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

Baptista Research

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.

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 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!