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 

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 

Vertebrai is one of MARA's smartest power moves because modular compute can earn on underused electricity before AI tenants arrive without locking up capacity. It can ramp down almost instantly when site owners need the power or grid sales pay more, then scale down or relocate for higher-value customers. x.com 

MARA Holdings and CleanSpark are little more than lottery tickets: extremely volatile, with shaky fundamentals at best. Retail investors keep chasing overnight riches in them only to watch their holdings bleed out cycle after cycle, while influencers loudly promote them, one even calling for $900 on MARA. Large, high-quality companies are the better place for most capital. x.com 

MARA is finally selling its bitcoin reserves, which is the right move, but still needs to leave bitcoin mining, a failing business model. Per Lookonchain, MARA sold 23,093 BTC in the first half of 2026 and still holds 35,577. With the hashprice index at all-time lows, this is one of the most inefficient periods to mine in history. Using sale proceeds to pivot to AI/HPC could make MARA a really good opportunity in the coming weeks and months, if management has finally woken up. 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 

MARA is best avoided because it constantly dilutes shares and wrecks its own shareholders. Within the AI infrastructure and power-shortage trade, IREN and Hut 8, which just locked in multi-billion-dollar contracts, look like better opportunities. x.com 

MARA has outsized upside leverage to its infrastructure projects, an obvious pick for that trade. With Bitcoin at $60,000, a delay in either of its projects would create major funding issues, and that same sensitivity gives similar juice on the upside. x.com 

An imminent FERC ruling on how data centers connect to the grid could catalyze PJM-exposed names such as Talen, Constellation, TeraWulf, Keel and MARA. FERC is expected to rule by end of June on PJM co-location rules and a DOE-directed rulemaking that may make hyperscalers pay for grid upgrades. Existing interconnects gain value if hyperscalers self-fund, and certainty alone could start a new PJM investment cycle. PJM fell 6.6 GW short in its December 2025 auction at a record $333/MW-day. x.com 

Bitcoin miners and data-center operators that already control power, sites and interconnection, including IREN, Cipher Mining, Riot Platforms, Hut 8 and MARA, just became more valuable as Texas severely constrains new data-center capacity. Governor Greg Abbott says no new data centers are coming on board and they must not take power or water needed by communities; only projects bringing their own will clear. Regulators have under 10% of the data they need, and no special session is set. x.com  … Show more