MARA vs. CLSK

#1. MARA

Marathon Digital is scheduled to report fourth-quarter earnings after the market closes on Feb. 28. Based on recent trends, the company should deliver a strong performance. Previously (Sept. 2023), it has reported a cash balance of $101million. Mara has a staggering 15,741 BTC holding on hand (i.e. $818 million). This is a company well positioned to do M&A after the BTC Halving on Apr. 19, 2024.

 #2. CLSK

Cleanspark has already reported its earnings on Feb. 08, 2024. Comparing to MARA, its Cash Balance ($74million) and BTC holding (3,573 BTC) are considerably smaller. Even the operational hashrate of Cleanspark (12.5 EH/s), is smaller than 50% of the hashrate of Marathon (26.4 EH/s).

 

Conclusion:

At present, CLSK is trading at $17.86 per share, with a market cap of $3.54B. If we assume the stock market is efficient in assigning market cap, MARA should have a market cap about 3 times that of CLSK (estimating from the total asset). Given that both have roughly 200M shares outstanding (CLSK: 198M, MARA: 222M), the MARA stock price should be at least: 3X (17.86 x 198M) /222M = $47.79

 

注：純臆測，不是投資建議，YMYD