A Capital on X
The relative underperformance in $CIFR is pretty remarkable. Down ~23% over three days versus ~5% for $CORZ, $RIOT and $WULF. Obviously the convert and associated hedging have created a significant technical overhang, but with the deal now priced, have to wonder how much of this divergence closes once the flows normalize. $CIFR has a lot of catching up to do….
