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Fred has said before that the dilution would stop and millions got diluted a few days maybe a week later. Im sure it was around December January 2022 -23 time when all kinds of chaos was happening. CLSK said the same no more dilution and then diluted loads more.
These miners have to dilute to remain competitive as cash generation isnt enough to sustain them. So if they told me right now no more dilution I'd be wary of its reality.
GST has that Argoesque feeling like December 2020.
Every holder I speak to is shaking their heads at these prices just like they were with Argo in November December 2020, 30-50p would not surprise me, definitely a potential unicorn in that company.
An 8 week turbo ramp from 5 p to 339p and since Feb 16th 2021, the company has been run terribly and all its done since that date is decline in price.
Thats the price reality here. Spitfire youve bought the dip for 3 years you might be the dip here?, and all it does is lose more value in MCAP and sell more assets off to stay alive! what an investment case.
Here it is
https://www.sec.gov/Archives/edgar/data/1507605/000149315224008736/forms-8.htm
Mara just announced 15 million shares added to the bonus scheme from the 2018 equity incentive plan or whatever title it is. 420 million! In real money. It’s all getting a bit silly. I thought I’d be smart and play Mara mining margin mayhem game and 60 minutes later the bonus shares get filed.
Could be pain coming ! And now I understand why so many shorters were all over Mara today ! Better times will come, fook knows what price btc has to go to before those time come again but btc keep going up so something has to flip !
GL
Lol when it gets you good it gets you good, if any solace...... it fooking happens to all of us x;) The BTC price has to motivate the miners soon. Mara might start going up when BTC goes down. It's getting that weird.
GL
I think youve done a good move there Ian it is getting very emotional owning miners, I sold a lot of Mara at 30 and bought them back pretty rapido the run has to start soon for the good miners.....I buy BTC over MSTR but the beta is getting very interesting....
Since the lows of Dec 2022 Jan 2023
BTC 16k to 67k
MSTR 140 ish to 1300
MARA 3.21 to 28
MSTR was always conservative v the miners on beta, last couple of months have been really strong.
Even mara and clsk arent really moving at 66k BTC..
MSTR almost at the level of beta on BTC that MARA and CLSK were at...........
Not sure on what level BTC has to hit for them to start running but they will.....
GLA
GI, I hope your message resonates........ many have highlighted the perils of Argo and its failed business dealings.
95 % off its ATH but you can put it in your ISA x;) Just fill out a W8 Ben form and get into the North American market.
Mara have 184 million paid for new machines, with an option to buy more eh at certain fixed rate i believe. Also with the recent purchase of sheds they now have the ability to expand its self mining MW capacity to most of the other competitors.
I actually think 267 million shares issued for what Mara has today compared to its peers is not too shabby. I'd be surprised if any miner gets close to Mara EH and its hodl and cash without being around that 267 number..........What I am worried about is the continuation of these ATM's and the increases, 1.5 billion is a big chunk of change to absorb and no doubt hundreds of millions have already gone through. Fred's joy at being able to have ATM's mmmmmmm found it all a little bit patronising and no real end goal of actually generating profit revenue. Especially some of the raise prices for Mara, they also lost 17 million in q4 'hedging'
Feels like the race to the bottom will never end but right now 9 billion mcap would get us back to 30 USD per share, BTC needs 70 ? Monday lol ?
GLA
I agree with you 404 the ATM is just relentless..... I managed to get a lot of my future projections correct in Mara, the dilution im way out of target with it, they've already dug into that 1.5 billion 2024 ATM imo, definitely at 30 bucks, I reckon they've done another 300 million ish. Fred bigging up the ATM like its a USP, I'm tired of it tbf.
10's of millions of shares have been wasted at mad mad mad low prices, it's not just Mara.......... its great mara has 1 billion plus in hodl and cash but its not doing much for us, especially when all you see is more dilution.
Seriously considering an exit on the next spike or certainly before the next earnings and its next avalanche of issued shares.
GLA
Agree GI,
Being under 10 EH interested me and the scope of machines that aren't going to be profitable after the halving. It really is an industry in the brown stuff and like Fred said 60 k BTC is giving the inferior miners their last gasp !
Hey Lotto I don't think you're far off.
On October 24, 2023, we commenced a new at-the-market offering program (the “2023 ATM”) with H.C. Wainwright & Co., LLC, acting as sales agent (“Wainwright”), pursuant to an at-the-market offering agreement (the “ATM Agreement”), under which we may offer and sell shares of our common stock from time to time through the sales agent having an aggregate offering price of up to $750.0 million. As of December 31, 2023, we sold 19,591,561 shares of common stock under the 2023 ATM for an aggregate purchase price of $248.1 million, net of commissions and expenses. Subsequent to December 31, 2023, we sold additional shares of common stock under the 2023 ATM such that the aggregate offering price of shares sold under the 2023 ATM is approximately $750.0 million. In February 2024, we intend to commence a new at-the-market offering program with Wainwright acting as sales agent (the “2024 ATM”) pursuant to the ATM Agreement, under which we may offer and sell shares of our common stock from time to time through Wainwright having an aggregate offering price of up to $1.5 billion.