**Price Target**
$34-37 EOY
**Position**
1000 Shares
5x 12/19 C18
10x 12/19 C19
1x 12/19 C20
**Upside**
BTC is ripping higher, expectation by Tom Lee is $200k by EOY. MARA owns 52,850 BTC for an "mNAV" of 1.1x, while Saylor Moon's bullshit (MSTR) is sitting at an "mNAV" of 1.45x. If MARA matched, then we are looking at roughly $25 price.
This piece of shit is finally starting to think about being a AI/HPC, so it'll have it's BTC mining cyclical cycle and the AI/HPC revenue streams to maximize the hype. The current narrative is that power is fucked for all these companies building datacenters, and this company has it's own wind farm and working on natural gas to power its datacenters. It already has 1.1GW energized (grid & generated) and working to get to 3GW. Since it has a decent amount of power already, it seems reasonable that someone looks at these guys for a contract.
There is roughly 107 million shares short, which is 30% of float, so there should be some fun here with the hype cycle of BTC.
Current:
Energized Hashrate - 60.4 EH/s
Total Energy Available \~1.7 GW
Wind Farm Power (Self-Owned) - 114 MW
Future:
Target Hashrate - 75 EH/s
Total Energy Available - 3.0+ GW
Wind Farm (Self-Owned) - Adding 240 MW
**Downside**
Debt. This piece of shit is a bit fucked in a BTC downturn if the AI/HPC revenue doesn't come online fast enough. Get the fuck out of this by end of year.
$2.6B of debt
The debt-to-equity ratio is around 54%
Negative operating cash flow
Downside TLDR; Stock Dilution