Here's something that caught my attention: turns out MARA might not be the bargain everyone thinks it is. After you factor in their $3.3 billion in convertible debt, the actual net Bitcoin value sitting on their books? Only around $1.6 billion. Yet the company's trading at a $4.7 billion market cap.
Do the math—MARA's actually trading at a premium over its BTC holdings, not the discount a lot of folks have been assuming. Makes you wonder how much of that valuation is betting on future mining output versus what's already in the vault.
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BakedCatFanboy
· 12h ago
Damn, the truth about MARA is finally out. Turns out we were all fooled.
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ruggedNotShrugged
· 12-06 01:48
ngl, the numbers really are chilling when compared... Is the air premium really this outrageous?
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HashRateHermit
· 12-06 01:48
Damn, by this calculation MARA isn't cheap at all. I was fooled before too.
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ZenChainWalker
· 12-06 01:46
Damn, did I misread MARA’s situation? Only realized I got played after calculating the debt.
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DaoGovernanceOfficer
· 12-06 01:46
ngl the debt-adjusted math on MARA is way messier than most people realized... empirically speaking, this pricing structure screams speculation premium tbh. like are we actually valuing mining ops or just hopium at this point?
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TokenomicsTherapist
· 12-06 01:24
Damn, MARA's valuation logic just completely broke down this time; it's really not a bargain at all...
Here's something that caught my attention: turns out MARA might not be the bargain everyone thinks it is. After you factor in their $3.3 billion in convertible debt, the actual net Bitcoin value sitting on their books? Only around $1.6 billion. Yet the company's trading at a $4.7 billion market cap.
Do the math—MARA's actually trading at a premium over its BTC holdings, not the discount a lot of folks have been assuming. Makes you wonder how much of that valuation is betting on future mining output versus what's already in the vault.