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kaguni Private ID: 182410563
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    $MARA Holdings (MARA.US)$
    What are the factors that have led to this decline?
    ・The decline of BTC
    ・Pre-earnings adjustments
    At the shareholder meeting on February 18, the total number of shares that can be issued was changed to 1.5 billion shares (the most recent total that can be issued was 0.7 billion shares. The current total number of outstanding shares is 0.3 billion 40 million shares), and there is concern about dilution due to future ATM.
    I think that mining companies like MARA will only conduct ATM for capital investment in BTC mining (to absorb rising costs due to economies of scale)? If that is the case, will the approval be granted at the shareholder meeting? Is there enough performance there to aim for mid- to long-term growth?
    Otherwise, if ATM is conducted to acquire physical BTC like MSTR, I think the price of the physical asset may rise to $0.12 million to $0.2 million due to the halving bonus in the short to medium term, which could further increase the EPS compared to the end of last year. Is my thinking naive?
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