External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Marathon Digital Holdings / Equity Bottom-Up

<ul><li>Crypto mining requires high capital investment, faces volatile bitcoin prices, and will experience upcoming revenue cuts due to the halving on April 16th</li><li>Experts believe the risks outweigh the potential for short-term success in crypto mining, making it unlikely to generate significant free cash flow in the long term</li><li>Examples like MARA, which saw a significant increase in revenue at a small fraction of its market value, showcase the precarious nature of the industry</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Crypto mining requires high capital investment, faces volatile bitcoin prices, and will experience upcoming revenue cuts due to the halving on April 16thExperts believe the risks outweigh the potential for short-term success in crypto mining, making it unlikely to generate significant free cash flow in the long termExamples like MARA, which saw a significant increase in revenue at a small fraction of its market value, showcase the precarious nature of the industryThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>This is our first report on Marathon Digital Holdings, a renowned cryptocurrency technology company.</li><li>Improved operational efficiency also resulted in a lower cost per bitcoin mined and a drop in all-in cost per coin.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

This is our first report on Marathon Digital Holdings, a renowned cryptocurrency technology company.Improved operational efficiency also resulted in a lower cost per bitcoin mined and a drop in all-in cost per coin.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Marathon Digital Holdings: Initiation of Coverage – The Power of Smart Cash Management! How Its Financial Strategy is Winning in the Crypto World! - Major Drivers

Energy Transition | AI | Shifting World Order, Mint Finance

Pranay Yadav

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>BTC's phenomenal +57% surge since September is propelled by key forces—ETF euphoria, a robust "Risk On" asset bull run, regulatory clarity, and the imminent BTC halving.</li>
<li>While BTC maintains resilience, mining firms, exemplified by Valkyrie Bitcoin Miners ETF (WGMI), have seen a 30% underperformance over the last 3 months.</li>
<li>Mining firms that have scaled up hash-rate over the past year and built up BTC holdings to support outperformance to BTC. However, ample cash reserves are vital.</li>
</ul>


BTC's phenomenal +57% surge since September is propelled by key forces—ETF euphoria, a robust "Risk On" asset bull run, regulatory clarity, and the imminent BTC halving.
While BTC maintains resilience, mining firms, exemplified by Valkyrie Bitcoin Miners ETF (WGMI), have seen a 30% underperformance over the last 3 months.
Mining firms that have scaled up hash-rate over the past year and built up BTC holdings to support outperformance to BTC. However, ample cash reserves are vital.


In A Bitcoin Frenzy; Long BTC Miners & Short BTC

Srinidhi Raghavendra

Macroeconomics

<ul>
<li>Continued central bank buying, geopolitics, and de-dollarisation concerns have kept gold prices buoyant over the last two years.</li>
<li>Gold has been at record high in non-USD terms for some time now. On 4th Nov, it rallied to an all-time high of USD 2,135 per troy ounce.</li>
<li>Not just gold, but digital gold ("bitcoin") also rallied to its highest in 20 months as excitement of rate cuts captured the zeitgeist of investors.</li>
</ul>


Continued central bank buying, geopolitics, and de-dollarisation concerns have kept gold prices buoyant over the last two years.
Gold has been at record high in non-USD terms for some time now. On 4th Nov, it rallied to an all-time high of USD 2,135 per troy ounce.
Not just gold, but digital gold ("bitcoin") also rallied to its highest in 20 months as excitement of rate cuts captured the zeitgeist of investors.


Gold Soars to Record High on Rising Rate Cut Expectations

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Thematic (Sector/Industry)

<ul>
<li>Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. </li>
<li>Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. </li>
<li>Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. </li>
</ul>


Bitcoin could find the bottom and strongly rebounded in 1Q23. We believe BTC mining companies could be sellers of crypto assets on strong bounce and limit room for further upside. 
Our bear case scenario assumes an average BTC price of $25K in 2023 with an opportunity to reach as high as $30K. Leading crypto miners began to offload Bitcoin holdings. 
Investors should be more selective on the crypto miner names during a prolonged bear market. Our top picks include Marathon Digital Holdings, Riot Blockchain, and Cipher Mining. 


Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

United States

Marathon Digital Holdings, Inc. operates as a digital asset technology company. The Company mines cryptocurrencies, with a focuses on the blockchain ecosystem and the generation of digital assets. Marathon Digital Holdings serves customers worldwide.

Marathon Digital Holdings (MARA US)

Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023

Crypto mining requires high capital investment, faces volatile bitcoin prices, and will experience upcoming revenue cuts due to the halving on...

Value Investors Club

Marathon Digital Holdings: Initiation of Coverage – The Power of Smart Cash Management! How Its Financial Strategy is Winning in the Crypto World! - Major Drivers

This is our first report on Marathon Digital Holdings, a renowned cryptocurrency technology company. Improved operational efficiency also resulted...

Baptista Research

In A Bitcoin Frenzy; Long BTC Miners & Short BTC

BTC's recent surge is driven by ETF excitement, a bullish market, regulatory clarity, and the upcoming halving. Mining firms have underperformed...

Mint Finance

Gold Soars to Record High on Rising Rate Cut Expectations

Gold prices are inversely related to interest rates. Gold is a non-yielding asset. When rates rise, deposits are attractive relative to gold. With...

Mint Finance

Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

We believe the crypto contagion is finally over, and a rally in Bitcoin may restore investor confidence after 12 months of a bear market

Andrei Zakharov

Marathon Digital Holdngs Inc (MARA) - Sunday, Dec 24, 2023

Crypto mining requires high capital investment, faces volatile bitcoin prices, and will experience upcoming revenue cuts due to the halving on...

Value Investors Club

Marathon Digital Holdings: Initiation of Coverage – The Power of Smart Cash Management! How Its Financial Strategy is Winning in the Crypto World! - Major Drivers

This is our first report on Marathon Digital Holdings, a renowned cryptocurrency technology company. Improved operational efficiency also resulted...

Baptista Research

In A Bitcoin Frenzy; Long BTC Miners & Short BTC

​BTC's recent surge is driven by ETF excitement, a bullish market, regulatory clarity, and the upcoming halving. Mining firms have underperformed...

Mint Finance

Gold Soars to Record High on Rising Rate Cut Expectations

Gold prices are inversely related to interest rates. Gold is a non-yielding asset. When rates rise, deposits are attractive relative to gold. With...

Mint Finance

Crypto Mining Industry Series: Strong Start In 2023. Bitcoin Is Up ~40% YTD

We believe the crypto contagion is finally over, and a rally in Bitcoin may restore investor confidence after 12 months of a bear market

Andrei Zakharov

BTC's recent surge is driven by ETF excitement, a bullish market, regulatory clarity, and the upcoming halving. Mining firms have underperformed...