MARA

The best post-print bull read is that most of the Q1 damage was driven by bitcoin fair-value marks rather than a collapse in operating scale: energized hashrate reached 72.2 EH/s, cost per petahash per day improved 3%, and MARA still had about $2.9 billion of combined cash and digital assets plus roughly $1.5 billion of remaining ATM capacity at March 31. Rosenblatt reiterated Buy with a $15 target after the print, showing at least some support for the view that operating scale plus infrastructure optionality can outweigh the ugly quarter over time.