Bitcoin Miners: Treasury Strategy Now Matters More Than Mining

Bitcoin Miners Report, February 2025

Gone are the days where any stock linked to Bitcoin gets a free moonshot. The Bitcoin market is getting more integrated into the global financial system and simultaneously becoming more sophisticated.

This applies to everyone but especially to Bitcoin mining stocks.

You can no longer pick any miner and expect it to skyrocket just because Bitcoin is growing.

We need to be more refined in our analysis, which is why we are introducing ratios.

Let's talk about that.

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Bitcoin Miners: Treasury Strategy Now Matters More Than Mining

The Takeaway

The conventional thesis of Bitcoin miners outperforming Bitcoin has failed to materialize. Instead, the key to evaluating mining stocks in the future lies in their Bitcoin treasury management.

Our analysis of Bitcoin-to-Equity and Debt-to-Bitcoin ratios shows that miners with substantial Bitcoin holdings and conservative debt levels, like Marathon and Hut 8, are best positioned to capture Bitcoin's long-term value appreciation.

Our Miners Thesis Is Confirmed Dead