This is a baseline operational update post-acquisition; no financial guidance or comparable period data is provided. Monitor future monthly production reports for trends in hashrate, BTC output, and progress toward the sub-$0.02/kWh power cost target. The warrants and preferred stock conversion require stockholder approval — watch for proxy filings.
Price Chart
Executive Summary
Olenox Industries filed an 8-K furnishing its first monthly Bitcoin production update following the May 28, 2026 acquisition of CS Digital Ventures. May production was approximately 18.6 BTC at an average hashrate of 1.30 EH/s (81% utilization), with deliberate summer curtailment expected to reduce near-term output. The filing also recaps the $30M upfront acquisition consideration ($14M Series D Preferred + $16M promissory note) and up to $20M in earnout preferred stock, plus warrants for 1.5M common shares.
Key Facts
- Bitcoin mined in May 2026: approximately 18.6 BTC
- Average operational hashrate: approximately 1.30 EH/s (81% of economic capacity)
- Installed fleet: 9,584 S21-class ASIC miners, ~35 MW capacity (~2.19 EH/s nameplate)
- CS Digital acquisition closed May 28, 2026 for $30M upfront ($14M Series D Preferred + $16M promissory note)
- Earnout: up to $20M additional Series D Preferred on cumulative revenue/EBITDA milestones
- Warrants: 1.5M shares in three tranches at $5, $7, $9 per share (not exercisable without stockholder approval)
- CS Digital contributed 2025 revenue of $20.6M and 2025 EBITDA of $6.2M
- Summer low-power mode expected to reduce hashrate and production temporarily
Financial Impact
No revenue or earnings reported for the combined entity. CS Digital's standalone 2025 revenue was $20.6M and EBITDA $6.2M. Acquisition consideration totals $30M upfront plus up to $20M earnout.
Risk Factors
- Summer curtailment and low-power mode will reduce near-term Bitcoin production
- Warrant overhang (1.5M shares) and potential Series D conversion create future dilution risk
- Integration of CS Digital operations and servicing the $16M promissory note add financial leverage
- Bitcoin price and network difficulty volatility directly impact mining economics
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-063809 |
| Document: ea029307301ex99-1.htm | 0001213900-26-063809 |
| Document: 0001213900-26-063809-index-headers.html | 0001213900-26-063809 |
| Document: 0001213900-26-063809-index.html | 0001213900-26-063809 |
| Document: 0001213900-26-063809.txt | 0001213900-26-063809 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $1.01 | awaiting T+20 | — | $0.7912 (−21.66%) |
Aug 7, 2026 11w ago | 8-K | $3.26 $0.8700 | ▲ +73.31% | ▲ +72.40% | $0.7912 (+75.73%) |
Aug 6, 2026 11w ago | 8-K | $3.20 $0.8550 | ▲ +73.28% | ▲ +72.88% | $0.7912 (+75.28%) |
Jul 29, 2026 12w ago | 8-K | $4.61 $1.48 | ▼ −67.86% | ▼ −72.88% | $0.7912 (−82.82%) |
Jul 10, 2026 15w ago | 8-K | $5.50 $3.20 | ▼ −41.82% | ▼ −44.24% | $0.7912 (−85.61%) |
Jun 22, 2026 18w ago | 8-K | $5.71 $5.31 | ▼ −7.01% | ▼ −6.86% | $0.7912 (−86.14%) |
Jun 10, 2026 19w ago | 8-K | $6.70 $5.76 | ▲ +14.03% | ▲ +15.92% | $0.7912 (+88.19%) |
Jun 2, 2026 21w ago | 8-K | $9.93 $5.15 | ▼ −48.14% | ▼ −46.57% | $0.7912 (−92.03%) |
May 28, 2026 21w ago | 8-K | $4.92 $5.02 | ▲ +2.03% | ▲ +5.18% | $0.7912 (−83.92%) |
Apr 2, 2026 29w ago | 8-K | $7.20 $0.6350 | ▼ −91.18% | ▼ −101.06% | $0.7912 (−89.01%) |
US Market Status
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