Hey, everyone, I'm Jennifer Sanassi, and this is CoinDusk's public keys at the New York Stock Exchange.

This show is all about crypto in the public markets, from IPOs and digital asset treasuries to ETFs and the biggest market moving headlines.

Over the next half hour. We'll break

down what to watch this week, a new crypto division at Franklin Templeton and Invesco,

becoming the investment manager of Super States flagship tokenized short duration U.S.

Treasuries Fund. All right, let's get into it. The story I've been watching this week is

Bitcoin Miners pivoting to AI infrastructure. We recently learned that BitFarms

is targeting zero Bitcoin on its balance sheet as it shifts towards AI-focused data centers. This is a

trend that's been building over the past few years, and it makes sense, at least to me,

miners already control the holy trinity of AI infrastructure, access to power, land, and large-scale compute.

And with global demand for AI data centers at a fever pitch, those assets are becoming more valuable hosting GPUs than mining blocks.

At the same time, mining economics are getting tougher, post-having rewards are down, energy costs are rising, and in many cases miners are operating at a loss of around $19,000 per Bitcoin mine.

So it's no surprise that they're pivoting to one of the hottest and most capital-hungry sectors right now.

So what should we be watching?

First, valuation, there's already a clear divide emerging.

Pure play miners are trading at roughly six times revenue, while those with AI or high-performance computing exposure are closer to 12 times, according to coin shares. That shows just how much the market is rewarding this pivot right now. But to justify those higher multiples, execution is key. Are these companies actually securing deals with hypers? And more importantly,

can they deliver at the scale and speed AI demand requires? Then there's capital. Building

or retrofitting data centers isn't cheap. So how are miners finding the transition and what does

that mean for dilution? Finally, we should be watching margins and stability. AI infrastructure

offers the potential for more predictable long-term cash flow if miners can lock in mildly year contracts that could reshape how the market values these businesses.

All right, let's get to a story that took over my social feeds last week.

Franklin Templeton is making a deeper push into crypto, launching a new division called Franklin Crypto, anchored by its acquisition of 250 digital.

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