market house book make conviction event-dependent, not durable. | — | 8 | |
| A sub-1%-share, structurally subscale crypto exchange whose core trading revenue is already flat — kept alive by recurring related-party rescue financing from its own founders; the ~85% post-IPO drawdown is the market correctly re-rating a $3.3B IPO to a ~$0.5B going concern, and nothing in the numbers says the floor is in. | — | 8 | |
| A 25 EH/s green Bitcoin miner that liquidated its entire treasury to fund a credible-but-unfunded pivot to AI compute — the stock now trades on a CAD $3.5B Gigafactory dream that $23M of cash cannot pay for. | — | 8 | |
| A bitcoin miner that quietly turned into a hyperscaler landlord — ~$16.8B of base AA-/Google-credit lease backlog now dwarfs the BTC story, but the equity still trades and bleeds on bitcoin, and the Trump-adjacent ABTC sub is the governance hair. | — | 8 | |
| A re-rating active manager hiding inside a melting active-mutual-fund book — the QQQ fee-switch and ETF/Asia flywheel are real and underpriced, but the same OppenheimerFunds intangibles it just wrote down $1.8B are the structural rot; quality-of-earnings and the MassMutual overhang cap the multiple. Net BULLISH-but-cheap-for-a-reason: a high-teens total-return name, not a compounder. | — | 8 | |
I | A Bitcoin miner that won the AI-infrastructure lottery — NVIDIA both rents IREN's GPUs and bought its equity at $70, validating the liquid-cooling pivot Culper shorted; the bet is now execution and dilution, not survival. | — | 8 |
| MARA is a $5.7B-cap, 380M-share leveraged Bitcoin beta machine quietly trying to morph into an energy/AI-HPC landlord before its mining margins and its 2027 convert puts catch up with it — the AI pivot (Starwood JV, Exaion, the $1.5B Long Ridge gas plant) is the only thing that could break the "two-thirds-of-net-liability-is-just-a-BTC-ETF-you-pay-fees-on" trap, and it is 100% unproven (zero material AI revenue). At ~9x EV/sales with a -$1.0B Adjusted-EBITDA quarter just printed, you are paying a premium-to-spot-BTC for execution risk; bullish only if you are really just bullish BTC and want operating + dilution leverage on top. | — | ||
| A toll road on global consumption priced like a bond proxy — the moat is intact and value-added services are compounding at 2x the network, but the stock has de-rated to ~24x forward because the market is (rightly) pricing two live structural threats — stablecoin disintermediation and large-issuer network defection (Capital One/Discover) — that bulls keep waving away. WATCHING, lean BULLISH on weakness. | — | 8 | |
| A Bitcoin treasury trading at ~0.33x mNAV with a name-brand promoter — the discount is the thesis and the trap; only a buyback-funded NAV-accretion flywheel or a takeunder closes it, and the Dec-2026 Kraken maturity is the clock. | — | 8 | |
| A debt-free cash machine trading at 7-9x earnings with a 15%-of-float annual buyback — but the buyback is the whole thesis, because branded checkout (the high-margin core) is barely growing, transaction margin dollars are guided flat, the 2027 plan was withdrawn, the CEO was fired, and three securities class actions now allege the prior team hid the checkout slowdown. Deep value if Lores stabilizes checkout; value trap if the take-rate keeps bleeding. NEUTRAL-leaning-bullish on valuation, LOW conviction until checkout inflects. | — | 8 | |
| A bitcoin miner whose P&L now swings on the BTC mark, not operations — repricing itself as a 1.7 GW AI/HPC power landlord on the back of one $311M AMD lease and a Starboard-pushed pivot; the ~$10.6B cap is paying for an optionality that is still 95% promise. | — | 8 | |
| A real, cash-generative super-app now valued like a crypto-beta call option — the bull thesis (tokenization + a 27M-customer flywheel) is genuine, but ~37x forward earnings re-prices violently every time the crypto/options trading cycle exhales, and the prediction-markets engine that drove Q1 growth is one adverse court ruling from being switched off. | — | 8 | |
| A levered, sub-NAV Ethereum proxy run by the best operators in the trade — own the discount-closing buyback, not the "treasury premium" that already died; the bet is ETH plus a 0.83x→1.0x mNAV mean-reversion, fighting a 95% drawdown and a structurally bigger rival. | — | 0 | |
| A profitable, fast-growing digital bank mispriced as a crypto name and now mispriced again by fear — but the entire bull/bear hinges on one binary question the market cannot yet resolve: are the +$2.0B of fair-value loan marks real, or is Muddy Waters right? | — | 8 | |
| A levered, perpetual-dividend-funded bitcoin holding company whose entire accretion engine — issue stock above NAV, buy BTC — has inverted to a ~0.85x discount, so it is now SELLING bitcoin to pay an ~$0.9B/yr preferred coupon; bullish only as a bitcoin call, bearish as a structure, and the discount is the tell. | — | 8 | |
| A coal-plant bitcoin miner that re-priced itself into a $14B "AI landlord" by renting power to a venture-stage neocloud — the equity is a levered call on Fluidstack actually paying, with Google's $3.2B backstop the only thing standing between the multiple and zero. | — | 8 | |
| A negative-book-equity Solana levered fund wearing a consumer-products costume; with the stock at ~0.7x NAV, ~$185M of SOL-repayable convert/credit debt against a ~$165M treasury, and converts struck 4–5x above the share price, the equity is a deep-out-of-the-money call on SOL where bondholders own the first ~52% of the coins — BEARISH on the equity, structurally distinct from "owning SOL." | — | 8 | |
V | A toll-road compounder mispriced as a disruption victim — 60%+ margins and 16% top-line growth are intact while the market discounts a debit antitrust loss and a stablecoin bypass that the numbers (cross-border +17%, $7B stablecoin run-rate is on-network, not against it) do not yet support; structurally BULLISH, but the DOJ debit case and the interchange settlement's final approval are real, dateable downside. | — | 8 |