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>MARA Holdings, a leading enterprise in the Bitcoin mining industry, delivered record-breaking performance metrics for its Q2 2025 earnings.</li><li>Despite challenges in the volatile cryptocurrency landscape, the company demonstrated considerable growth and strategic fortifications in both its Bitcoin holdings and operational capacities.</li><li>A key highlight from the earnings call was Marathon's impressive financial performance this quarter.</li></ul>

MARA Holdings, a leading enterprise in the Bitcoin mining industry, delivered record-breaking performance metrics for its Q2 2025 earnings.Despite challenges in the volatile cryptocurrency landscape, the company demonstrated considerable growth and strategic fortifications in both its Bitcoin holdings and operational capacities.A key highlight from the earnings call was Marathon's impressive financial performance this quarter.

Marathon Digital Taps 3 Gigawatts of Energy—Can Its Latest Expansion Efforts Help Up Its AI & Crypto Game?

<ul><li>MARA Holdings recently held its first quarter 2025 earnings call, offering insights into both its current operations and future strategies.</li><li>The company faces a mixed landscape shaped by Bitcoin's fluctuating value, which significantly impacts shareholder sentiment and the company's stock performance.</li><li>Notably, MARA aligns with the view of Bitcoin as a macro hedge, comparable to gold, which is particularly relevant amid volatile market conditions.</li></ul>

MARA Holdings recently held its first quarter 2025 earnings call, offering insights into both its current operations and future strategies.The company faces a mixed landscape shaped by Bitcoin's fluctuating value, which significantly impacts shareholder sentiment and the company's stock performance.Notably, MARA aligns with the view of Bitcoin as a macro hedge, comparable to gold, which is particularly relevant amid volatile market conditions.

MARA Holdings: Will Its Off-grid Expansion & Energy Partnerships For Sustainable Bitcoin Mining Operations Work Out?

<ul><li>MARA Holdings, Inc. (MARA) has undergone significant transformation in 2024, impacting its financial performance and strategic positioning substantially.</li><li>The company reported record-high revenues, net income, and adjusted EBITDA for both the fourth quarter and the full year.</li><li>Key financial highlights include a 37% increase in Q4 revenue to $214.4 million and a 69% rise in annual revenue to $656.4 million.</li></ul>

MARA Holdings, Inc. (MARA) has undergone significant transformation in 2024, impacting its financial performance and strategic positioning substantially.The company reported record-high revenues, net income, and adjusted EBITDA for both the fourth quarter and the full year.Key financial highlights include a 37% increase in Q4 revenue to $214.4 million and a 69% rise in annual revenue to $656.4 million.

MARA Holdings: Capital Market Strategy & Bitcoin Holdings To Target Explosive Growth!

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.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it <a href="https://www.smartkarma.com/insights/quiddity-index-index-consultation-on-digital-asset-treasury-cos-the-tutes-are-leaving" target="_blank" rel="noopener">here</a>.</li>
<li>My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. </li>
<li>The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.</li>
</ul>


In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.


Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

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)

Marathon Digital Taps 3 Gigawatts of Energy—Can Its Latest Expansion Efforts Help Up Its AI & Crypto Game?

MARA Holdings, a leading enterprise in the Bitcoin mining industry, delivered record-breaking performance metrics for its Q2 2025...

Baptista Research

MARA Holdings: Will Its Off-grid Expansion & Energy Partnerships For Sustainable Bitcoin Mining Operations Work Out?

MARA Holdings recently held its first quarter 2025 earnings call, offering insights into both its current operations and future strategies. The...

Baptista Research

MARA Holdings: Capital Market Strategy & Bitcoin Holdings To Target Explosive Growth!

MARA Holdings, Inc. (MARA) has undergone significant transformation in 2024, impacting its financial performance and strategic positioning...

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

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

Global Index Provider M updated its list of Digital Asset Treasury Cos at the end of October. Index constituents on that list are down. They could...

Travis Lundy

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