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Bitcoin Miners Are Quietly Becoming Landlords
PLUS: The Clarity Act Runs Out of Clock
Welcome back to The Warmup.
Happy weekend, everyone! Listening to this jam on the way to the beach.
Here’s what we’re watching:
Market Snapshot
Bitcoin Miners Are Quietly Becoming Landlords
BTC Breakout Watch
The Clarity Act Runs Out of Clock
Market: Risk appetite is improving, with crypto and equities pushing higher while gold leads the move and both the dollar and VIX trend lower.
Bitcoin Miners Are Quietly Becoming Landlords
What’s going on:
MARA and CleanSpark both reported Thursday, and both got hit. MARA's revenue fell 27% to $174.9M with a $611.3M net loss.
CleanSpark dropped 30.5% to $138M and lost $239.8M. Neither one slowed down spending on AI data centers.
MARA is pushing toward a 4.8 GW power portfolio.
CleanSpark controls over 1.8 GW and just signed a 20-year, $6.6B lease with an investment-grade tenant.
TeraWulf's HPC business is now 71% of revenue against a $27B contracted book.
What it means:
Mining economics broke, so the industry stopped selling hashrate and started selling power.
The real asset was never the ASICs. It was grid-connected land, and AI wants it more than bitcoin does.
The risk is obvious once you look: 20-year leases funded with debt, against treasuries that just took a fair-value beating.
MARA's bitcoin stack shrank 29% this quarter.
You're not buying miners anymore. You're buying data center REITs with a bitcoin call option stapled on.
ETH Resistance Rejection Play
What’s going on:
ETH is trading around $1,912 after bouncing from support. The idea is a push into resistance, then a rejection lower.
Key levels we’re watching:
Support: $1,850–$1,875
Resistance: $1,965–$1,980
Rejection target: ~$1,900
Invalidation: Break above $1,980–$2,000
Directional Bias: Cautiously bearish
ETH looks like it could run into supply first before rolling over.
What we’re waiting for:
A move into the $1,965–$1,980 zone
Rejection confirmation
A short opportunity back toward $1,900
This is a wait-for-confirmation setup, not an instant short.
The Clarity Act Runs Out of Clock
What’s going on:
The Senate leaves for a month-long recess today, and the Clarity Act still hasn't gotten a procedural vote.
Majority Leader John Thune never filed cloture, the step that has to happen before the bill can move at all.
Democrats are stuck on three things: ethics language around Trump's crypto holdings, illicit finance carve-outs, and how to fold in the Senate Agriculture text.
TD Cowen puts the Senate roughly 10 votes short of the 60 it needs. Elizabeth Warren has promised to object to any attempt to speed things up.
What it means:
Crypto's first comprehensive federal framework just lost its summer.
The optimistic read, and it's the one Senate staff are giving, is September.
The realistic read is that November elections eat the calendar and this slides into 2027. Nothing breaks today.
But every month without rules is another month institutions build on assumptions instead of law.
 | HYPE: |
 | SOL: |
 | XRP: |
Should retail investors get access to private robotics before these companies IPO? |
Two things happened this week that look unrelated and aren't. Bitcoin miners posted their worst quarters in years and kept building data centers anyway. The Senate went home for a month without passing the bill that would finally define what any of this is.
The industry keeps outrunning the category it was filed under. Miners are power companies. Stablecoin issuers are money market funds. Tokenized Treasuries tripled to $7.4 billion while native DeFi shrank 15%. The serious capital stopped caring whether it was crypto a while ago.
That's less comforting than it sounds. Being repriced as infrastructure means being valued like infrastructure: on contracts, cost of capital and cash flow instead of narrative. Harder game, worse multiples, better competition. But it's a real one, and cycles that end with the industry owning power plants and Treasury collateral tend to age better than the ones that end with jpegs.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.