$Marathon Digital Holdings Inc(MARA)$ $CleanSpark, Inc.(CLSK)$ $Riot Platforms(RIOT)$
So, they buy insurance in the form of an option that is betting BTC will go down. They do this by betting against the miners. These options are cheap and would offset losses on BTC if something catastrophic happened. And the managers won't get fired. The miners are insurance. However, when BTC rises to the point where they don't need the insurance they will switch to options betting on the miners and all the miners stock prices shoot up.
Look at the previous four-year charts for MARA, CLSK and RIOT. The pattern is very clear.
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