MARA Trades at a Premium Factoring in Its Debt, Not a Discount: VanEck’s Sigel
VanEck’s Matthew Sigel argues once you account for MARA's $3.3 billion in convertible debt, it's net bitcoin value sits near $1.6 billion, which means the stock trades at a premium rather the perceived discount to its bitcoin holdings, with a $4.7 billion market cap.Sigel says much of MARA’s short interest and volatility stems from its capital structure, making it a far less direct bitcoin proxy compared to Strategy (MSTR).
The two largest publicly traded companies holding bitcoin, Strategy (MSTR) and MARA Holdings (MARA), have each fallen roughly 40% over the past six weeks.
CoinDesk Research has extensively covered the MSTR correction, but MARA, which is down 55% year over year, is also attracting attention as some investors view it as inexpensive at current levels.
