Andrew Salamon

Diversification is a hedge against ignorance

[Coinbase 🛡️ @coinbase]

Your binder is about to get a major upgrade.

Rip packs on your phone.
Every pull backed by a real, physical card.
Vault it or ship it.

Soon on Coinbase.

[Andrew Salamon @andrewsalamon1]

@Mr_Derivatives Welcome aboard

[Andrew Salamon @andrewsalamon1]

@amitisinvesting The greatest series of all time

[matthew sigel, recovering CFA @matthew_sigel]

$MARA +11% after announcing non-dilutive acquisition of Long Ridge, a 505MW gas-fired plant in Ohio selling into PJM + ~1GW campus (up to 600MW new critical IT load) w/ AI/HPC potential

~$1.5B EV = ~10x EBITDA (~$144M) and ~$3.0M/MW

vs comps:
Gas M&A: ~7–8x EBITDA, ~$0.7M/MW
Miners / powered land: ~$0.3–1.0M/MW
AI infra (CIFR/WULF): ~$10–12M/MW (public EV)

MARA already operates ~200MW at the site (Hannibal), enabling near-term buildout of powered shell capacity without disrupting existing operations.

The 505MW plant will continue selling into the grid, generating cash flow while preserving optionality to layer in AI/HPC load over time.

Financing: ~$785M asset-level debt + BTC-backed equity --> avoids dilution but introduces ~5–6x leverage at the project level; future capex likely funded alongside partners (e.g., Starwood) once leases are secured.

Importantly, Fred can immediately ring the register on a new KPI: +505MW of Economic Triad capacity day 1. (ARR, the other new KPI, is still 0 until leases signed)

My 2 sats: smart non-dilutive pivot to infra, but tying incentives to MW raises the bar on not overpaying ahead of monetization.

[MARA @MARA]

MARA expands its AI infrastructure pipeline by entering into an agreement to acquire Long Ridge Energy & Power, which owns, among other assets, a highly efficient 505 MW nameplate CCGT power plant and over 1,600 contiguous acres in one of the world’s largest AI and data center infrastructure markets. Read the full release: https://t.co/QnETpCpoLT

[Idearikas @idearikas]

Yo $CLSK, $MARA says hi! :)

[Maxx Crosby @CrosbyMaxx]

Everything Happens For A Reason. Believe Nothing You Hear & Half Of What You See. Im A Raider. I’m Back. Run That Sh*t. 🦅🏴‍☠️

[MARA @MARA]

It’s time. MARA’s transaction to acquire a 64% stake in EDF subsidiary Exaion has been completed, with Xavier Niel and Fred Thiel joining Exaion’s Board as we scale secure HPC and AI infrastructure from France.

[CooperBaggs 💰🍞 @edgaralandough]

In the bible, God doesn't reward the easily discouraged. He wants you to persist through challenges.

Here are 5 Bible verses to live by:

[Andrew Salamon @andrewsalamon1]

@RobSamuelsIR @JacobBr27974885 @jpmorgan @MARAHoldings Amazing post, keep these up!

[Andrew Salamon @andrewsalamon1]

I’d say thats a pretty good start to the year 🤷‍♂️ haha

[Andrew Salamon @andrewsalamon1]

@amitisinvesting @GarciaCap @RealMattMoney @stevenfiorillo Lmfaoooo

[Andrew Salamon @andrewsalamon1]

@amitisinvesting 😂

[MARA @MARA]

At @AIM_Summit Dubai, MARA CFO @theRealSalKhan delivered a keynote on AI’s power gap: by 2030, AI demand up 255%, $5.2T in data center build, and $720B in grid upgrades.

MARA is meeting it with flexible capacity: 1.7 GW available, 1.1 GW operational.

[Andrew Salamon @andrewsalamon1]

$MARA

[amit @amitisinvesting]

The first 2 deepdives are officially out!

Deeply appreciate everyone who has subscribed, I am new to Substack but already am loving the level of intellectual curiosity that so many have on the platform.

I don't love to write as much as I love to speak, it took the past month to write these 2 deepdives (the goal is 2 per month) but I have enjoyed the process of getting thoughts out via written word & composing a thesis.

It takes you on a wild journey exploring and understanding all the different nuances about a company to make sure you can put it together in a way that makes sense, while adding your own flare, is really cool.

The first two deepdives are...

$BMNR and $DUOL.

Hopefully people enjoy and I also hope to get better over this journey at articulating via written word. Please let me know any other names you'd like to see a deepdive on!

[Andrew Salamon @andrewsalamon1]

@amitisinvesting LFGGGG BROSKIII 🙌🙏

[Andrew Salamon @andrewsalamon1]

@amitisinvesting Im awake until 4am these days so basically the market never closes for me lol 😂

[Andrew Salamon @andrewsalamon1]

@amitisinvesting 😂😂

[Andrew Salamon @andrewsalamon1]

$MARA more than a 2x since. & still so much more to go . I still believe the r/r here is a gift

[Andrew Salamon @andrewsalamon1]

$MARA R/R here is a gift