Bitwise CIO Matt Hougan discusses 'megatrend' of public companies betting big on bitcoin
Matt Hougan, Bitwise Asset Management CIO, discusses the launch of the asset manager's new GameStop-focused covered call ETF. Plus, he weighs in on regulatory advancements for crypto in the United States.
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Strategy benefits from increasing bitcoin yield, 13.7% as of April 28, 2025, keeping the company on track to reach the full-year target of 15%, which is now raised to 25%, and the bitcoin dollar gain target to $15 billion (up from the initial target of $10 billion). Bitcoin gains in dollar terms were $4.1 billion in the first quarter of 2025 and $5.8 billion as of April 28, company's disciplined approach to capital raising through preferred equity offerings — Strike (8% convertible preferred is trading with an effective yield of roughly 9%) and Strife (10% fixed coupon perpetual preferred) — is a key catalyst. As of April 28, 2025, MSTR raised $6.6 billion through equity offerings and $3.4 billion through fixed income ($2 billion from convertible notes, and $0.7 billion each through Strike and Strife).Strategy has issued $20.9 billion in equities and $6.4 billion in fixed-income securities as part of its 21/21 plan since Oct. 30, 2024. The company has $14.6 million remaining under fixed-income securities and $0.1 million under equities as part of the existing plan. Strategy currently plans to raise $42 billion through equity issuance and $42 billion through fixed-income securities by the end of 2027. Under the current plan, the company has $21.1 billion in equity and $35.6 billion in fixed-income securities remaining to be issued. Strategy is benefiting from growing software subscription revenues. The company benefits from continuing cloud demand with its flagship Strategy One, which powers some of the largest analytics deployments in the world. Strategy One supports varied industries, including retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications and the public sector. MicroStrategy is leveraging generative AI to automate and accelerate the deployment of AI-enabled applications across enterprises. MARA Holdings hold 47,531 bitcoins at the end of the first quarter of 2025. The company continues with its commitment to scaling operations and enhancing efficiencies. In 2024, Marathon acquired seven sites across the United States. In the third quarter of 2024, the company increased its interconnect-approved capacity by 372 MW across three Ohio data centers, positioning itself for sustained mining expansion. MARA also acquired the Hopedale and Hannibal facilities for just $270,000 per MW, significantly below the industry average of $900,000 to $1.5 million per Holdings is developing a greenfield facility in Ohio, which is expected to add 150 MW of capacity. These strategic expansions support MARA's growth and reduce reliance on third-party providers. By owning and operating more than 50% of its 1.7 GW compute capacity, the company aims to minimize operational risks and lower costs. This vertical integration aligns with MARA's objective to lead the digital asset industry while maintaining flexibility in energy sourcing and operational Bitcoin miners are facing difficulties from rising hashrate hurting margins. Per Coindesk, which cited TheMinerMag report, mining difficulty hit a record 126.98 trillion, propelled by a 14-day average hashrate of 913.54 exahashes per second (EH/s). Intensifying competition and energy costs are expected to drive production expenses above $70,000 per Bitcoin from $64,000 in the first quarter of 2025. This does not bode well for miners, including MARA Holdings' which reported energy costs per Bitcoin of $35,728 in first-quarter 2025. The Zacks Consensus Estimate for MSTR's 2025 loss is pegged at $15.73 per share, unchanged over the past 30 days. The company reported a loss of $6.72 per share in 2024. MicroStrategy Incorporated price-consensus-chart | MicroStrategy Incorporated Quote The consensus mark for MARA Holdings' 2025 loss has improved a couple of cents to $1.77 per share over the past 30 days. The company reported earnings of $1.72 per share in 2024. Marathon Digital Holdings, Inc. price-consensus-chart | Marathon Digital Holdings, Inc. Quote Both Strategy and MARA Holdings are overvalued, as suggested by the Value Score of F. In terms of Price/Book, Strategy shares are trading at 3.05X, higher than MARA Holdings' 1.37X. Image Source: Zacks Investment Research Both Strategy and MARA Holdings benefit from their policy to hold Bitcoin on their balance sheets. However, MARA's significant dependence on Bitcoin makes it a riskier stock due to growing volatility. Strategy's diversified business model (though software is a very small part of the business) offers some relief to investors in this a Zacks Rank #3 (Hold) company, has an edge compared with MARA Holdings, which currently has a Zacks Rank #4 (Sell).You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report MicroStrategy Incorporated (MSTR) : Free Stock Analysis Report Marathon Digital Holdings, Inc. (MARA) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
