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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ponzi_poet
· 2h ago
Damn, when you do the math like this, MARA isn’t cheap at all. And here I was thinking about buying the dip.
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Wait a minute, how much of that $4.7B market cap is just hype? Feels like a bet on future output.
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After subtracting the debt, the net BTC is only $1.6B. That premium is insane...
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Alright guys, yet another project that looks cheap but is actually insanely expensive.
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The real question is whether mining profits can justify this valuation. No one can say for sure right now.
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So don’t be fooled by the surface-level BTC holdings. These numbers really hit hard.
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This is exactly why I avoid mining companies—you can never tell where the real costs end and the bubble begins.
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MetaverseLandlord
· 2h ago
Damn, I really need to take a good look at this MARA thing. Feels like I'm not the only one who got screwed.
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zkProofGremlin
· 15h ago
ngl this data came out and I got triggered instantly, where are all those people who were shouting about MARA being at a discount before?
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BakedCatFanboy
· 12-07 07:10
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.