MARA is trading at a premium when its debts are taken into account.

Comments from VanEck Analyst Matthew Sigel

VanEck analyst Matthew Sigel notes that considering MARA's $3.3 billion convertible debt, the net Bitcoin value is approximately around $1.6 billion.

In this case, the company's shares are trading at a premium rather than a discount relative to its Bitcoin assets. The company's market capitalization is at $4.7 billion.

Sigel emphasizes that MARA's high short position and volatility are largely due to its capital structure. This situation distances it from being a more direct Bitcoin proxy like Strategy (MSTR).