Our Thesis
The megawatt is the asset. Bitcoin mining is how we get paid to hold it while the market decides what it becomes.
HPC needs firm power, on day one.
Idle power sits where compute can't reach.
Mining activates it ahead of connectivity.
The site converts to HPC, or is sold.
Curation
Most sites don’t qualify.
Power that cannot reach a buyer is cheap for a reason. o2 screens for the sites where that reason is temporary.
01 · Source
o2 finds resource owners whose power has no route to a buyer.
02 · Qualify
Every site clears all four. One miss and o2 walks.
- Firm resource at low marginal cost
- Clear title and a capable operating partner
- Enforceable jurisdiction, repatriable proceeds
- A credible path to connectivity
03 · Structure
o2 takes equity in the site and lends against the fleet. The owner takes participation instead of a power price.
04 · Build
o2 specifies cooling and power distribution at acquisition, so the site converts without a rebuild.
Why it holds
o2 underwrites Bitcoin mining credit in-house. The team that buys the megawatts prices the debt behind the fleet.
Built for institutional capital.
o2 works with a select group of qualified investors. Request access to the full thesis and terms.