Stock Analysis · Bulls vs Bears

Bitzero Holdings AIBZ

🐂 Bulls vs Bears 🐻Report #110 Oct 2026
★ Willem owns this stock · 0.8% of the portfolio
74
high risk
🐂 6vs8 🐻
Bears lead
32%
▲ Chance of the biggest tailwind the forecasts miss
70%
▼ Chance of the biggest headwind the forecasts miss
The verdict

AIBZ is an option on one Norwegian hydro site becoming an AI data centre, carried by a sub-scale Bitcoin miner. The asset is real, but the company is cash-thin, often late and heavily promoted, so the outcome rests almost entirely on whether a creditworthy tenant signs before the next dilutive raise. The evidence today leans toward "real land, unproven company".

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Written by Claude (Anthropic’s AI) from public sources · Willem owns AIBZ · AI can make mistakes — numbers in brackets point to the sources · Not financial advice

🐂 Bull arguments 6

  1. 1Powered land with a working grid connection is the scarce input for AIMedium
  2. 2The OneQode letter, if it closes, is priced like peers' big leasesMedium
  3. 3Very cheap, mostly fixed-price power keeps mining alive while others bleedWeak
  4. 4Finland gives a second, larger legWeak
  5. 5The balance sheet is cleaner after July–August 2026Medium
  6. 6Expectations are already lowWeak

🐻 Bear arguments 8

  1. 1There is no signed tenant, and the would-be tenant is smallHigh
  2. 2The company has a going-concern warning, needs funding and will keep issuing sharesHigh
  3. 3A record of slipping dates and missed forecastsMedium
  4. 4Governance, promotion and accounting qualityMedium
  5. 5The mining business is sub-scale and its economics are worseningMedium
  6. 6Everything depends on one site, one power deal and one poolMedium
  7. 7Nordic policy is turning against power-hungry usesLow
  8. 8Bigger, better-capitalised competitorsMedium

Bull arguments show how well they survive the devil’s advocate (strong / medium / weak); bear arguments show the damage they could do after the counter-argument (high / medium / low).

Bull case — all positive points (most important first)

🐂 Bull #1Powered land with a working grid connection is the scarce input for AI

  • The point: AI tenants pay for energised megawatts, not land. Bitzero owns a hydro site that already draws 40 MW and is building to 110 MW, with Norwegian utility status.
  • Evidence:
    • About 40 MW active, 70 MW more approved, two 60 MVA transformers and the high-voltage cable due in Q4 2026. The prospectus says about 70 MW is expected to energise in Q4 2026 [1,5,11].
    • Peers report unleased energised capacity trading below $3M/MW, against about $27M/MW once leased in Northern Virginia [30].
  • Why it matters: if the 110 MW is energised and leasable, the site's value is set by AI rents, not by Bitcoin.
  • 😈 Devil's advocate: energised power is not a data hall.
    • The tenant-ready date is still at least 12–15 months away, and the build-out cost is undisclosed.
    • The Nordics have a long queue of rival power applications (3.5 GW mature at Statnett) and much bigger, better-funded projects nearby [37,41].
    • Northern Norway is far from Europe's internet hubs, which matters for some AI workloads.
  • Verdict: Medium The asset is real, but its value depends on Bull #2 happening.

🐂 Bull #2The OneQode letter, if it closes, is priced like peers' big leases

  • The point: a 15-year, 110 MW lease worth about $2.6B would turn a $215M company into a landlord with about $151M of yearly site profit.
  • Evidence:
    • Binding letter signed 2026-05-05: $2.6B total revenue excluding escalators and power, 85% illustrative net operating income margin [9].
    • About $1.6M per MW per year (my arithmetic), within the $1.2–2.1M range seen in Core Scientific, Applied Digital, TeraWulf and Cipher deals [32].
    • Clear Street initiated at Buy with an $11 target on 2026-10-05. It gives the lease a 50% probability (about $8 per share) and expects a definitive lease within about three months [26].
  • Why it matters: a credit-backed lease would unlock cheap project finance, as it did for Cipher and IREN at about 6% [30], and re-rate the site.
  • 😈 Devil's advocate:
    • The letter is conditional on due diligence, specifications and credit support, and "no assurance it will be completed on the announced terms or at all" [2].
    • OneQode's balance sheet is tiny compared with the obligation [40].
    • The 2026-09-01 update spoke only of "prospective tenants" [11].
    • Clear Street placed the July financing and earned fees on it [19], so its Buy is conflicted.
  • Verdict: Medium This is the single biggest upside, but it rests on one small counterparty and one conflicted analyst.

🐂 Bull #3Very cheap, mostly fixed-price power keeps mining alive while others bleed

  • The point: about $26/MWh power lets Bitzero mine profitably at the cash level when hashprice is near breakeven for many miners. Hashprice is the revenue earned per unit of computing power per day.
  • Evidence:
    • Jan–Mar 2026 power averaged $26.29/MWh [7].
    • A 10 MW deal at about 2¢/kWh was added in December 2025 [15].
    • Nine-month adjusted EBITDA was $6.6M despite Bitcoin's fall [2].
    • The listed-miner cash cost averaged about $75,500/BTC in Q2 2026 [30].
  • Why it matters: mining cash is the bridge that funds power works without new equity (management's plan [11]).
  • 😈 Devil's advocate:
    • Operating cash flow was −$18.3M over nine months [2], so mining does not currently fund the company.
    • The fixed contracts reach their five-year mark around end-2027 [7].
    • The April 2028 halving cuts block rewards in half [7].
    • Q3 already showed a gross loss once the rented hosted equipment is counted [3].
  • Verdict: Weak to Medium. The power is cheap, but the mining business is too small to carry the plan.

🐂 Bull #4Finland gives a second, larger leg

  • The point: Kokemäki could be a 520 MW AI campus with a 400 kV grid connection, plus a second 60 MW plot.
  • Evidence:
    • Red Engineering's report supports pre-design up to 520 MW.
    • The first plot is zoned industrial for 80 MW.
    • A neighbouring petrochemical site is secured for backup power.
    • Construction in progress was $9.2M at 30 June, mostly Finland [2,11,14].
  • Why it matters: it would give scale beyond one site, which is what hyperscalers want.
  • 😈 Devil's advocate:
    • The power for the larger plots is conditional: the land contracts require 500 MW and 60 MW of power to be confirmed first [1].
    • Finland raised the data-centre electricity tax from 0.05 to 2.24 ¢/kWh on 2026-07-01 [36].
    • The second plot is only a six-month reservation, expiring about late December 2026 [13].
  • Verdict: Weak This is optionality, not an asset yet.

🐂 Bull #5The balance sheet is cleaner after July–August 2026

  • The point: the expensive senior loan is gone and US investors now have access to the shares.
  • Evidence:
    • The JGB loan (interest at the greater of SOFR+11% and 14%) was repaid in full on 2026-08-06 ($22.375M) [7,44].
    • Alyeska, Citadel CEMF and Weiss funds bought the $24.8M placement [5].
    • Liens released and $2M of restricted cash freed [44].
  • Why it matters: it removes a lender who could have seized the site, and makes project finance easier to arrange.
  • 😈 Devil's advocate:
    • Net new cash from the raise was small (about $2M plus the freed cash, my arithmetic).
    • Convertible notes, ratchet warrants and the disputed former-CEO convertible remain [2].
    • The placement buyers are hedge funds that usually hedge or sell, and their shares are now registered for resale [5].
  • Verdict: Medium for survival, Weak for growth.

🐂 Bull #6Expectations are already low

  • The point: at $3.49 (2026-10-09), the stock is below the $4.25 placement price and about 66% below its June high of $10.25 [27].
  • Evidence: Clear Street's own sum of the parts gives mining under $1 per share, and the price sits well under the lease-weighted value [26].
  • Why it matters: a signed lease would come as a surprise rather than a confirmation.
  • 😈 Devil's advocate: low prices in heavily promoted small caps often fall further. Market value (about $215M) is still many times owned-fleet mining profit.
  • Verdict: Weak It helps the payoff shape, not the odds.

Bear case — all negative points (most important first)

🐻 Bear #1There is no signed tenant, and the would-be tenant is small

  • The point: the whole AI story rests on a non-definitive letter with a company whose credit is unknown.
  • Evidence:
    • "A definitive lease agreement has not been executed" (2026-06-15) [10].
    • Negotiations were still ongoing at 2026-09-09 [2].
    • Credit support (form, amount, provider) is yet to be agreed [9].
    • OneQode has about $7–23M of disclosed funding [40].
    • The September update did not name OneQode [11].
  • Why it matters: without a creditworthy lease there is no project finance, and so no build-out without big new equity.
  • 🛡️ Counter-argument: OneQode has an AMD Instinct deployment program [39]. Peers' neocloud leases were made bankable by vendor backstops (AMD for Core Scientific's neocloud, Google for Fluidstack [32]), so a backstop structure exists in the market.
  • Severity: High Nothing public yet shows a backstop provider for this deal.

🐻 Bear #2The company has a going-concern warning, needs funding and will keep issuing shares

  • The point: the company cannot fund a 110 MW AI fit-out, and its share count keeps rising.
  • Evidence:
    • Going-concern material uncertainty. At 30 June: cash $2.9M, working-capital deficit $25.3M, accumulated deficit $121M [2].
    • Shares went from 56.4M to about 62M after 5.83M special warrants converted on 2026-09-15. Another 5.83M warrants at $5.00 come on top [5].
    • $200M shelf in place [4]. Fully diluted count was about 73M as of 2026-09-11 [4].
    • Resale registration covers 11.66M shares and warrant shares [5].
    • The first escrow release of principals' shares is about 2026-11-24 (my calculation from the escrow schedule) [6].
    • Peers report AI retrofit costs of $8–15M per MW [30], implying roughly $0.9–1.6B for 110 MW (my arithmetic). Who pays for the shell versus the tenant fit-out is not disclosed.
  • Why it matters: even a good lease can leave little for today's shareholders if the equity is raised before or at a low price.
  • 🛡️ Counter-argument: management says tenant-specific capex will be financed at project level only after signing, and that no material capital is needed before then [11]. If true, dilution could be limited to the remaining power works.
  • Severity: High Operating cash burn and the shelf make another raise likely regardless.

🐻 Bear #3A record of slipping dates and missed forecasts

  • The point: management's timelines are not reliable.
  • Evidence:
    • 110 MW "by Sep 2026" became tenant-ready Q4 2027–Q1 2028.
    • Transformers slipped three times.
    • Finland and OneQode moved from H1 2027 to Q4 2027–Q1 2028.
    • The 2.8 EH/s claim (January) versus 1.85 EH/s actual.
    • Cash-flow forecast missed by 44% [2,11,15,17].
    • The B300 GPU pilot was never mentioned again [16].
  • Why it matters: AI tenants pick sites that deliver on time. Each slip pushes revenue out while cash burns.
  • 🛡️ Counter-argument: transformer delays are industry-wide, and some slippage is normal for first-time builders. The listing and debt repayment were delivered.
  • Severity: Medium High.

🐻 Bear #4Governance, promotion and accounting quality

  • The point: the signals look like a promotion-driven small cap, not an institutional-grade developer.
  • Evidence:
    • Paid investor-awareness campaigns: Think Ink $246.5k (June) plus $286k (October 2026), and i2i, Plutus, Native Ads and Adelaide. Marketing spend was up 133% to $1.4M over nine months [1,13,22].
    • Share-based pay was $20.0M in nine months, with management at $7.3M in stock versus $0.34M in cash [2].
    • FY25 and Q3 FY26 statements were refiled after a review by the BC Securities Commission (BCSC), which reclassified $7.7M of warrant liabilities [21].
    • Officers used the RTO alternative certificate, so there is no certification of internal controls [2].
    • The 40-F cover page gave the wrong jurisdiction (corrected 2026-08-25) [42].
    • Litigation: the former-CEO oppression and defamation suit in Quebec, a $1.26M North Dakota claim, and a June 2026 BC claim over an option [1,2,43].
    • The CEO is also Chair.
  • Why it matters: serious tenants and lenders run due diligence on the counterparty too. Weak governance raises the cost of capital and the risk of shareholder-unfriendly deals.
  • 🛡️ Counter-argument: the restatement was a classification issue with no change to profit or loss or equity. Two independent directors were added in June. Uplisting to Nasdaq brings stricter oversight.
  • Severity: Medium High.

🐻 Bear #5The mining business is sub-scale and its economics are worsening

  • The point: mining is too small to matter and faces a 2028 halving.
  • Evidence:
    • Revenue per BTC fell from about $93,200 to about $80,500 (nine months year on year).
    • Q3 gross loss of $1.8M, driven by rented hosted equipment.
    • Operating loss before other items of $11.4M over nine months [2,3].
    • Hashprice was about $39–41/PH/day in September 2026, near breakeven for many miners [31].
    • Next halving is about April 2028 [7].
  • Why it matters: the "self-funding" bridge is weak, so funding pressure lands on equity.
  • 🛡️ Counter-argument: Bitcoin recovered to about $86k by 2026-09-21 from $58k at end-Q2 [31], and Bitzero's power cost is near the bottom of the industry.
  • Severity: Medium

🐻 Bear #6Everything depends on one site, one power deal and one pool

  • The point: concentration risk is extreme.
  • Evidence:
    • All revenue comes from Namsskogan. The company itself names "concentration of operations at a single facility in Norway's NO4 region" and reliance on Luxor [8].
    • Fixed power prices run five years from 2023-01-01, so roll-off is about end-2027 [7]. The post-expiry price is not disclosed.
  • Why it matters: a grid outage, a price reset or a local political change hits 100% of the business.
  • 🛡️ Counter-argument: NO4 (northern Norway) has historically had the cheapest prices in Norway, and utility status gives some control over grid costs [1].
  • Severity: Medium

🐻 Bear #7Nordic policy is turning against power-hungry uses

  • The point: Norway wants to ban new crypto-mining data centres, and Finland removed its data-centre tax break.
  • Evidence:
    • Stortinget (the Norwegian parliament) asked on 2026-03-12 for a ban on new crypto data centres to be prepared. The government is working on a temporary planning provision, but no draft or date was found [33,34,35].
    • Since 2025, data centres must register and declare their crypto share [33].
    • Finland: tax rose from 0.05 to 2.24 ¢/kWh on 2026-07-01, with a limited relief scheme pending [36].
  • Why it matters: any expansion of mining on the new 70 MW is exposed. Finland's costs rise by about €14M a year at 80 MW before relief (my arithmetic).
  • 🛡️ Counter-argument: Norway explicitly distinguishes AI data centres from crypto [33]. The 70 MW is meant for AI, and existing mining was reported to be unaffected [35].
  • Severity: Low Medium. It pushes the company toward AI, which it wants anyway.

🐻 Bear #8Bigger, better-capitalised competitors

  • The point: Bitzero competes for tenants against peers with about 5.7 GW contracted and credit-backed leases, and against new Nordic AI campuses.
  • Evidence:
    • Listed miners hold about 5.7 GW of AI leases, of which about 0.9 GW is live [32].
    • Stargate Norway (Narvik): Nscale/Aker, 230 MW. A Microsoft lease is reported from a single source [41].
    • Statnett data-centre connection reservations total about 3.5 GW [37,38].
  • Why it matters: large tenants prefer large, proven landlords. Bitzero's 110 MW is small and its partner is a neocloud, not a hyperscaler.
  • 🛡️ Counter-argument: demand still exceeds energised supply. Neoclouds need 50–150 MW blocks, which is exactly Bitzero's size.
  • Severity: Medium

Tailwinds NOT in the forecasts

There is only one analyst (Clear Street), and its estimates contain no AI/HPC revenue [26]. Management gives no guidance.

  • Definitive OneQode lease with a credible backstop — 32% chance within 36 months · Impact if it happens: High

    • What it is: a signed 15-year lease for 110 MW, guaranteed by a creditworthy party such as AMD or another large partner.
    • Why it's not priced in: the stock trades below the level that Clear Street's 50%-weighted lease value would imply, and consensus has no AI revenue.
    • What would trigger it / the sign to watch: an 8-K-style material-change report naming the guarantor, followed by a project-finance term sheet.
    • Why this probability:
      • A letter exists and pricing is at market, but the tenant is tiny.
      • Five months have passed with no definitive deal, and the company stopped naming OneQode in September.
      • So the odds are below Clear Street's 50%, and lower still once the backstop condition is included.

  • A different tenant for Norway or a first Finland lease — 18% chance within 36 months · Impact if it happens: High

    • What it is: a lease with a hyperscaler or larger neocloud, via CBRE or Hydra Host.
    • Why it's not priced in: no other named prospects exist.
    • What would trigger it / the sign to watch: "lease discussions across our portfolio" [11] turning into a named letter; Finnish land purchase completing.
    • Why this probability: Nordic demand is real, but rival campuses are much bigger and Bitzero's delivery record is weak.

  • Sale of the company or a site to a larger developer — 13% chance within 36 months · Impact if it happens: Medium-High

    • What it is: a buyer such as a Nordic AI developer or a peer miner pays for energised megawatts.
    • Why it's not priced in: nobody models M&A for a promoted micro-cap.
    • What would trigger it / the sign to watch: a strategic review announcement, or a joint venture on the site.
    • Why this probability: energised Nordic power has strategic value, but governance and litigation make the company hard to buy.

Headwinds NOT in the forecasts

  • A large equity raise below today's price before a lease — 70% chance within 36 months · Impact if it happens: High

    • What it is: using the $200M shelf, for example through an at-the-market program (ATM: selling new shares gradually into the market) or a discounted deal.
    • Why it's not priced in: management says no material capital is needed before a lease [11].
    • What would trigger it / the sign to watch: an ATM prospectus supplement, or year-end cash below about $5M in the FY26 results (due about Dec 2026 or Jan 2027).
    • Why this probability:
      • Operating cash burn was −$18.3M over nine months, with Q4 power works still to pay.
      • The company already filed a shelf.
      • It keeps paying for investor-awareness campaigns.

  • The OneQode letter lapses or is replaced by a weaker deal — 45% chance within 36 months · Impact if it happens: High

    • What it is: credit support cannot be agreed, and the letter ends or is cut to a smaller size.
    • Why it's not priced in: the company says the letter "remains in effect" [2], and the analyst model assumes 50% success.
    • What would trigger it / the sign to watch: silence past Clear Street's three-month window (about early January 2027), or a "re-scoped" announcement.
    • Why this probability: the counterparty is small and the deal is long and large. That outcome is about as likely as the full lease, with smaller deals in between.

  • Power-cost reset at the end-2027 contract roll-off — 55% chance of a material cost rise · Impact if it happens: Medium

    • What it is: the fixed-price agreements reach their five-year mark and are repriced nearer market.
    • Why it's not priced in: the expiry and the post-expiry terms are not disclosed.
    • What would trigger it / the sign to watch: power-contract disclosures in the FY26 annual filing.
    • Why this probability: today's $26/MWh is far below the year-earlier $51.5/MWh, so some normalisation is more likely than not.

  • Norway's crypto ban or a mixed-use rule hits the expansion — 25% chance within 36 months · Impact if it happens: Medium

    • What it is: a planning provision blocks new crypto load and treats mixed sites strictly.
    • Why it's not priced in: there is no draft text.
    • What would trigger it / the sign to watch: a government consultation on regjeringen.no.
    • Why this probability: the political intent is clear, but AI is carved out and existing sites are reportedly unaffected.

Investment Risk Score: 74/100

Risk area Weight Score (0–100) Why
Business & competition 25% 75 A sub-scale miner (0.2% of network) with zero AI revenue, competing against peers with 5.7 GW contracted and big Nordic campuses.
Financial health & dilution 20% 80 Going-concern warning, $25M working-capital deficit at June 30, $200M shelf, 11.7M resale shares, warrants and convertibles, and multi-hundred-million fit-out needs.
Execution (delivering the plan) 20% 78 Nearly every date has slipped, forecasts were missed by 44%, a first-time builder, and a GPU pilot that disappeared from filings.
Dependency & concentration 15% 85 One revenue site, one would-be tenant with thin credit, one mining pool, a power contract rolling off about end-2027, and a founder-CEO who is also Chair.
Regulation, policy & geopolitics 10% 55 Norway's planned crypto ban and Finland's tax rise; AI is carved out, but the rules are undrafted.
Sentiment & expectations 10% 55 The stock is already about −66% from its high and below the placement price, but heavy paid promotion and a conflicted single Buy keep the hype element alive.

Overall = 74/100 (high).

  • Weighted: 18.75 + 16.0 + 15.6 + 12.75 + 5.5 + 5.5 = 74.1.
  • The score is driven by financing and concentration: one site, one unsigned tenant, and a going-concern balance sheet.
  • It sits just below "very high" only because the site and power are real and the senior lender has been repaid. First deep dive, so there is no change to report.

Conclusion

  • What kind of company this is: a promoted micro-cap that owns a genuinely useful hydro site in northern Norway. Owning it is a bet that a small management team can sign a creditworthy AI tenant and finance a build-out before cash runs out or dilution eats the upside. The mining business is a small bridge, not the thesis.
  • The 2–3 things that will decide the outcome:
    1. Whether OneQode (or anyone) signs a definitive, credit-backed lease.
    2. How the build-out is financed: project debt versus new shares, and at what price.
    3. Whether the 110 MW energises on time in Q4 2026 and the site is ready for service by Q4 2027–Q1 2028.
  • Signposts:
    • Confirm bull:
      • A definitive lease naming a guarantor.
      • A project-finance facility announced without a big equity raise.
      • 110 MW energised by Q1 2027.
      • Finland land purchase plus a named tenant.
    • Break bull:
      • An ATM or discounted raise before a lease.
      • Silence on OneQode past about January 2027.
      • More slips in transformer or power readiness.
      • FY26 annual accounts with another going-concern note and cash below about $5M.
  • Balanced verdict:
    • The strongest bull case: AI tenants pay about $1.5M per MW per year for energised megawatts. Bitzero has about 110 MW of hydro-backed power coming online and a letter priced at market. The stock trades near the value of a modest miner, so one signed lease could multiply the equity.
    • The strongest bear case: the letter is with a company that has raised perhaps $7–23M. The company itself has a going-concern warning, a habit of moving deadlines, heavy stock pay and paid promotion, and a fresh shelf. Even if the land is valuable, today's shareholders may not capture it.
    • Interpretation: the evidence today leans bearish on the company and neutral-to-positive on the site. The thing to watch is the identity of whoever guarantees the lease.

Open questions & data gaps

  • OneQode's credit support and finances: not found. This is the most important gap; it decides Bear #1.
  • Build-out cost and who pays for what (powered shell versus tenant fit-out): not disclosed. It decides the dilution risk.
  • Power contract expiry date and post-expiry price: only "five years from 2023-01-01" was found [7].
  • Fleet efficiency (J/TH), and why hashrate claims differ (0.42, 1.82, 2.8 and 1.85 EH/s across documents) [1,2,8,17]: not resolved.
  • Kevin O'Leary's stake: not disclosed in any filing.
  • Insider trading: there are no Form 4s, and Canadian insider filings (SEDI) were not accessible. Holdings of Phoenix World Electronics (13.9% as-converted at the RTO) and Triforce (8.8%) today: not found. The identity of Phoenix's owner: not found.
  • FY25 operating cash flow: the AIF says +$5.5M and the prospectus says −$20.8M [1,4]. Not reconciled.
  • The B300 GPU pilot: status not found.
  • No earnings calls exist, so there are no Q&A quotes. Management statements come from press releases only.
  • Norway's crypto ban: no draft text was found.
  • Market data: the latest verified Bitcoin and hashprice data is from 2026-09-21. The October 2026 figures were not verified.
Sources
  1. Annual Information Form FY ended 2025-09-30 (40-F Ex 99.80) — Bitzero / SEC EDGAR — 2026-02-02 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-80.htm
  2. Amended & Restated MD&A, three and nine months ended 2026-06-30 (6-K Ex 99.2) — Bitzero / SEC EDGAR — 2026-09-09 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001741/g085940_ex99-2.htm
  3. Amended & Restated interim financial statements, 2026-06-30 (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-09-09 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001741/g085940_ex99-1.htm
  4. Final short form base shelf prospectus / Form F-10 (US$200M) — Bitzero / SEC EDGAR — 2026-09-11/14 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001757/g085932_f-10.htm
  5. Prospectus supplement (resale; selling shareholders, capitalization) — Bitzero / SEC EDGAR — 2026-09-11/14 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001761/g085947.htm
  6. Filing (Listing) Statement, RTO with WBM Capital (40-F Ex 99.44) — Bitzero / SEC EDGAR — 2025-11-19 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-44.htm
  7. MD&A three and six months ended 2026-03-31 (Ex 99.100) — Bitzero / SEC EDGAR — 2026-05-27 — https://www.sec.gov/Archives/edgar/data/0002100457/000175392626000977/g085756_ex99-100.htm
  8. Revised MD&A FY ended 2025-09-30 (6-K Ex 99.6) — Bitzero / SEC EDGAR — 2026-09-09 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001741/g085940_ex99-6.htm
  9. Bitzero and OneQode Sign Binding Letter for 110MW, 15-Year Lease (40-F Ex 99.96) — Bitzero / SEC EDGAR — 2026-05-05 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-96.htm
  10. Bitzero Marks First Week of Trading on Nasdaq (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-06-15 — https://www.sec.gov/Archives/edgar/data/2100457/000106299326003209/exhibit99-1.htm
  11. Bitzero Provides Corporate Update on Balance Sheet, Site Readiness and Leasing Progress (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-09-01 — https://www.sec.gov/Archives/edgar/data/2100457/000106299326004758/exhibit99-1.htm
  12. Bitzero Holdings Inc. Receives Approval to List on Nasdaq — Bitzero / Newsfile — 2026-06-04 — https://www.newsfilecorp.com/release/300270/
  13. Bitzero Expands Nordic Development Portfolio with Land Reservation for New Finland Site (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-06-23 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001131/g085794_ex99-1.htm
  14. Engineering Update at Finland and Norway Sites (40-F Ex 99.95) — Bitzero / SEC EDGAR — 2026-04-24 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-95.htm
  15. Bitzero Accelerates 70MW Power Expansion Plans / Newly Secured 10MW PPA (40-F Ex 99.70–99.71) — Bitzero / SEC EDGAR — 2025-12-09 and 2025-12-12 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-70.htm
  16. Bitzero Acquires NVIDIA Blackwell B300 GPU Servers (40-F Ex 99.74) — Bitzero / SEC EDGAR — 2026-01-19 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-74.htm
  17. Bitzero Shares Operational Update (40-F Ex 99.75) — Bitzero / SEC EDGAR — 2026-01-27 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-75.htm
  18. Bitzero Partners with CBRE & Hydra Host (40-F Ex 99.73) — Bitzero / SEC EDGAR — 2026-01-13 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-73.htm
  19. Bitzero Announces Closing of US$25 Million Private Placement (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-07-30 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001272/g085823_ex99-1.htm
  20. Bitzero Announces Notice of Intention to Prepay Loan (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-07-31 — https://www.sec.gov/Archives/edgar/data/2100457/000106299326003940/exhibit99-1.htm
  21. Bitzero Announces Refiling of Annual and Interim Financial Statements and MD&A (6-K Ex 99.9) — Bitzero / SEC EDGAR — 2026-09-09 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001741/g085940_ex99-9.htm
  22. Bitzero Engages and Renews Investor Relations Providers (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-10-02 — https://www.sec.gov/Archives/edgar/data/2100457/000106299326005172/exhibit99-1.htm
  23. Bitzero Deepens Technical & Supply Chain Capabilities Through Collaboration with Vertiv (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-08-04 — https://www.sec.gov/Archives/edgar/data/2100457/000106299326003989/exhibit99-1.htm
  24. Schedule 13G, Mohammed Bakhashwain — SEC EDGAR — 2026-07-14 — https://www.sec.gov/Archives/edgar/data/2100457/000214125526000001/primary_doc.xml
  25. Bitzero Breaks Ground on Phase I at Finland Site (O'Leary quote) (40-F Ex 99.69) — Bitzero / SEC EDGAR — 2025-12-02 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-69.htm
  26. Clear Street initiates Bitzero stock with buy rating on power assets — Investing.com (summary of paywalled report; AI-assisted article) — 2026-10-05 — https://www.investing.com/news/analyst-ratings/clear-street-initiates-bitzero-stock-with-buy-rating-on-power-assets-93CH-4931687
  27. AIBZ stock overview (close $3.49 on 2026-10-09; 52-week range $1.94–10.25) — StockTitan — 2026-10-09 — https://www.stocktitan.net/overview/AIBZ/
  28. Kevin O'Leary-backed Bitzero secures $25 million in funding — The Block — 2025-07-24 — https://www.theblock.co/post/364077/kevin-oleary-backed-bitzero-secures-25-million-funding
  29. Kevin O'Leary bets on Bitzero to capitalize on AI energy needs — Crypto Briefing — 2026-06-27 — https://cryptobriefing.com/oleary-bitzero-ai-energy-infrastructure/
  30. Bitcoin Mining Report Q2 2026 — CoinShares — 2026-08 — https://coinshares.com/corp/insights/research-data/bitcoin-mining-report-q2-2026/
  31. Hashrate Index Roundup — Hashrate Index — 2026-09-21 — https://hashrateindex.com/blog/hashrate-index-roundup-september-21-2026/
  32. Bitcoin Miners Didn't Bring AI Compute, They Brought Grid-Connected Megawatts — Supercomputing News — 2026-08-21 — https://www.supercomputing.news/ai/bitcoin-miners-didnt-bring-ai-compute-they-brought-grid-connected-megawatts
  33. Innst. 140 S (2025–2026), committee report on data centres and crypto mining — Stortinget — 2026 — https://www.stortinget.no/globalassets/pdf/innstillinger/stortinget/2025-2026/inns-202526-140s.pdf
  34. New resolutions on data centres from the Norwegian Parliament — Schjødt — 2026-03-16 — https://schjodt.com/news/new-resolutions-on-data-centres-from-the-norwegian-parliament
  35. Norway plans law to close the door on cryptomining data centers — DatacenterDynamics — 2025 — https://datacenterdynamics.com/en/news/norway-plans-law-to-close-the-door-on-cryptomining-data-centers
  36. Government safeguards Finland's competitiveness in attracting data centre investments — Finnish Government (search summary only; page blocked) — 2025-12 — https://valtioneuvosto.fi/en/-/government-safeguards-finland-s-competitiveness-in-attracting-data-centre-investments
  37. Half-year report 2026 Statnett SF — Statnett — 2026-08-27 — https://www.statnett.no/en/about-statnett/news-and-press-releases/news-archive-2026/half-year-report-2026-statnett-sf---increasing-the-pace-of-grid-development/
  38. Nordic data centres to support power demand growth — Argus Media (summary only) — 2026 — https://www.argusmedia.com/news-and-insights/latest-market-news/2806298-nordic-data-centres-to-support-power-demand-growth
  39. OneQode to deploy AMD Instinct GPUs and plans for AMD Helios rack-scale solution — Verdict / Thailand Business News (company release) — 2026-05-27 — https://www.verdict.co.uk/oneqode-amd-ai-infrastructure/
  40. OneQode company profiles (funding) — VCBacked and CB Insights (aggregators; UNCONFIRMED) — accessed 2026-10-10 — https://www.vcbacked.co/company/oneqode ; https://www.cbinsights.com/company/oneqode/financials
  41. Microsoft Secures Former OpenAI Stargate Site in Norway — The Energy Mag (single source) — 2026 — https://www.theenergymag.com/news/market-news/microsoft-secures-former-open-ai-stargate-site-in-norway-for-ai-infrastructure
  42. 6-K correction to jurisdiction of incorporation — Bitzero / SEC EDGAR — 2026-08-25 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001624/
  43. Jay Hess claim against Bitzero, BC Supreme Court — Stockwatch (paywalled; sample only) — 2026-06-11 — https://www.stockwatch.com/News/Item/Z-C!AIBZ-3831642/C/AIBZ
  44. Material change report: JGB loan repaid in full (6-K Ex 99.1) — Bitzero / SEC EDGAR — 2026-08-31 — https://www.sec.gov/Archives/edgar/data/2100457/000175392626001670/
Disclaimer. AI-generated research and podcast (Claude by Anthropic, voices by Google Gemini) for educational purposes — not financial advice and not a recommendation to buy or sell. Willem (MR.INVEST) owns this stock. Check the company’s own filings before making any decision.
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