$NODE analysts continue to scour the earth for the best risk-reward opportunities in companies in all sectors poised to power the onchain economy, including the real-world infrastructure critical for Bitcoin mining. In that spirit, as of last week we are now shareholders in TEPCO (9501 JP), Japan’s largest electric utility. Thesis: 🇫🇷 In France, nuclear monopoly EDF is piloting Bitcoin mining using stranded power. Lawmakers are recently pushing to scale the program through Parliament. 🇯🇵 Japan may follow. TEPCO is reportedly already mining Bitcoin through its subsidiary Agile Energy X, using surplus renewable energy in regions like Gunma and Tochigi. At the same time, it’s accelerating its nuclear restart plans, steps that could ease Japan’s energy deficit and support sovereign data infrastructure. TEPCO stock trades at ~5× forward earnings, its market cap is still down ~87% from its multiyear peak, and there is virtually no analyst coverage. Risks remain: no dividend, potential dilution, and political restart delays. Still, we see TEPCO as deep-value infrastructure with asymmetric upside and a possible way to participate in sovereign adoption. (Recommend an ADR and talking more about your Bitcoin strategy, as it would help your PE multiple @OfficialTEPCO 👍 )

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