Compass Point downgraded Mara Holdings (MARA) to Sell from Neutral with a price target of $9.50, down from $25. The firm says Mara remains the highest cost bitcoin miner with less transparency and a “changing narrative.” There are much better ways to get beta to bitcoin exposure as Mara holding 100% of mined bitcoin requires excessive dilution and continuous capex upgrades that results in significant cash burn, the analyst tells investors in a research note. Compass believes the company’s “model is broken,” and that Mara will have to change course and start selling bitcoin.
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