Economic Indicators - US MBA mortgage applications fell by -12.7% in the week ended September 26, with the purchase mortgage sub-index down -1.0% and the refinancing sub-index down -20.6% [1] - The September ISM manufacturing index rose +0.4 to a 7-month high of 49.1, exceeding expectations of 49.0 [6] - The September ADP employment change unexpectedly fell by -32,000, marking the largest decline in 2.5 years, while August was revised lower to -3,000 from +54,000 [5] Market Reactions - Stocks initially moved lower due to the US government shutdown, but later recovered, with the S&P 500 and Nasdaq 100 reaching new all-time highs [2][4] - The dollar index fell to a one-week low, while gold prices climbed to a record high amid risk-off sentiment [2] - Rising corporate earnings expectations are a bullish backdrop for stocks, with over 22% of S&P 500 companies providing guidance for Q3 earnings that are expected to beat analysts' expectations [8] Sector Performance - Pharmaceutical stocks rallied, with AstraZeneca closing up more than +9% and Eli Lilly up more than +8%, driven by hopes from Pfizer's deal with the US government [15] - Chipmakers and AI-infrastructure stocks also saw gains, with Super Micro Computer closing up more than +9% and Micron Technology up more than +8% [16] - Grocery retailers declined after Amazon announced a new private-label food brand, leading to Dollar Tree and Dollar General closing down more than -4% and -3% respectively [22] Upcoming Economic Data - Weekly initial unemployment claims are expected to increase by +7,000 to 225,000, and August factory orders are expected to rise by +1.4% month-over-month [9] - September nonfarm payrolls are anticipated to increase by +51,000, with the unemployment rate expected to remain unchanged at 4.3% [9]

Core Viewpoint - Bitcoin's price surged nearly 3% to over $117,000, while Ethereum rose over 4% to $4,308.8, indicating a strong upward trend in the cryptocurrency market [1] Cryptocurrency Market Performance - Bitcoin increased by nearly 3% to surpass $117,000 [1] - Ethereum experienced a rise of over 4%, reaching $4,308.8 [1] - Cryptocurrency-related stocks also saw significant gains, with Strategy (MSTR.US) up over 6%, MARA Holdings (MARA.US) up over 5%, CleanSpark (CLSK.US) up over 4.9%, Sharplink Gaming (SBET.US) up over 5%, and Coinbase (COIN.US) up over 3% [1] Regulatory Developments - The U.S. Treasury is preparing to officially relax a proposed rule that would impose a 15% tax on unrealized Bitcoin gains held by companies like Strategy under the Corporate Alternative Minimum Tax (CAMT) [1] - The CAMT legislation requires large corporations to pay a minimum tax based on their financial statement income [1] - Current accounting standards require companies to value their cryptocurrency holdings at market value, leading to taxation on unrealized gains even if the assets are not sold [1] - Companies such as Strategy and Coinbase previously communicated with the Treasury, arguing that taxing unrealized gains on digital assets is unfair and could force U.S. companies to sell assets to meet tax obligations, putting them at a competitive disadvantage globally [1]

We recently published 10 Stocks With 10-60% Upside. MARA Holdings, Inc. (NASDAQ:MARA) is one of the top performers on Monday. MARA Holdings grew its share prices by 15.69 percent on Monday to end at $18.66 apiece as investor sentiment was boosted by an overall optimism for the Bitcoin industry, with a company chief executive projecting it to grow past the $200,000 level. During the session, MARA Holdings, Inc. (NASDAQ:MARA) climbed alongside its peers, namely Riot Platforms, CleanSpark, and Galaxy Digita ...

Core Viewpoint - Cryptocurrency concept stocks experienced a broad rally, with significant gains across various companies as Bitcoin surpassed $114,000 and Ethereum rose above $4,190 [1] Group 1: Company Performance - Canaan Inc. (嘉楠科技) saw its stock rise over 13% [1] - CleanSpark's stock increased by more than 12% [1] - Riot Platforms experienced a stock increase of over 9% [1] - Circle, Robinhood, and Marathon Digital Holdings (MARA Holdings) each saw stock gains of approximately 8% [1] - Coinbase's stock rose by more than 5% [1] Group 2: Cryptocurrency Market Movement - Bitcoin's price broke through $114,000, currently up nearly 2% [1] - Ethereum's price increased by over 1.4%, reaching $4,190 [1]

Core Insights - Mining companies, such as MARA Holdings, Cipher Mining, and TeraWulf, have shown significant gains despite a 1% dip in Bitcoin prices, indicating a divergence from typical market behavior [2][4]. Group 1: Mining Companies Performance - Major mining companies have performed well over the past month, even as Bitcoin prices have decreased [2]. - The dynamics of Bitcoin mining mean that when prices drop, competition decreases, allowing mining companies to accumulate more Bitcoin [5][6]. Group 2: Investment Strategies - Some mining companies adopt strategies similar to Bitcoin treasury companies, purchasing Bitcoin directly from the market during downturns to enhance their reserves [6]. - MARA Holdings has announced a $2 billion stock offering aimed at acquiring more Bitcoin, showcasing a proactive approach to capitalizing on market conditions [6]. Group 3: Market Dynamics - The mining process becomes less attractive when Bitcoin prices fall, but this allows mining companies to stockpile Bitcoin until prices recover [5]. - The volatility of cryptocurrencies suggests that mining companies may be less affected by market fluctuations compared to other crypto-related businesses [7].

We recently published 10 Big Names Investors Are Dumping. MARA Holdings, Inc. (NASDAQ:MARA) is one of the companies that heavily bled in Thursday’s trading. MARA Holdings, Inc. (NASDAQ:MARA) declined for a third straight day on Thursday, shedding 8.90 percent to finish at $16.07 apiece, as investors sold off positions following the drop in prices of Bitcoin. As of writing, Bitcoin—highly sensitive to macroeconomic trends—slashed 3.66 percent of its value to $109,181 apiece. Traders appeared to have parke ...

Company Performance - Marathon Digital Holdings, Inc. (MARA) closed at $16.07, reflecting an 8.9% decline from the previous day, underperforming the S&P 500 which fell by 0.5% [1] - Over the past month, shares of the company have increased by 11.29%, outperforming the Finance sector's gain of 1.4% and the S&P 500's gain of 2.74% [1] Earnings Projections - The upcoming EPS for Marathon Digital is projected at -$0.21, indicating a 44.74% increase compared to the same quarter last year [2] - The Zacks Consensus Estimate for revenue is $267.05 million, representing a 102.85% increase from the year-ago period [2] Fiscal Year Estimates - For the entire fiscal year, the Zacks Consensus Estimates project earnings of -$0.17 per share and revenue of $1.02 billion, reflecting changes of -109.88% and +56.01% respectively from the prior year [3] Analyst Forecast Revisions - Recent revisions to analyst forecasts for Marathon Digital are important as they indicate changing business trends, with positive revisions suggesting analyst optimism regarding the company's profitability [4] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a proven track record of outperformance, with 1 stocks returning an average of +25% annually since 1988 [6] - Currently, Marathon Digital Holdings, Inc. holds a Zacks Rank of 3 (Hold), with no changes in the Zacks Consensus EPS estimate over the past month [6] Industry Context - The Financial - Miscellaneous Services industry, part of the Finance sector, has a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - The Trump administration's early-2025 shift towards a pro-digital asset policy has led to significant actions, including an executive order to support the growth and use of digital assets and explore a Strategic Bitcoin Reserve [1][7] Regulatory Environment - A Justice Department memo indicates reduced prosecutorial pressure on crypto platforms, easing regulatory burdens for industry participants [2] - The administration's guidance signals a shift in enforcement emphasis, lowering the regulatory overhang for the sector [2] Company-Specific Benefits - MARA Holdings, Inc. (MARA) is experiencing a favorable shift in investor sentiment due to clearer policies that reduce legal and regulatory uncertainty, resulting in a 28% stock gain over the past six months [3][7] - Reduced policy risk is expected to increase demand for U.S. mining capacity, enhancing the utilization of Marathon's fleet and facilitating financing for long-term contracts [5] - Marathon's investments in data-center capacity and low-carbon power agreements position the company to scale operations in response to institutional adoption and government demand [5] Market Performance - Riot Platforms (RIOT) has seen a 128% stock increase in the past six months, as investors anticipate that regulatory clarity will stabilize mining economics [9] - Coinbase Global (COIN) has benefited from a friendlier policy environment, with a 66% stock increase in the past six months, attracting greater institutional participation [11] Overall Market Sentiment - The broader policy momentum is positively impacting sentiment across the digital asset ecosystem, reinforcing a bullish outlook for MARA [12]

Core Insights - The traditional method of investing in Bitcoin involves direct purchase, while an alternative is investing in companies that hold Bitcoin, such as mining and treasury companies [1] - Some companies have outperformed Bitcoin itself, with Strategy gaining 1,650% over three years compared to Bitcoin's 522% return [2] - Companies heavily reliant on Bitcoin face significant risks if its price declines, which can lead to substantial losses [3] Company Analysis - Strategy holds 639,835 BTC valued at approximately $72 billion, constituting nearly 75% of its market cap of $98 billion [4] - MARA Holdings, a Bitcoin mining company, has 52,477 BTC worth about $6 billion, with a market cap of $7 billion [4] - Cipher Mining adopts a different strategy by regularly selling Bitcoin, holding 1,414 BTC valued at around $159 million, and has a market cap of $5 billion [5][6] Investment Considerations - Potential investors should evaluate the volatility associated with companies that have significant Bitcoin holdings, as they are more susceptible to price fluctuations [8] - Analysts have identified other stocks that may offer better investment opportunities compared to Strategy [7][8]

Core Insights - Major cryptocurrencies like Bitcoin, Ethereum, and Solana have reached new highs due to favorable regulatory policies and increased acceptance by Wall Street [1] - Stocks utilizing cryptocurrency treasury strategies, particularly those leveraging Ethereum and Solana, are outperforming traditional crypto investments [2] Group 1: Crypto Treasury Stocks - "Crypto treasury stocks" are gaining traction, with smaller companies accumulating Ethereum and Solana for yield and price appreciation [2] - MicroStrategy, now Strategy Inc., has accumulated over $27 billion in Bitcoin, viewing it as a long-term reserve asset, resulting in a stock price increase of over 2,000% in five years [3][4] Group 2: BitMine Immersion Technologies Inc. (BMNR) - BMNR has transitioned from Bitcoin mining to an Ethereum treasury strategy, becoming the largest public holder of ETH with 2.4 million ETH valued at approximately $10 billion [5] - The stock has shown signs of stabilization and is trading above its 50 and 200-day simple moving averages, indicating a potential mature uptrend [7] Group 3: MARA Holdings Inc. - MARA Holdings, a Bitcoin miner, has amassed nearly 50,000 Bitcoin and reported $238 million in revenue for Q2 2025, a 64% year-over-year increase [8][10] - The stock has formed a Golden Cross and is breaking out above key moving averages, suggesting potential for a sustainable rally [10] Group 4: SharpLink Gaming Inc. - SharpLink has accumulated over 700,000 ETH valued at over $2.5 billion and is on track to turn a profit in Q3 2025 [11] - Analyst coverage rates the stock as a Buy with a price target nearly triple its current market price [11] Group 5: Cleanspark Inc. - Cleanspark holds over 12,000 Bitcoin valued at about $1.5 billion and reported a record $198 million in revenue for Q2 2025, growing over 60% year-over-year [14] - The stock has confirmed a breakout with bullish technical signals, indicating strong momentum [16] Group 6: Upexi Inc. - Upexi has a market cap of over $360 million and announced a record $447 million in Solana holdings, significantly exceeding its market cap [17][19] - The stock is showing signs of a new uptrend, with potential for significant upside despite inherent risks [19]