MARA & SMLR Stock: Better Than MicroStrategy (MSTR)? Deep dive on p-to-NAV and Sum-of-the-Parts

Beat The Denominator is a channel whose goal is to Beat the dollar's inflation (i.e., beat the denominator). Therefore, I don't cover just inexpensive stocks: I also cover Bitcoin derivative stocks SUCH AS Microstrategy stock, Semler Scientific stock (SMLR), and Marathon holdings or MARA stock (bitcoin mining company. ! Today, I explore how I approach the MicroStrategy and Michael Saylor story and what are reasonable expectations for this investment for ME AND ME ONLY! This is NO FINANCIAL ADVICE! Just sharing my ENTERTAINMENT-ONLY thoughts on MicroStrategy stock (MSTR stock) and Bitcoin (BTC) and the BTC / Bitcoin Yield. Why the ATM may be good for you! No Investment Advice EVER!

As always, this video is NOT investment advice, and none of the contents should be construed as such. I do not make short-term or long-term price predictions for any stock investment, and all words spoken in this video are for entertainment purposes ONLY.

[luffebassen]

Great content.
I actually just bought a good chunk of stocks in MARA like 1h before seeing your video.
Already have in MSTR since 2021 and again beginning of 2024.
So love these videos you make 👍

[kemingyu]

Question: for the non mstr companies, does your p/nav remove the market cap of the underlying business? You should calculate premium on its BTC holdings alone, not including the underlying business

[Jon-lvdc]

Mara has to dilute to pay for depreciating assets to stay in business, they have negative operating cash flow, which is payed for through dilution, making their btc yield lower. Plus they already have a bunch of debt. Smlr is debt free, has positive operating cash flow to purchase btc, with a chance of greatly increasing, and better btc yield on atm. They also have a lower floor in bear market due to core business. Id be buying all day long if this goes to the 40's. They will have over 4000 btc by end of next year. Mstr and mara will have a hard time doubling their btc pile. But never underestimate Saylor, so ill own both.

[BTCforce]

MSTR will always b more valuable than miners. Miners have to upgrade every 4yrs, very expensive, MSTR doesn’t. MSTR uses finance and volatility to buy BTC.

[JayPatel-gfsc]

I sold all my Coinbase, robinhood, Marathon and Hive. And diverted the cash into MSTR - long term investor..

[rishabhsinghvi]

great video - could you please cover BTBT? thanks

[alessandrotech]

Mara operation cost is a killer for the company! They need to find away to have some income

[Graham_]

For all thos BTC critic's ... they all wish they could have bought it at 1k, 10k, 20k, 30k, 40k, 50k, 60k... just imagine how much gold you could buy with the amount of profits. Gold is not the future. It's too heavy and too slow. Crypto is the future. And you can beleive or not believe. But we can all agree that you and I would have been much better off had we bought BTC any time in the past. Now all that said. I think BTC goes to a million but it goes to 20k first. Any massive pullback in it... is a trade not a hold. Same for gold and sliver. Rich don't hold tops ... they I have managed to grow a nest egg of around 3b"tc to a decent 26B'tc in the space of a few months. Amidst this, the insights of a knowledgeable guide like that of Francine Duguay can be crucial. Her expertise in navigating the nuances of trading has been the key for Me understanding and making the most of these emerging financial trends.

[hiuofwreqc]

Hmm Semler sounds very appealing actually. There's just something very appealing about the core business being independent/differentiated from its bitcoin treasury strategy. Also it sounds like there were some bad events to its core business but that was far before the adoption of the BTC strategy so that was probably already priced in to the stock too. Most of all if you want growth you can't ignore the exponential power of "smaller" market cap stocks.

[JimCraddock]

Semler has options. They have no debt. I would guess 100+% Btc yield in 2025 from convertibles.

[williamjver]

Is there any truth to the rumor that MSTR is planning on aquiring MARA?

[williamjver]

Thanks for covering MARA. MARA is 25% short.

MARA investors:

BLACKROCK 15%
VANGUARD 11%
MORGAN STANLEY 6%
STATE STREET. 4%
The list goes on.

MARA will go parabolic when it runs. I wouldnt be surprised to see MARA at 100 dollars by eoy.

[IggyP]

Thanks for the analysis. You often mentioned MSTR is long term invest. What is your price target? Bought at 435 USD in November and I struggle with the weak performance compared to BTC

[MarcFun]

Hive and Bitfarm are oldest miners i think.

[urbanhick]

Just buy bitq and dapp. Keep a mstr and btc bag separate

[DANIEL]

MARA is not doing well because they keep diluting stock holders.

[markk]

I made a lot of money on btc mining stock in 2020 and 21.

[BenWilkinsonBin]

are you taking into account the 1.8 billion of convertible debt that marathon digital just added to balance shee in you NAV calct? I don't think so, so your calculations are dumb.