Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
MARA Trades at a Premium Factoring
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
MARA Trades at a Premium Factoring
MARA Trades at a Premium Factoring in Its Debt, Not a Discount: VanEck’s Sigel
MARA Trades at a Premium Factoring in Its Debt, Not a Discount: VanEck’s Sigel
VanEck’s Matthew Sigel argues MARA’s valuation looks expensive when adjusted for its leverage and capital structure.
By James Van Straten|Edited by Oliver Knight
Updated Dec 5, 2025, 3:38 p.m. Published Dec 5, 2025, 3:38 p.m.
MARA (TradingView)
What to know:
- VanEck’s Matthew Sigel argues once you account for MARA's $3.3 billion in convertible debt, it's net bitcoin value sits near $1.6 billion, which means the stock trades at a premium rather the perceived discount to its bitcoin holdings, with a $4.7 billion market cap.
- Sigel says much of MARA’s short interest and volatility stems from its capital structure, making it a far less direct bitcoin proxy compared to Strategy (MSTR).
The two largest publicly traded companies holding bitcoin, Strategy (MSTR) and MARA Holdings (MARA), have each fallen roughly 40% over the past six weeks.
CoinDesk Research has extensively covered the MSTR correction, but MARA, which is down 55% year over year, is also attracting attention as some investors view it as inexpensive at current levels.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
Matthew Sigel, head of digital assets research at VanEck, argues that the perception of MARA as cheap is not supported by the data. Sigel argues that the company is actually trading at a premium to it's bitcoin holdings and not a discount.
Sigel highlights MARA's $3.3 billion in outstanding convertible debt relative to its $4.9 billion in bitcoin holdings. Adjusting for the convertible debt leaves just $1.6 billion of net bitcoin value before accounting for any additional liabilities that the mining business incurs.
That compares with a $4.7 billion equity market cap, which Sigel implies that MARA is in fact trading at a premium once debt is included, rather than at a discount to its bitcoin holdings.
Sigel also addresses MARA’s high short interest, which currently stands at 27%. After adjusting for delta hedging related to the company’s convertible notes, Sigel estimates that true short interest falls to about 15%, a reduction of 44%.
Sigel contrasts this with MSTR, which has more than $8 billion of convertible debt, compared to a $53 billion market cap.
Once hedge related shorts are removed, MSTR’s short interest declines by only 31%, or by roughly 9 million shares. Sigel characterizes MARA’s short interest as more structural, compared with MSTR’s which he frames as more fundamentals driven.
Sigel argues that over half of MARA’s equity volatility stems from its capital structure and financing dynamics rather than from pure bitcoin beta. He concludes that MSTR offers a much cleaner bitcoin duration exposure, while MARA’s mining equity performance is dominated by what he describes as a problematic capital structure.
MarathonBitcoin NewsMicroStrategy
More For You
Protocol Research: GoPlus Security
Commissioned byGoPlus
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report
More For You
Has the DAT Bubble Already Burst? CoinShares Says In Many Ways, Yes.
Digital-asset treasury plays that once traded at big premiums have fallen back toward net asset value.
What to know:
- CoinShares said the DAT bubble has deflated, with some names dropping from 3x–10x mNAV in summer 2025 back to around 1x or below.
- The near-term path splits between a disorderly sell-off and a hold-and-recover, with CoinShares head of research James Butterfill leaning toward the latter on improving macro and possible Dec. rate cuts.
- The longer-term fix is structural: less dilution and concentration, clearer category lines, and more credible businesses using digital assets as treasury tools rather than the whole story, the report said.
Read full story
Latest Crypto News
Has the DAT Bubble Already Burst? CoinShares Says In Many Ways, Yes.
The Dollar Is Crumbling. Fiat-Backed Stablecoins Are Next
European Crypto Scam Network Dismantled After Laundering $815M
Strategy Stock Still a Buy at Cantor After Plunge Forces Major Price Target Cut
Crypto Sector Lit Up Bright Red as Bitcoin Slips Back to $90K
CoinDesk 20 Performance Update: Index Falls 1.5% as Nearly All Constituents Decline
Top Stories
Crypto Sector Lit Up Bright Red as Bitcoin Slips Back to $90K
Here's How Much Bitcoin, XRP, Ether, Solana May Move on Friday's Inflation Report
Switch to Long-Term Thinking: Crypto Daybook Americas
BlackRock’s IBIT Faces Record Outflow Run as Bitcoin Struggles to Reclaim Bull Trend
Polymarket Hiring In-House Team to Trade Against Customers — Here's Why It's a Risk
Kraken Launches High-Touch VIP Program for Ultra High Net Worth Clients
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Vanguard Reverses Crypto ETF Ban, Triggers $200 Billion Market Surge
The post Vanguard Reverses Crypto ETF Ban, Triggers $200 Billion Market Surge appeared on BitcoinEthereumNews.com. // News Reading time: 2 min Published: Dec 05, 2025 at 15:43 The dramatic surge was attributed to the world’s second-largest asset manager, Vanguard Group, reversing its long-standing ban on trading crypto Exchange-Traded Funds (ETFs). The cryptocurrency market experienced a massive, unanticipated rally on December 3rd, with Bitcoin (BTC) smashing through the $93,000 level and the total crypto market capitalization adding over $200 billion in value within 36 hours. The “Vanguard Effect” and institutional green light Vanguard, which had previously held a staunch anti-crypto stance, citing it as “speculative” and unfit for long-term portfolios, announced it would now allow its clients to trade various Spot Bitcoin, Ethereum, Solana, and XRP ETFs on its platform. This reversal effectively opened the gates for millions of conservative retail and institutional investors to gain exposure to digital assets through one of the most trusted names in passive investing. The “Vanguard Effect” was immediately amplified by other major financial institutions: Bank of America’s Merrill Lynch followed suit by allowing over 15,000 of its financial advisors to recommend a small (1% to 4%) allocation to crypto ETFs for suitable wealth management clients. BlackRock’s IBIT ETF recorded one of its highest trading volumes to date, crossing the $1 billion mark in a single day. Market mechanics The sudden, unexpected institutional buying pressure, combined with forced buying from short-sellers, triggered the liquidation of over $360 million in leveraged short positions. This short squeeze further accelerated BTC’s price past key resistance levels, driving Ethereum (ETH) above $3,000 and boosting other major altcoins. The news signifies the final collapse of the traditional finance industry’s resistance to crypto, confirming that the asset class is now firmly entrenched in the mainstream investment ecosystem. Disclaimer. This article is…
Share
BitcoinEthereumNews2025/12/05 23:58
Unveiling the Truth: Why Cloud Mining Will be The Biggest Scam of 2025—and why Smart People Are Turning to lower-risk Poain Blockchain Contracts.
Cloud mining scams dominate 2025 losses as fake platforms vanish so investors shift to verified Poain blockchain contracts offering transparent safer returns.
Share
Blockchainreporter2025/12/06 00:40
Why Decentralized Exchanges are the Future of Crypto Trading
Why Decentralized Exchanges are the Future of Crypto Trading
The cryptocurrency phase is quite versatile; the evolution of trading has been trem
Share
Medium2025/12/06 00:40