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.

Equity Bottom-Up

Marathon Digital Holdings / Equity Bottom-Up

<ul><li>Marathon Digital Holdings, Inc. reported second quarter fiscal 2026 results reflecting a transitional phase as it expands beyond Bitcoin mining toward a broader digital infrastructure platform focused on AI and high-performance computing.</li><li>Bitcoin mining remains a core business, providing cash flow and operating expertise.</li><li>Marathon mined 2,422 bitcoins during the quarter, slightly above the prior year, while daily cost per petahash improved 4% year-over-year to $27.7, maintaining one of the sector’s lower cost structures.</li></ul>

Marathon Digital Holdings, Inc. reported second quarter fiscal 2026 results reflecting a transitional phase as it expands beyond Bitcoin mining toward a broader digital infrastructure platform focused on AI and high-performance computing.Bitcoin mining remains a core business, providing cash flow and operating expertise.Marathon mined 2,422 bitcoins during the quarter, slightly above the prior year, while daily cost per petahash improved 4% year-over-year to $27.7, maintaining one of the sector’s lower cost structures.

MARA Holdings’ 4.8-Gigawatt Power Push Builds A New AI Infrastructure Engine!

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.</li><li>Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.</li><li>Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.</li></ul>

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.

<ul><li>Marathon Digital Holdings, Inc. reported its first quarter of fiscal 2026 results against a backdrop of significant strategic shifts aimed at transitioning the company from primarily a Bitcoin mining operator towards a broader digital infrastructure player focused on AI and critical IT workloads.</li><li>The company executed several major initiatives this quarter, including advancing its joint venture with Starwood Capital Group to develop AI-optimized data center campuses, acquiring a majority stake in Exaion to address sovereign and enterprise AI needs, and closing the acquisition of Long Ridge Energy & Power, thereby increasing its owned and operated power capacity by approximately 65% from about 1.3 gigawatts to roughly 2.2 gigawatts.</li><li>The Long Ridge asset, located adjacent to Marathon’s Hannibal mining site, is operational, cash-flow positive, and provides substantial land, power, and interconnection infrastructure critical to scaling AI and HPC workloads.</li></ul>

Marathon Digital Holdings, Inc. reported its first quarter of fiscal 2026 results against a backdrop of significant strategic shifts aimed at transitioning the company from primarily a Bitcoin mining operator towards a broader digital infrastructure player focused on AI and critical IT workloads.The company executed several major initiatives this quarter, including advancing its joint venture with Starwood Capital Group to develop AI-optimized data center campuses, acquiring a majority stake in Exaion to address sovereign and enterprise AI needs, and closing the acquisition of Long Ridge Energy & Power, thereby increasing its owned and operated power capacity by approximately 65% from about 1.3 gigawatts to roughly 2.2 gigawatts.The Long Ridge asset, located adjacent to Marathon’s Hannibal mining site, is operational, cash-flow positive, and provides substantial land, power, and interconnection infrastructure critical to scaling AI and HPC workloads.

Marathon Digital Holdings’ 72.2 EH/s Record: Why Mining Scale Still Matters In The AI Pivot!

<ul><li>MARA Holdings reported mixed financial and operational outcomes during the fourth quarter of 2025 as the company navigated significant volatility in the Bitcoin market while advancing a broader strategic shift toward digital infrastructure and artificial intelligence compute.</li><li>Revenue for the quarter reached $202.3 million, declining from $214.4 million in the same period of the prior year.</li><li>For the full year, revenue increased 38% to $907.1 million compared with $656.4 million in 2024.</li></ul>

MARA Holdings reported mixed financial and operational outcomes during the fourth quarter of 2025 as the company navigated significant volatility in the Bitcoin market while advancing a broader strategic shift toward digital infrastructure and artificial intelligence compute.Revenue for the quarter reached $202.3 million, declining from $214.4 million in the same period of the prior year.For the full year, revenue increased 38% to $907.1 million compared with $656.4 million in 2024.

MARA Holdings: Can 53,822 Bitcoin Cushion Balance Sheet Risks Through 2027?

<ul><li>Marathon Digital Holdings reported its Q3 2025 earnings, highlighting a transformative phase in its business model.</li><li>The company, traditionally a Bitcoin miner, is evolving into a vertically integrated digital infrastructure entity focused on both Bitcoin mining and AI computing.</li><li>This shift leverages Marathon's belief that energy resources are pivotal to the digital economy, encompassing sectors like Bitcoin mining and artificial intelligence (AI).</li></ul>

Marathon Digital Holdings reported its Q3 2025 earnings, highlighting a transformative phase in its business model.The company, traditionally a Bitcoin miner, is evolving into a vertically integrated digital infrastructure entity focused on both Bitcoin mining and AI computing.This shift leverages Marathon's belief that energy resources are pivotal to the digital economy, encompassing sectors like Bitcoin mining and artificial intelligence (AI).

Marathon Digital Holdings (MARA): What’s the Real Power Behind Its ASIC-First AI Strategy & Air-Cooled Cost Advantage!

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.

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Marathon Digital Holdings (MARA US)

MARA Holdings’ 4.8-Gigawatt Power Push Builds A New AI Infrastructure Engine!

Marathon Digital Holdings, Inc. reported second quarter fiscal 2026 results reflecting a transitional phase as it expands beyond Bitcoin mining...

Baptista Research

Crypto Datacenters NAV

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.

Fabricated Knowledge

Marathon Digital Holdings’ 72.2 EH/s Record: Why Mining Scale Still Matters In The AI Pivot!

Marathon Digital Holdings, Inc. reported its first quarter of fiscal 2026 results against a backdrop of significant strategic shifts aimed at...

Baptista Research

MARA Holdings: Can 53,822 Bitcoin Cushion Balance Sheet Risks Through 2027?

MARA Holdings reported mixed financial and operational outcomes during the fourth quarter of 2025 as the company navigated significant volatility...

Baptista Research

Marathon Digital Holdings (MARA): What’s the Real Power Behind Its ASIC-First AI Strategy & Air-Cooled Cost Advantage!

Marathon Digital Holdings reported its Q3 2025 earnings, highlighting a transformative phase in its business model. The company, traditionally a...

Baptista Research

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