Why Is The Market Sleeping On MARA Holdings?
2025-07-16 11:58:46
Main Idea
The author reiterates their view that MARA Holdings, Inc. is a deep value opportunity and discusses their investment approach focused on long-term holdings and fundamentals.
Key Points
1. The author previously argued that MARA Holdings, Inc. (NASDAQ:MARA) is a deep value opportunity, and little has changed since their last coverage except Bitcoin's price.
2. The author's investment strategy involves holding stocks for at least 10 years and focusing on fundamentals rather than just valuation metrics like P/E ratios.
3. They view markets as a meeting point between demand and supply and emphasize the importance of understanding human behavior beyond numerical data.
4. The author discloses a long position in BTC-USD and MARA through stock ownership, options, or other means, with no compensation received other than from Seeking Alpha.
5. They highlight their background, including a Master’s Degree in Business and their location in Geneva, Switzerland.
Description
Summary The market undervalues MARA's mining business, which I estimate is worth 7–10x more than the current $1.09B premium over its Bitcoin holdings, implying 2–3x upside for the stock. Today, I ask myself: what is the market seeing in MARA to assign it such a depressed valuation? Should Bitcoin bulls consider entering MARA? I think so. The answers to my question include ongoing shareholder dilution, lack of profitability, and Bitcoin's relative immaturity, making the company suitable only for ...
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