MARA's management is clearly clueless, having sold 25% of its bitcoin after a 25–30% drop while sitting years behind peers in the AI data-center transition. The company could be really undervalued if management got it together, but there are much better places for capital unless it cleans house or sells to an operator that can manage the assets better. A renewed bitcoin rally could warrant another look. x.com  x.com  x.com 

CleanSpark is bad for shareholders because it loses money mining Bitcoin, at an all-in cost above $120K per coin. Even excluding about $670M of markdowns on its Bitcoin holdings, it lost almost $400M over the past year, and depreciation eats the rest of its so-called profits. Its shareholder equity is below what it has raised from investors, though its miners are still carried above their worth. This rebuts @Market_Maestros, who argues miners trade on EV/EBITDA and the losses are unrealized. … Show more

CleanSpark has spent years coiling into a tightening range while its business backdrop improved, setting up a long re-rating base. Higher lows over three to four years show long-term accumulation, while a multi-year descending trendline still caps it, so this is compression, not a breakout. It needs to hold above the 21-month EMA near $11.37 and clear $17-20. If investors value it as a power-backed infrastructure platform with AI/HPC optionality rather than a miner, upside could be large. x.com 

MARA lacks vision because CEO Fred Thiel keeps bouncing between strategies, from bitcoin treasury company to AI data-center play. Per @Tsuff101, he opposed the AI pivot and bought tens of thousands of bitcoin during the treasury hype, only for MARA to later sell 20K BTC around $60K, and now sounds more bullish on AI infrastructure than mining. He is late to the space, and his turning bullish is if anything a contrarian signal. x.com 

CleanSpark is held back by its bitcoin mining identity: the market gives miners about a tenth of the upside potential, and the profitability gap plus added uncertainty is hard to justify. A complete pivot away from bitcoin would likely send the stock instantly higher, even though bitcoin is in the company's DNA. x.com 

CleanSpark's risk-reward looks favorable because liquidating the company, selling its powered land sites and bitcoin and paying down debt, would probably recoup more than its market cap. Hut 8 in December and TeraWulf after its Fluidstack and Google deal show what is possible if CleanSpark lands its own data-center deal. x.com 

MARA Holdings is a proven poor company with poor management. Its behind-the-meter power sites are likely to get wrecked when Democrats take office, making grid-connected AI sites the better choice. x.com 

Avis Budget has no underlying business value to support its price swings, so buying it is gambling, not investing. The stock fell about 38% in a day and kept plunging after a week of being promoted to retail investors, who rarely have the risk controls, position sizing or discipline to survive such swings. x.com 

MARA is a better buy now as an AI company than as a bitcoin company, and retiring its convertible notes was smart because it also removed the hedged shorts tied to them. The stock is up 35% since @qthomp called a death spiral imminent after MARA sold over $1B of bitcoin near $72,000. Miners have been unwinding bitcoin as a balance-sheet asset for over two years; public miners sold 60k BTC in 2022. x.com 

CleanSpark's new AI lease is worth nearly twice its market cap, yet the stock has barely reacted amid the neocloud selloff, a coiled-spring setup. It signed a 20-year, $6.6 billion triple-net lease for 175MW with an investment-grade tech tenant, which also signed an LOI and exclusivity for CleanSpark's entire 885MW Texas portfolio. The rumored tenant is Meta, which is in talks to rent compute to Anthropic. A third of the float is short, and Leopold Aschenbrenner raised his stake about 7.5-fold. … Show more