Keeping this dead simple.
* **BITF**:
* 1,827 BTC ≈ **$0.2B**
* Market cap: **$1.6B** → \~**8×** BTC value
* **HUT**:
* 13,696 BTC ≈ **$1.2B**
* Market cap: **$6.3B** → \~**5×** BTC value
* **MSTR**:
* 709,715 BTC ≈ **$64B**
* Market cap: **$47B** → \~**1.4×** BTC value
* **MARA**:
* 52,850 BTC ≈ **$4.8B**
* Market cap: **$3.9B** → **\~0.8×** BTC value
MARA is priced **below the Bitcoin it holds**, while peers trade at a premium.
