MARA Holdings: A Valuation Re-Rating Could Be Near

MARA Holdings remains a buy as the market undervalues its strategic pivot to AI and HPC infrastructure. Their legacy BTC mining business faces revenue declines and sensitivity to BTC prices. The market seems overly focused on this. The company's AI push, including a joint venture with SDV and a stake in Exaion, positions MARA to capture surging demand for AI compute.