Marathon Digital Holdings
MARA
Miner
Buy
Marathon is the largest publicly traded Bitcoin miner by hash rate (33.7 EH/s) and BTC holdings (17,631 BTC). Our valuation combines a per-EH/s hash rate multiple, NAV on BTC treasury, and a DCF on mining operations assuming BTC at $120K. At $42, MARA trades at fair value for its combined mining + treasury business.
Bitcoin Mining