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Galaxy Digital Holdings Ltd. ordinary shares (GLXY)
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Marathon Digital Holdings Inc. (MARA)
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Riot Platforms Inc. (RIOT)
In what order would you buy them?
Thanks,
Milan
MARA is a $5.7B company, RIOT is $3.3B, and GLXY is $2.5B. MARA is the most liquid, with the strongest current ratio of 11.3X, compared to GLXY at 1.5X and RIOT at 7.2X. GLXY has an equity position of $396M, and no long-term debt. RIOT has an equity position of $1.3B, and close to no long-term debt, and MARA has an equity balance of $1.4B, and $325M in long-term debt.
MARA holds 15.2K BTC (~$0.7B) on its balance sheet, GLXY is at 8.1K (~$0.4B), and RIOT at 7.4K (~$0.3B).
We would consider RIOT to have the strongest balance sheet, with GLXY and MARA close behind. Considering factors other than the balance sheet, we feel that MARA is the industry leader in terms of bitcoin mining, and thus we would prefer to own MARA over RIOT. GLXY operates in many areas other than just mining, which makes it more attractive from a diversified operations perspective.
If an investor is looking for purely a bitcoin miner, we would prefer: MARA, RIOT, and GLXY. If one is looking for diversified exposure to the crypto space, we like GLXY, MARA, RIOT.
Authors of this answer, directors, partners and/or officers of 5i Research and/or affiliated companies have a financial or other interest in MARA, RIOT.