BLN is up 60% over the past year but down slightly YTD. In 2024, it shows all its sales within Canada, which should limit any tariff impact, though it could see rising costs in general like everyone else. It has $64M cash. Sales have grown nicely, though it remains unprofitable. Its first profit is expected next year. Cash flow has been quite low and/or negative in most years. It trades at about 4X sales. Insiders own 6% directly and 26% indirectly. The CEO has successfully built and sold previous companies, and we would consider him very solid. We find it as a buyable small cap with a good outlook but also with associated small cap typical risks.
WULF is now $1.1B market cap, down 49% this year and up 24% over 52 weeks. It is an 'environmentally-friendly' bitcoin miner. It has lost money since 2018, and cash flow is typically negative, or minimal, on an annual basis. Debt is quite high. Insiders own 15%. We would consider it extremely risky and not particularly interesting. WULF would not have any significant tariff exposure.