$Marathon Digital Holdings Inc

$Marathon Digital Holdings Inc(MARA)$ Let's not lose sight of the fact that MARA's all-in cost of mining bitcoin in 2Q was 100K per coin (and that is before stock based compensation, and with 19 days of the quarter occurring before the halving). So right now it is way cheaper for MARA to buy bitcoin than to mine it.

The only way the bitcoin mining companies can avoid bankruptcy, and to allow the execs to collect their millions in salary and compensation, is to issue shares and/or have the price of bitcoin go a lot higher. So sure, why not borrow money (or issue shares) and buy more bitcoin, not like they have any other option.

MARA has a market cap of about $5.5 billion, over $600 million in debt, and to offset that only 25,000 bitcoins (worth about $1.6 billion ). MARA at these prices is a terrible investment, and buying a bitcoin ETF makes much more sense than buying MARA stock.

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