Core Viewpoint - The investment strategy focuses on a balanced portfolio between low-cost funds and individual stocks, emphasizing long-term holding and understanding market dynamics beyond mere financial metrics [1] Group 1: Investment Strategy - The portfolio is approximately 50% in low-cost funds and 50% in single stocks, reflecting a balanced investment approach [1] - The investment philosophy prioritizes holding stocks for at least 10 years, avoiding market timing [1] - The analysis of stocks goes beyond P/E ratios, focusing on supply and demand dynamics and predicting human behavior [1] Group 2: Market Perspective - The market is viewed as a meeting point of demand and supply, with a strong emphasis on understanding market sentiment and momentum [1] - There is a belief that many investors do not fully grasp the forward-looking nature of the market [1] - The approach to investing requires creativity, curiosity, and a willingness to go against prevailing trends [1] Group 3: Current Investment Focus - The current bullish outlook includes companies such as AMD, PLTR, TSLA, as well as broad US equities and Bitcoin [1]

Investment & Strategy - MARA deepens ties with Two Prime through a $20 million equity stake [1] - MARA is doubling down on its bitcoin yield strategy [1]

Group 1: Cryptocurrency Market Overview - The U.S. dollar has decreased by 10.7% against other currencies in the first half of 2023, marking its worst performance in over 50 years, prompting investors to seek alternative investments [1] - Cryptocurrencies, despite their volatility, are seen by some investors, including BlackRock CEO Larry Fink, as having the potential to become a new reserve currency, possibly overtaking the U.S. dollar [1] - The increase in the debt ceiling by several trillion dollars may provide secondary benefits to cryptocurrencies [1] Group 2: Cryptocurrency-Adjacent Stocks - Investors looking for exposure to the cryptocurrency space may consider stocks of companies involved in crypto mining or providing infrastructure and hardware for the industry [2] - One notable firm has successfully pivoted towards energy sales, showcasing the potential for diversification within the sector [2] Group 3: Marathon Digital Holdings - Marathon Digital (NASDAQ: MARA) is one of the largest crypto mining firms in the U.S., with a market value exceeding $6 billion and a significant mining fleet [3] - In June, Marathon won 211 Bitcoin blocks, accounting for over 5% of all available Bitcoin rewards that month, leading to a 6% increase in its stock price over the last month [3][6] - The company aims to achieve a production target of 75 exahashes per second by year-end, which is 40% higher than its hash rate at the end of 2024 [4] - As of the end of June, Marathon held nearly 48,000 BTC, valued at approximately $5.2 billion, representing a significant portion of its market value [5] Group 4: Cipher Mining - Cipher Mining (NASDAQ: CIFR) is another major player in Bitcoin mining, with a recent share price increase of about 47% due to positive performance news [8] - In Q2, Cipher exceeded its self-mining capacity guidance at its new Black Pearl site in Texas, reporting a hash rate of 3.4 EH/s, significantly above the predicted 2.5 EH/s [9] - Analysts have provided 11 Buy ratings for CIFR shares, forecasting an upside of 26% [10] Group 5: Hut 8 Mining Corp - Hut 8 (NASDAQ: HUT) has seen its shares double in price since late April, driven by its expansion into Dubai and a partnership with American Bitcoin Corp. that raised $220 million [12][13] - The company has successfully deployed energy infrastructure that can be utilized for both mining and traditional applications, securing five-year capacity contracts for 310 MW of power generation [13] - Hut 8 has received unanimous Buy ratings from all 19 analysts, with a projected upside of 21% [14]

Core Insights - MARA has appointed Nir Rikovitch as Chief Product Officer to lead the company's product strategy and commercialize its technology into market-ready products [1][2] - Rikovitch's role will involve building the product discipline, focusing on the roadmap for products and engineering to deliver production-grade systems [2] - The CEO of MARA, Fred Thiel, emphasized Rikovitch's background in product leadership and autonomous technology as key to advancing MARA's product vision [3] Company Overview - MARA is a leading digital energy and infrastructure company that deploys digital energy technologies to enhance global energy systems [6] - The company transforms excess energy into digital capital, balancing the grid and accelerating critical infrastructure deployment [6] - MARA aims to reduce energy demands for high-performance computing applications, including AI and edge computing [6] Leadership Background - Nir Rikovitch has extensive experience in product management, machine learning, and engineering leadership, with a successful track record in intelligent infrastructure development [3] - Prior to joining MARA, Rikovitch was Director of Product Management at Blue River, where he co-founded the autonomy unit and led product strategy, generating over $500 million in revenue [3] Future Directions - Rikovitch expressed a commitment to integrating smarter energy practices with scalable solutions at MARA [4] - The company is actively hiring across various roles in product, engineering, and systems design to support its growth [4][5]

🔥 UPDATE: MARA now holds 50,000 BTC. Its next target is 75 EH/s by year-end. https://t.co/wdqxkiRfAe ...

Core Insights - MARA Holdings' shares increased by 17.3% this week, primarily driven by its Bitcoin mining results for June [1] Group 1: Bitcoin Mining Performance - MARA Holdings won 211 blocks in June's Bitcoin mining operations, accounting for 5.4% of all available Bitcoin mining rewards [2][4] - The current reward for mining a block is 3.125 Bitcoins, awarded approximately every 10 minutes [3] - The number of blocks won in June was 23% lower than May's total of 282, attributed to a shorter month and temporary shutdowns of mining rigs due to weather [5] Group 2: Future Production Targets - Management has set a year-end production target of 75 exahashes per second (EH/s), which is 40% higher than the 53 EH/s achieved at the end of 2024 and 31% more than the current rate of 57.4 EH/s [5] Group 3: Bitcoin Holdings and Market Capitalization - By the end of June, MARA held 47,940 Bitcoins, making it the second-largest public company in terms of Bitcoin holdings, following Michael Saylor's Strategy [6] - The current value of MARA's Bitcoin holdings is approximately $5.47 billion, representing over 88% of the company's total market capitalization [7]

Core Insights - Moretus Research provides high-quality equity research focused on U.S. public markets, aiming to deliver clarity, conviction, and alpha for serious investors [1] - The research methodology emphasizes a structured framework to identify companies with durable business models and mispriced cash flow potential, prioritizing simplicity and relevance in valuation [1] - The coverage focuses on underappreciated companies experiencing structural changes or temporary dislocations, where disciplined analysis can yield asymmetric returns [1] Research Methodology - Moretus Research employs rigorous fundamental analysis combined with a judgment-driven process, avoiding noise and overly complex forecasting [1] - Valuation is based on sector-relevant multiples tailored to each company's business model and capital structure, emphasizing comparability and simplicity [1] Investment Philosophy - The research reflects a deep respect for capital, discipline, and long-term compounding, aiming to elevate the standard for independent investment research [1] - The insights provided are designed to be actionable, focusing on what truly matters in modern equity analysis [1]

Core Insights - MARA Holdings, Inc. aims to achieve a hashrate of 75 EH/s by the end of 2025, representing over 40% growth from 2024, supported by existing machine orders [3] - In June 2025, the company produced 713 BTC, a 25% decrease from May's production of 950 BTC, with 211 blocks won, also down 25% month-over-month [4][5] - As of June 30, 2025, MARA holds a total of 49,940 BTC, with no sales made during June [6] Operational Highlights - The number of blocks won in June 2025 was 211, down from 282 in May, reflecting a 25% decrease [5] - BTC production decreased to 713 in June from 950 in May, marking a 25% decline [5] - Average BTC produced per day fell to 23.8 from 30.7, a decrease of 23% [5] - Energized hashrate was reported at 57.4 EH/s, down 2% from 58.3 EH/s in the previous month [5] Management Commentary - The CEO emphasized the company's disciplined approach to accumulating BTC through mining and strategic purchases, highlighting the importance of building long-term value for shareholders [5] - The company has 1.7 GW of captive capacity, with 1.1 GW operational and a growth pipeline exceeding 3 GW of low-cost power opportunities [3]

Core Insights - MARA and TAE Power Solutions have announced a strategic collaboration to develop a high-frequency, real-time responsive load management system aimed at meeting the energy demands of hyperscale data centers and cryptocurrency mining operations [1][6] - The collaboration will leverage TAE Power Solutions' proprietary technology to create a 10MW clean energy storage network that provides microsecond-responsive load balancing [2][5] - The TAE Power Solutions platform is based on fusion energy research and integrates advanced hardware, real-time control, and machine learning algorithms for efficient energy management [3][5] Company Overview - MARA is focused on deploying digital energy technologies to enhance global energy systems and convert excess energy into digital capital [7][8] - TAE Power Solutions aims to provide clean energy solutions and has developed technologies for efficient energy storage and management, originally designed for TAE's fusion research [8] Technology and Innovation - The TAE Power Solutions D-Series BESS is designed for large commercial and industrial applications, functioning as a grid-responsive energy module that can be integrated into existing facilities [4] - The system continuously monitors battery performance metrics on a microsecond scale, enabling precision load balancing and fast frequency response essential for grid stability [5] Market Implications - The collaboration addresses the increasing energy demands of advanced technologies like AI and high-performance computing, ensuring that power systems can support growth without straining local electrical grids [6] - Prototypes of the new system are expected to be deployed by late summer 2025, with larger-scale commercialization anticipated to begin in early 2026 [6]

Core Insights - MicroStrategy (MSTR) is the largest Bitcoin treasury company, holding 592,100 Bitcoins, while MARA Holdings (MARA) is a dedicated Bitcoin miner [1] - Bitcoin has reached an all-time high of $111,695, driven by increased acceptance as a non-sovereign asset and institutional adoption [2] - The U.S. government's liberal policies under President Trump, including the creation of a crypto reserve, are favorable for cryptocurrency stocks [3] Bitcoin Market Dynamics - Bitcoin's price fluctuated, dropping to $103,000 before recovering to above $106,000, significantly higher than $76,000 in early April [4] - Year-to-date performance shows MSTR shares up 27.4%, while MARA shares have decreased by 13.6% [4] Company Performance and Strategy - MSTR raised its Bitcoin yield target from 15% to 25% for 2025, with a dollar gain target increased to $15 billion [7][8] - MSTR has raised $6.6 billion through equity offerings and $3.4 billion through fixed income as part of its capital strategy [9] - MARA holds 47,531 Bitcoins and is expanding its mining capacity, having acquired sites at a cost significantly below the industry average [12][13] Operational Challenges - Rising hashrate is impacting Bitcoin miners' margins, with production costs expected to exceed $70,000 per Bitcoin [14] - MARA reported energy costs per Bitcoin of $35,728 in Q1 2025, indicating pressure from rising operational expenses [14] Earnings Estimates - MSTR's 2025 loss estimate remains at $15.73 per share, while MARA's estimate has improved slightly to $1.77 per share [15][16] Valuation Insights - Both MSTR and MARA are considered overvalued, with MSTR trading at a Price/Book ratio of 3.05X compared to MARA's 1.37X [17] Conclusion - Both companies benefit from holding Bitcoin, but MARA's reliance on Bitcoin makes it riskier compared to MSTR's diversified business model [20]