After some speed bumps in 2022, mainly related to the relocation of Facilities and shutting down all Mining Machines and the drop in Bitcoin prices, MARA has emerged in 2023 as a much stronger Company.
MARA now has the Strongest balance Sheet of any of the miners, with over $500M in unrestricted cash, virtually no short term debt, and no long term debt due prior to 2026. (compared to only 120M unrestricted cash in Dec 2023).
Additionally, In June/July MARA will complete its major ramp up in mining capacity to 23EH, which will allow production of 5X the mining capacity in 2022 & at a 30% more cost efficient rate. This is double the capacity of any other miner. Monthly capacity should allow for production of around 2200 bitcoins per month going forward.
All of the changes MARA has made- have not been priced in & the turnaround- along with Bitcoin's rise- have caught Shorts off guard and over 40M short shares must be covered. Additionally availability of shares to borrow has hit under 1000 the past 3 days. And because the squeeze has been building for over a month- MARA has a solid base of share holders who are dug in and are not selling (manipulation tactics will not work).
When the Price surpasses $9-10 (likely this week), initial covering will likely begin.
Price Target for a Short squeeze have the price going to $28-$34. Additionally, there are analyst who think Bitcoin itself could squeeze to 50M. MARA is in the position to benefit from 2 separate Short Squeezes. Could see a big rebound today as it retraces the 12% Short Spike yesterday afternoon.
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