Bitcoin Madenciliği (Copy)

ORAX presents as a focused, founder-driven mining platform with tangible infrastructure and clear scaling potential, but with typical early-stage characteristics: high key-person dependence, single-site concentration and full exposure to Bitcoin’s long-term price and difficulty trajectory. The financial track record under the current model is very short (three months), and results are inherently sensitive to BTC price, difficulty and uptime; the reported figures are an initial proof of concept for the 2 MW setup and the mine-and-hold approach rather than a representative sample across the Bitcoin cycle.

Under the 9-month, 23.1% p.a. structure, management expects the expanded capacity to repay approximately 50–55% of the total repayment obligation (principal plus accrued interest) from operating profit generated over the period, while keeping mine-and-hold as the core treasury framework. For the remaining balance at maturity, ORAX considers two practical paths:

• Asset sale. If required, the company can sell a portion of the newly acquired ASIC fleet. S21-class hardware is globally traded and remains liquid in secondary markets, particularly when already installed and operational; the expected resale value is intended to cover the residual repayment amount without relying on future BTC price appreciation.
• Bank refinancing. ORAX can refinance the short-term loan through a conventional bank facility once the expansion is executed and the asset base is fully reflected on the balance sheet, with collateral coverage (fixed assets versus new borrowing) expected to exceed 250%, supporting a materially lower-cost facility.

ORAX’s available financial data cover the first three months of commercial operations at its Paraguayan site. Over this period the company demonstrated strong gross and operating margins on a small but growing revenue base, confirming the economic viability of the 2 MW configuration under the current power tariff and network conditions. All figures are in EUR, converted from USD at an illustrative rate of 1 USD = 0.86 EUR.

Key financial indicators, EUR ’000 (rounded)

Revenue recognition follows the mine-and-hold approach: monthly revenue is the end-of-month BTC price multiplied by the BTC mined in that month, without requiring actual BTC sales — a mark-to-market representation of economic value created rather than realised cash income.

In September 2025 ORAX generated around EUR 51k of revenue with a gross margin of 75% and a net margin of about 63%, reflecting a small but efficient operation with a lean cost base. In October revenue almost tripled to about EUR 145k, driven by higher BTC production and pricing, with margins of roughly 71% and 62% — the cost structure scaled with output and additional revenue largely fell through to operating profit. In November revenue moderated to approximately EUR 118k, broadly reflecting BTC price movements and normal month-to-month volatility; gross margin eased to around 65% and net margin to roughly 52%.

The first three months show a profitable early-stage profile with very high percentage margins, consistent with a low direct power cost and a compact organisational structure. Margins fluctuate with BTC price and network conditions, but the spread between the all-in cost of production and the mark-to-market value of mined BTC is substantial: internal calculations for September–November indicate an all-in production cost (power + services + overhead) of roughly EUR 36–37k per BTC, against an average realised value of around EUR 88k per BTC equivalent — an economic margin on the order of 58%.

Operating expenses are modest in absolute terms and low relative to revenue, reflecting a lean in-house team and outsourcing of non-core functions. This supports strong operating leverage: as capacity and BTC production increase, ORAX expects a significant portion of additional revenue to translate into incremental operating profit, provided power tariffs and network conditions remain broadly in line with current assumptions.

ORAX is in the early phase of scaling its Paraguayan platform. The site operates at approximately 2 MW of active load, while the electrical and physical infrastructure has been designed to support a gradual ramp-up to around 8 MW, with technical potential to reach 8–10 MW under the existing power framework. The development path is straightforward: first fully utilise the existing site up to its 8 MW design capacity, then, where feasible, explore further expansion of the available electrical capacity on similar economic terms. Growth means the progressive “filling” of the current location with additional ASIC hardware, not geographic diversification or a shift into client hosting.

Strategically, ORAX follows a consistent sequence: mine BTC, hold it on the balance sheet, use part of it as collateral for loans to cover operating expenditure, and build capacity ahead of the expected 2028 halving. Management’s planning assumes that by the time of, and especially after, the 2028 halving, the Bitcoin price will reach at least USD 125,000 per BTC. The objective is to enter that period with a fully built-out 8 MW site, a modern ASIC fleet and a substantial BTC reserve accumulated at a structurally low unit cost; once the targeted price levels are reached, ORAX expects to sell only the BTC needed to repay outstanding loans and interest, retaining the remaining coins and the physical infrastructure as long-term assets.

Debt financing — particularly BTC-backed lending — is viewed as the primary growth channel because it lets ORAX keep all of the mining margin and upside. Hosting large external clients is a secondary, optional lever, activated only if the platform cannot be filled with the company’s own equipment by a defined internal deadline.

Once the site reaches 8 MW of active load, management expects the operation to stabilise at roughly 6.06 BTC per month under current network conditions. The base planning case uses a reference BTC price of USD 90,000 (≈EUR 77,400) for internal mark-to-market of monthly production and structures operating financing around that level.

In practical terms, each month at 8 MW ORAX mines about 6.06 BTC, recognises a production value of about USD 545.7k / EUR 469.3k at USD 90k per BTC, and requires approximately USD 222.7k / EUR 191.6k of cash for direct production and operating costs, funded via a BTC-collateralised loan in USDT. Consistent with mine-and-hold, the company does not intend to liquidate the BTC balance to realise this surplus: it expects to sell only as many coins as needed to repay all loans and interest once the targeted price level (≥USD 125k per BTC) is reached, retain the rest as a long-term treasury asset, and keep using part of the reserve as collateral for future operating loans while owning the 8 MW infrastructure and hardware fleet outright.

Global Bitcoin mining environment

Bitcoin mining is a large, capital- and energy-intensive industry where competitiveness is driven primarily by electricity cost, hardware efficiency and uptime. Over the last years hashrate has grown rapidly, pushing inefficient, high-cost miners out of the market and favouring operators with cheap, stable power and modern ASIC fleets. Regions with abundant hydro or other low-cost generation, including parts of Latin America, have become natural hubs for industrial-scale mining.

Halving and its implications

Bitcoin’s block reward has already passed four halvings (2012, 2016, 2020, 2024), each cutting miner rewards per block by 50%. Historically, halvings have tightened miner economics while often being followed by medium-term BTC price appreciation, though with differing magnitude each cycle. The next halving, expected around 2028, will again reduce block rewards and is likely to increase pressure on high-cost producers, making low unit cost and strong balance-sheet BTC reserves particularly important.

Positioning of ORAX

ORAX positions itself as a focused, low-cost self-miner in Paraguay, leveraging hydro-based grid power under a fixed-price contract and optimised ASIC fleets. Its strategy is to scale a single site to 8 MW, mine BTC at a structurally low all-in cost and follow a mine-and-hold treasury policy supported by BTC-backed loans — positioning it to benefit if BTC reprices upwards into and after the 2028 halving, while remaining exposed to the usual sector risks of BTC price, difficulty and single-site concentration.

The EUR 3,600,000 capex facility is secured by hard, productive mining assets at ORAX’s Paraguayan site: the existing, fully built-out electricity and site infrastructure with the ASIC fleet already installed at the current 2 MW configuration, and all new mining hardware and associated infrastructure purchased with the loan proceeds to add c. 6 MW of capacity. Given the nature of mining assets, collateral is presented at two levels: base value (book / purchase value in EUR) and a conservative liquidation value of 90% of base value, reflecting that installed, operational ASICs and infrastructure retain strong resale value because they generate cash flow immediately when powered.

Collateral summary, EUR

Base value coverage is EUR 5,556,039 against EUR 3,600,000, or ≈154%; liquidation value coverage is EUR 5,000,435 against EUR 3,600,000, or ≈139%. Even under the 10% haircut the collateral base exceeds the loan principal by a substantial margin, and all pledged items are core, income-generating components of the operation. The BTC treasury ORAX builds under its mine-and-hold strategy primarily secures short-term BTC-backed operating loans and is not included in the tables, but represents an extra economic buffer beyond the hard-asset package.

ORAX seeks a capex facility of EUR 3,600,000 to expand its Paraguayan site from approximately 2 MW to 8 MW of active electrical load. The loan is intended exclusively for the purchase, import and deployment of additional ASIC equipment and related site adaptations, corresponding to roughly 6 MW of incremental capacity. It does not refinance historical losses or fund ongoing operating expenses; those are covered through BTC-backed working-capital loans secured against mined BTC.

Use of proceeds

• Acquisition of approximately 1,710 Bitmain Antminer S21 PRO units (or machines of a similar efficiency class) for the additional 6 MW;
• international logistics and customs clearance for these units (sea freight, insurance, brokerage, local transport);
• installation, racking, power distribution and network integration at the site;
• initial servicing, spare parts and minor site adaptations needed to operate the expanded 8 MW configuration.

Indicative terms

ORAX offered a base-case structure and an alternative with a shorter maturity and a higher coupon, intended for lenders who prefer faster capital turnover and earlier de-risking. This listing follows the alternative facility.

In substance, the facility bridges the capital requirement between the existing 2 MW infrastructure and the fully built-out 8 MW setup on which the company’s projections and growth plan are based.

ORAX Assets Management Corp. is a Panama-incorporated international business corporation with operating assets located in Paraguay. The company has been created as a dedicated vehicle for industrial-scale Bitcoin mining, built around a single, expandable site connected to the Paraguayan electricity grid. Its core activity is the ownership and operation of ASIC-based mining capacity for its own account, with a strategic emphasis on accumulating mined BTC on the balance sheet (“mine-and-hold”) rather than treating it as short-term operating cash flow.

The current site utilises approximately 2 MW of electrical load through installed mining hardware and 24/7 secured operations. At this stage, the primary bottleneck for growth is hardware and financing, not power or space: the site is framed as a concentrated, scalable platform for low-cost BTC production using modern, optimised ASIC fleets.

Corporate identifiers: ORAX ASSETS MANAGEMENT CORPORATION; registration number 155772436; established in September 2025; registered office 1801, 18th floor at Global Bank Tower, 50th Street, Panama City, Panama.

ORAX operates as a pure-play self-miner rather than a hosting provider or hardware reseller. Its model is to secure structurally low-cost grid electricity in Paraguay, deploy its own ASIC machines under an optimised air-cooled setup and convert power into BTC at the lowest achievable all-in unit cost. Value accrues entirely to the company’s own balance sheet: there are no third-party machines hosted on site and no fee-based services that would dilute the economic upside from mining.

The platform integrates the full mining value chain for proprietary operations: selection, procurement and import of ASIC hardware; sea freight and customs; pre-deployment preparation (inspection, replacement of selected components, thermal management); installation and configuration in racks; firmware optimisation; continuous monitoring; on-site maintenance and repairs. A key differentiator is the systematic use of customised firmware targeting a 15–20% uplift in computing performance versus stock settings, enabling higher hashrate per unit of invested capital and per kWh consumed.

Mined BTC is treated as a strategic treasury asset and is not systematically sold to cover operating expenses. Instead, part of the BTC balance is pledged as collateral for loans (typically up to ~50% loan-to-value), with funding received in USDT at interest rates in the 6–8% p.a. range. These loans finance operating costs, allowing mined coins to be retained and positioning the company to benefit from potential price appreciation, particularly around and after the expected 2028 halving.

ORAX combines a lean internal core with extensive use of specialised contractors. The in-house team handles strategic management, key technical decisions and day-to-day operation of the Paraguayan site: hardware selection and procurement, logistics coordination, firmware deployment, performance monitoring, repairs, preventative maintenance and basic administration. Four operators work on site under the supervision of a COO, supported by the founder and a small administrative function that manages documentation flows and coordination with lenders, suppliers and service providers.

Construction and electrical works for the site build-out, 24/7 physical security, international logistics and customs clearance, as well as accounting, tax and legal support are handled by external partners. The site runs under a three-year fixed-price electricity supply contract with the local grid operator, and its layout is optimised for high-density air-cooled ASIC deployments, with an emphasis on airflow management, heat evacuation and uptime. This “light” structure keeps fixed overheads low while allowing the company to scale installed hashrate primarily through additional hardware purchases rather than repeated infrastructure build-outs.

Unlike many mining companies that combine self-mining with hosting, ORAX deliberately operates without external clients. All hashrate at the site is owned and controlled by the company, and there is no sales or marketing function aimed at retail or small institutional miners. Management sees no strategic rationale for working with small “retail” customers (1–10 machines) and wishes to avoid the complexity of managing numerous small accounts.

In principle, the infrastructure could be extended to large-scale hosting or joint-venture arrangements with institutional partners, particularly if by March–April 2026 the platform has not been fully populated with ORAX’s own hardware; any such services would be supplementary to the core self-mining strategy. In the broader market, the company positions itself as a cost-focused, hydro-powered miner in Paraguay, aiming to sit toward the lower end of the global cost curve with an all-in BTC production cost in the mid-30k USD/EUR-equivalent range at 8 MW, under current assumptions.

The strategic concept and current profile of ORAX are closely tied to its founder and sole shareholder, Goran Jovanovic, a Bitcoin enthusiast since 2011 with prior experience as an investor in publicly listed mining companies such as Bitfarms and other sector peers. His long-term engagement with the ecosystem has shaped the company’s focus on cheap power, high uptime, firmware-driven optimisation and disciplined capital allocation.

In 2025 he moved from purely financial exposure to building his own physical operation, leading the securing of land and grid connection in Paraguay, the negotiation of the three-year fixed-price power contract and the design and build-out of the initial 2 MW infrastructure. He remains the key decision-maker for strategy, expansion, treasury policy and risk. A small management and administrative team supports him in Panama and on the ground in Paraguay, while non-core functions are outsourced.