Per @jpmorgan SOTP valuation metric, @MARAHoldings HODL alone is worth almost $2BN more than $MARA's market cap - with no value being given ascribed for mining operations
As we kick off the New Year, I’ll be sharing insights into $MARA that the market may be overlooking as part of our #MARAInsights series. Today, I will focus on the value of our #bitcoin reserves.
As the largest publicly traded Bitcoin miner, $MARA leverages a hybrid strategy of mining and strategic BTC purchases funded by 0% convertible notes to grow BTC/share.
In 2024, $MARA:
- Mined over 9,000 BTC at a discount to the spot price. (~$67K cash cost per coin in 3Q24)
- Acquired over 22,000 BTC via direct purchases and 0% convertible notes at an average price of ~$87,000/BTC.
- Achieved a YE BTC yield per diluted share of 62.7%
- Had ~7,300 BTC loaned to third parties (some of the most trusted crypto participants), generating additional returns.
As of 12/31/24, $MARA holds ~45,000 BTC, valued at ~$4.2B. Applying @jpmorgan's SOTP valuation metric of 2X HODL premium, this translates to an estimated value of ~$8.4B.
For context, $MARA's market cap as of 1/3/25 is ~$6.7B, yet @jpmorgan's BTC valuation multiple implies our bitcoin holdings alone could be worth $8.4B.
This figure represents only $MARA's bitcoin holdings, with zero credit given to our mining operations, vertically integrated tech stack, or expanding technology business.
In tomorrow's post, I’ll discuss @MARAHoldings meeting and exceeding its 2024 EH/s target. Stay tuned.
Today might be the day OpenAI drops the superapp.
ChatGPT plus Codex in one place would be absolutely massive.
You talk to it like ChatGPT, then it actually builds, fixes, researches, edits and moves work forward like Codex.
If this lands today, normies are about to understand agentic AI very, very fast.
MARA가 비트코인 가격에 더이상 영향을 받지 않는다.
AI데이터센터 관련 계약이 아직 전혀 없는
거의 유일한 상장 채굴 기업이라
항상 MARA 주가만 비트코인과 함께 움직였다.
(비트코인 보유량 4만개)
바뀐거라고는
MARA 운영진 측에서 최근들어
‘우리도 AI 피벗 할거야!’라고
열심히 홍보한 게 전부인데,
그것만으로도 시장에서 반응이 온다는 게
신기하다.
사실 개미들의 지분이 매우 낮은 기업이라
기관들끼리 서로 장난질 하는 것 같긴하지만
조만간 계약 발표를 대비해서
미리 기관들이나 큰 손들이 매집하는 분위기다.
#MARA #마라홀딩스
You will be blinded if you don’t connect the dots.
$Mara is a hidden gem and only smart people can see the potential it has in light of all its recent acquisitions and partnerships including Exaion and Long Ridge and Starwood.
Btw, all the main developments have happened recently in preparation to its conversion into a major player in the AI/HPC field. Yet, some idiots and analysts are still looking at $Mara as a pure Bitcoin miner.
Remember when you buy a stock, you look at the business potential in the future to be able to capitalize on its growth drivers and to make money. You shouldn’t live in the past of the company if you want to increase your wealth in the stock market.
$Mara is on its way to reach $100/share