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The digital infrastructure landscape is shifting, and Sterling Digital PLC (AQSE:ASIC) is positioning itself at the intersection of energy independence and high-performance computing. In a recent interview on The Watch List, CEO Stefan Michaelides laid out a vision that moves beyond simple crypto mining toward a resilient, vertically integrated infrastructure model.

As the company marches toward its first production in Q2 2026, here are the key takeaways from the strategy driving Sterling Digital’s growth.

Not Just Miners, But Infrastructure

While many companies in the space act as “tenants” on a power grid, Sterling Digital is taking the role of the “landlord” and “utility” combined. By focusing on stranded natural gas in the U.S., the company is generating its own electricity at the source.

• Vertical Integration: Sterling isn’t just buying hardware; they are taking gas out of the ground and converting it into electricity on-site.
• Cost Control: This “off-grid” approach bypasses traditional grid fees and price volatility, securing some of the lowest power costs in the industry—estimated at approximately $0.005 per kWh.
• ESG Alignment: By utilizing gas that would otherwise be flared or vented (releasing potent methane), Sterling turns an environmental liability into a productive digital asset.

The Power of Optionality: Bitcoin + AI

A major milestone recently announced was the purchase of 450 new-generation ASIC mining servers, representing roughly 193,500 TH/s of capacity. However, the hardware is only part of the story. The company is deploying modular, hydro-cooled data centers designed for flexibility.

“It’s not so much about chasing trends, more about future-proofing the company.” — Stefan Michaelides, CEO

While Bitcoin remains the core focus, this “compute-agnostic” infrastructure allows Sterling to pivot workloads between Bitcoin mining and AI compute depending on which offers the highest returns at any given time. This resilience is key to surviving the cyclical nature of digital assets.

The Road to 2026

The transition from conceptual planning to physical execution is well underway. With the generators secured and the ASIC servers purchased below budget (leveraging market timing), the team is now focused on the ultimate milestone: Energization.

The target for “turning on the lights” and mining the first Bitcoin is Q2 2026. For investors, the story is shifting from a “concept” phase to a “production” phase, backed by a management team with a track record in energy and fintech.

For more information visit https://sterlingdigital.com/

Oil prices held close to seven-month highs on Wednesday as investors remained cautious about the risk of supply disruptions linked to rising tensions between the United States and Iran, with diplomatic talks between the two countries scheduled for Thursday.

Brent crude futures gained 42 cents, or 0.6%, to $71.19 per barrel at 07:30 GMT, while U.S. West Texas Intermediate (WTI) futures climbed 41 cents, also 0.6%, to $66.04 per barrel.

Brent last reached comparable levels on July 31, while WTI touched its highest mark since August 4 earlier this week. Prices have stayed elevated as Washington deployed military forces across the Middle East in an effort to pressure Iran into negotiations over its nuclear and ballistic missile programmes.

Any prolonged escalation could disrupt exports from Iran — the third-largest crude producer within the Organization of the Petroleum Exporting Countries — and potentially affect output from other major producers across the region.

U.S. President Donald Trump briefly outlined the justification for potential military action during Tuesday’s State of the Union address, stating that he would not allow what he described as the world’s leading sponsor of terrorism to obtain nuclear weapons.

“This uncertainty means the market will continue to price in a large risk premium and remain sensitive to any fresh developments,” ING commodities strategists said on Wednesday.

U.S. envoys Steve Witkoff and Jared Kushner are expected to meet Iranian officials in Geneva on Thursday for a third round of negotiations.

Iranian Foreign Minister Abbas Araqchi said Tuesday that an agreement with Washington was “within reach, but only if diplomacy is given priority”.

“(U.S.) President (Donald) Trump has warned that without a deal, there will be ’very bad consequences’. Whether (Iran’s) concessions will meet the U.S.’s ’zero enrichment’ red line remains to be seen,” said Tony Sycamore, market analyst at IG, in a research note.

Amid heightened tensions, Iran and China have accelerated discussions regarding a potential purchase of Chinese anti-ship cruise missiles, according to Reuters sources, weapons that could target U.S. naval forces deployed near Iran’s coastline.

Analysts note that such systems would enhance Iran’s strike capabilities and increase risks for U.S. naval assets operating in the area.

While geopolitical risks have helped support oil prices, traders are also monitoring rising inventories as global supply continues to outpace demand.

Market sources reported that the American Petroleum Institute recorded a sharp increase of 11.43 million barrels in U.S. crude stockpiles for the week ending February 20.

However, gasoline and distillate inventories declined during the same period, according to the API data cited by sources.

Official inventory data from the U.S. Energy Information Administration is expected later on Wednesday.

Gold prices moved higher on Wednesday, recovering from losses in the previous session as investors evaluated the implications of newly introduced U.S. tariffs and looked ahead to upcoming talks between the United States and Iran later this week.

At 04:25 ET (09:25 GMT), spot gold climbed 0.9% to $5,187.64 per ounce, while U.S. gold futures rose 0.6% to $5,206.10 per ounce.

The precious metal had declined 1.6% on Tuesday following four consecutive sessions of gains.

Markets assess new U.S. tariff measures

The United States began implementing a temporary 10% global import tariff on Tuesday, with the Trump administration aiming to raise the rate to 15%, a development that has heightened uncertainty surrounding global trade and inflation prospects.

The move came after a U.S. Supreme Court ruling last week invalidated earlier broad tariffs imposed under emergency powers, prompting the government to reintroduce duties using alternative legal mechanisms.

Geopolitical developments also remained in focus, with U.S. and Iranian officials scheduled to hold a third round of negotiations in Geneva on Thursday concerning Tehran’s nuclear programme.

Despite the rebound, gold’s upside was limited by expectations that U.S. interest rates will remain elevated for longer.

Two Federal Reserve officials indicated on Tuesday that there is little urgency to adjust monetary policy in the near term, reinforcing a higher-for-longer rate outlook that typically pressures non-yielding assets such as gold.

Silver and platinum surge; copper supported by demand signals

A slightly weaker U.S. dollar also helped support metals prices, as dollar-denominated commodities become more affordable for international buyers when the currency softens.

Among other precious metals, silver surged nearly 3.5% to $90.55 per ounce, while platinum jumped more than 5% to $2,309.60 per ounce.

Copper prices also strengthened, with benchmark London Metal Exchange copper futures rising 0.5% to $13,295.72 per ton and U.S. copper futures gaining 0.6% to $6.0295 per pound.

“Copper prices on the LME have moved back above $13,000/t as Chinese participants return from the Lunar New Year holidays on Tuesday, increasing import appetite,” said analysts at ING, in a note.

“Overall, the market is showing early signs of demand recovery. Yet high inventory levels are likely to cap the pace of any near term tightening. The next key indicator will be whether the import arbitrage stays open and leads to sustained LME stock draws, accompanied by a quicker than seasonal decline in SHFE inventories.”

Jet2 Plc (LSE:JET2) cautioned on Wednesday that operating profit for the financial year ending March 2027 could come in up to 10% below market expectations, as expenses linked to launching its new London Gatwick base weigh on earnings. The UK package holiday operator nevertheless said profit for the year to March 2026 is expected to meet current forecasts.

Jefferies estimates FY27 operating profit at around £400 million, compared with company-compiled consensus expectations of £444 million — a shortfall of roughly £44 million — after factoring in £40–50 million of investment related to Gatwick. The broker reiterated a “buy” rating and a 2,100 pence price target. Jet2 shares last closed at 1,287 pence on Tuesday.

For the year ending March 2026, Jet2 expects operating profit to align with consensus forecasts of £439 million, despite absorbing approximately £10 million of promotional and start-up resourcing costs tied to the Gatwick launch.

Chief executive Steve Heapy said the company was “very pleased with how the 2026 financial year is concluding,” adding it remained “committed to pricing that is attractive and represents real value to our customers.”

Analysts view that pricing strategy as a potential risk factor. Jet2 said it is “investing in load factor” for Summer 2026, suggesting pressure on yields as the company prioritises filling expanded capacity, with marketing expenditure being “reinvested into pricing.” During Summer 2025, package holiday prices increased by only 3%, while flight-only fares declined by 7%.

The airline has expanded capacity by 8% for Summer 2026, bringing total seats to 20 million, compared with estimated UK short- and medium-haul market growth of around 5.5%, according to OAG. Of the additional capacity, 1.1 million seats come from new bases in Bournemouth, London Luton and London Gatwick, while existing bases will grow by roughly 2%, adding a further 0.4 million seats.

Bookings are currently running 7.9% ahead of the previous year, including more than 260,000 passengers already booked at Gatwick ahead of the base’s launch on 26 March. Package holidays continue to represent approximately 66% of total bookings, broadly unchanged from last summer.

Jet2 said more than 75% of its FY27 fuel requirements are hedged at favourable prices, partially offsetting cost pressures from rising hotel accommodation expenses as well as higher Sustainable Aviation Fuel and carbon-related costs.

The company’s Airbus A321neo fleet will expand to 31 aircraft this summer, supporting a peak flying programme of 139 aircraft and delivering average unit cost savings of about £10 per seat.

Jet2 currently operates from 13 UK bases, and following the Gatwick launch, the company expects more than 90% of the UK population to live within a 90-minute drive of one of its 14 operating bases.

Jefferies noted that Jet2 shares trade at roughly 6.2 times estimated FY26 earnings, representing about a 50% discount to historical valuation levels.

St. James’s Place PLC (LSE:STJ) reported full-year results ahead of analyst expectations and unveiled plans to accelerate shareholder returns, sending its shares up around 4% on Wednesday.

The UK wealth manager delivered an underlying cash result of £462.3 million for 2025, a 3% increase from £447.2 million in 2024 and approximately 4% above consensus forecasts. Underlying cash basic earnings per share rose 6% year on year to 87.0 pence from 82.0 pence. Revenue increased 19% to £3.77 billion compared with £3.16 billion the previous year, while funds under management reached a record £220.0 billion, up 16% from £190.2 billion.

The company announced that, beginning in 2026, total annual shareholder distributions will rise to 70% of the underlying cash result — one year earlier than previously planned. The policy will include ordinary dividends representing at least 40% of total returns, with the remainder delivered through share buybacks.

The board proposed a final dividend of 12.00 pence per share for 2025, unchanged from the prior year, resulting in a total dividend of 18.00 pence per share for the full year.

At year-end, St. James’s Place released an additional £18.7 million from its Ongoing Service Evidence provision, which will be returned to shareholders through buybacks alongside a £103.9 million final repurchase programme. Including an earlier £63.4 million release, total shareholder distributions for 2025 amounted to £313.3 million.

“The combination of another strong financial outcome together with good operational and strategic progress, has enabled the Board to update our shareholder returns guidance a year earlier than originally planned,” said Chief Executive Mark FitzPatrick.

The company confirmed successful implementation of its revised charging structure in August 2025 and remains on track to remove approximately £100 million of addressable costs by 2027. St. James’s Place also expects to complete its ongoing service evidence review during 2026.

Shaftesbury Capital (LSE:SHC) on Wednesday reported underlying earnings per share of 4.5 pence for the year ended 31 December 2025, representing a 12% increase compared with 4.0 pence in the previous year.

The West End-focused property group also announced a 14% rise in its dividend to 4.0 pence per share, supported by solid operational performance across its retail, food and beverage, and office portfolio.

The value of the company’s property portfolio increased 6.6% on a like-for-like basis to £5.4 billion, driven by a 6.2% uplift in estimated rental values, which reached £270 million.

Like-for-like revenue grew 5.3% to £215 million, underpinned by 434 leasing transactions generating £39 million in contracted rent. These agreements were signed at levels 10.3% above December 2024 estimated rental values and 13.9% higher than prior passing rents.

Portfolio occupancy remained strong, with only 2.6% of estimated rental value currently available for leasing.

Chief Executive Ian Hawksworth stated: “We are pleased to report another excellent year, delivering growth in rental income, earnings, dividends, property valuation and net tangible assets per share. Our West End estates continue to perform, with vibrant destinations supported by high occupancy, footfall and customer sales.”

EPRA net tangible assets per share rose 7.2% to 214.7 pence, resulting in a total accounting return of 9.1%. The equivalent yield across the portfolio tightened slightly by 2 basis points to 4.43%.

Administrative expenses declined by 8% year on year on a cash basis, excluding share-based payments, reflecting continued progress in cost efficiency initiatives.

In April 2025, the company completed a long-term partnership with Norges Bank Investment Management, selling a 25% non-controlling stake in its Covent Garden estate for £574 million.

The transaction strengthened Shaftesbury Capital’s balance sheet, reducing EPRA loan-to-value to 16.8% from 27.4% and lowering net debt to £813 million from £1.4 billion.

During the year, the company invested £113.3 million into its portfolio, including £33.1 million in capital expenditure and £80.2 million allocated to acquisitions. Retail assets, which account for 36% of the portfolio, delivered particularly strong performance, with valuations rising 10.4% and estimated rental values increasing 8.1%.