MARA Holdings Inc. (MARA)
NASDAQ
Blockchain
Mining
Investment Thesis
MARA is the largest publicly traded Bitcoin miner by hash rate. Post-halving economics require scale and cheap energy — MARA is consolidating both. They are diversifying into HPC/AI hosting with their energy infrastructure, reducing pure BTC price dependency.
Key Drivers
- Hash Rate Scale: 50+ EH/s target — top 3 globally.
- Energy Arbitrage: Stranded energy deals reduce mining cost per BTC.
- HPC Pivot: Data centre colocation for AI workloads leverages existing power infrastructure.
Risk Factors
- Halving Margin Pressure: Revenue halved post-April 2024 halving; efficiency is survival.
- BTC Price Correlation: Near-perfect correlation to Bitcoin price = amplified downside.