Crypto
MARA's Energy Pivot Not Yet Priced In: 4.8GW Power Pipeline Undervalued
MARA Holdings is shifting its focus from being a leveraged Bitcoin miner to an energy and digital infrastructure company.
The company's 4.8GW power pipeline is not yet priced in by investors, despite assembling premium power assets and forming a joint venture with Starwood Capital.
MARA trades at $12.68, which is well below its 52-week high and consensus targets.
The investment thesis centers on MARA's AI infrastructure pivot, Long Ridge acquisition, Texas campus buildout, and significant Bitcoin treasury.