• bitcoinBitcoin (BTC) $ 96,194.00
  • ethereumEthereum (ETH) $ 1,805.66
  • tetherTether (USDT) $ 0.999975
  • xrpXRP (XRP) $ 2.14
  • bnbBNB (BNB) $ 601.54
  • solanaSolana (SOL) $ 145.86
  • usd-coinUSDC (USDC) $ 0.999997
  • dogecoinDogecoin (DOGE) $ 0.171172
  • cardanoCardano (ADA) $ 0.671056
  • tronTRON (TRX) $ 0.245496
  • staked-etherLido Staked Ether (STETH) $ 1,802.46
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 95,927.00
  • suiSui (SUI) $ 3.33
  • chainlinkChainlink (LINK) $ 13.69
  • avalanche-2Avalanche (AVAX) $ 19.91
  • stellarStellar (XLM) $ 0.261941
  • leo-tokenLEO Token (LEO) $ 8.72
  • the-open-networkToncoin (TON) $ 3.02
  • wrapped-stethWrapped stETH (WSTETH) $ 2,170.85
  • usdsUSDS (USDS) $ 0.999979
  • hedera-hashgraphHedera (HBAR) $ 0.176491
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • bitcoin-cashBitcoin Cash (BCH) $ 367.01
  • hyperliquidHyperliquid (HYPE) $ 20.95
  • litecoinLitecoin (LTC) $ 86.79
  • polkadotPolkadot (DOT) $ 3.94
  • moneroMonero (XMR) $ 286.78
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • wethWETH (WETH) $ 1,805.93
  • bitget-tokenBitget Token (BGB) $ 4.31
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 96,132.00
  • wrapped-eethWrapped eETH (WEETH) $ 1,926.24
  • whitebitWhiteBIT Coin (WBT) $ 28.29
  • pi-networkPi Network (PI) $ 0.578079
  • pepePepe (PEPE) $ 0.000008
  • daiDai (DAI) $ 0.999664
  • bittensorBittensor (TAO) $ 370.35
  • okbOKB (OKB) $ 50.68
  • uniswapUniswap (UNI) $ 4.92
  • aptosAptos (APT) $ 4.74
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • susdssUSDS (SUSDS) $ 1.05
  • nearNEAR Protocol (NEAR) $ 2.31
  • ondo-financeOndo (ONDO) $ 0.858243
  • aaveAave (AAVE) $ 175.70
  • gatechain-tokenGate (GT) $ 21.22
  • crypto-com-chainCronos (CRO) $ 0.089273
  • internet-computerInternet Computer (ICP) $ 4.60
  • ethereum-classicEthereum Classic (ETC) $ 16.04
  • mantleMantle (MNT) $ 0.707770
  • tokenize-xchangeTokenize Xchange (TKX) $ 29.75
  • kaspaKaspa (KAS) $ 0.089659
  • render-tokenRender (RENDER) $ 4.27
  • official-trumpOfficial Trump (TRUMP) $ 10.96
  • vechainVeChain (VET) $ 0.024740
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.17
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 95,704.00
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.216383
  • fasttokenFasttoken (FTN) $ 4.30
  • cosmosCosmos Hub (ATOM) $ 4.08
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.672925
  • filecoinFilecoin (FIL) $ 2.57
  • algorandAlgorand (ALGO) $ 0.198053
  • sonic-3Sonic (prev. FTM) (S) $ 0.506010
  • ethenaEthena (ENA) $ 0.267892
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.999128
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.09
  • celestiaCelestia (TIA) $ 2.36
  • arbitrumArbitrum (ARB) $ 0.305146
  • kucoin-sharesKuCoin (KCS) $ 10.74
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 96,164.00
  • bonkBonk (BONK) $ 0.000017
  • worldcoin-wldWorldcoin (WLD) $ 0.917917
  • nexoNEXO (NEXO) $ 1.25
  • quant-networkQuant (QNT) $ 85.85
  • makerMaker (MKR) $ 1,458.27
  • flare-networksFlare (FLR) $ 0.018704
  • jupiter-exchange-solanaJupiter (JUP) $ 0.418435
  • binance-staked-solBinance Staked SOL (BNSOL) $ 152.91
  • blockstackStacks (STX) $ 0.771615
  • xdce-crowd-saleXDC Network (XDC) $ 0.071146
  • binance-peg-wethBinance-Peg WETH (WETH) $ 1,807.34
  • fartcoinFartcoin (FARTCOIN) $ 1.08
  • usdt0USDT0 (USDT0) $ 0.999650
  • eosEOS (EOS) $ 0.684665
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 1,880.90
  • optimismOptimism (OP) $ 0.610055
  • sei-networkSei (SEI) $ 0.196671
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.52
  • story-2Story (IP) $ 3.59
  • immutable-xImmutable (IMX) $ 0.529058
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • injective-protocolInjective (INJ) $ 9.17
  • curve-dao-tokenCurve DAO (CRV) $ 0.668321
  • dexeDeXe (DEXE) $ 15.32
  • paypal-usdPayPal USD (PYUSD) $ 0.999440
  • the-graphThe Graph (GRT) $ 0.089192
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,048.06
  • tether-goldTether Gold (XAUT) $ 3,394.03
  • pax-goldPAX Gold (PAXG) $ 3,393.39
  • wbnbWrapped BNB (WBNB) $ 602.09
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999968
  • iotaIOTA (IOTA) $ 0.196094
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 95,940.00
  • msolMarinade Staked SOL (MSOL) $ 188.28
  • clbtcclBTC (CLBTC) $ 96,153.00
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 161.29
  • jasmycoinJasmyCoin (JASMY) $ 0.015230
  • flokiFLOKI (FLOKI) $ 0.000076
  • solv-protocol-solvbtc-bbnSolv Protocol xSolvBTC (XSOLVBTC) $ 95,041.00
  • coredaoorgCore (CORE) $ 0.729068
  • bitcoin-svBitcoin SV (BSV) $ 36.53
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.011214
  • walrus-2Walrus (WAL) $ 0.560987
  • theta-tokenTheta Network (THETA) $ 0.696226
  • lido-daoLido DAO (LDO) $ 0.768617
  • raydiumRaydium (RAY) $ 2.36
  • mantle-staked-etherMantle Staked Ether (METH) $ 1,922.12
  • bittorrentBitTorrent (BTT) $ 0.00000069
  • heliumHelium (HNT) $ 3.71
  • galaGALA (GALA) $ 0.014912
  • the-sandboxThe Sandbox (SAND) $ 0.268677
  • usual-usdUsual USD (USD0) $ 0.998525
  • kaiaKaia (KAIA) $ 0.109172
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.98
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998855
  • zcashZcash (ZEC) $ 37.77
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • ethereum-name-serviceEthereum Name Service (ENS) $ 17.53
  • flowFlow (FLOW) $ 0.366867
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 1,889.56
  • dogwifcoindogwifhat (WIF) $ 0.558768
  • tezosTezos (XTZ) $ 0.531100
  • decentralandDecentraland (MANA) $ 0.290299
  • chain-2Onyxcoin (XCN) $ 0.016042
  • pendlePendle (PENDLE) $ 3.18
  • jito-governance-tokenJito (JTO) $ 1.58
  • ubtcuBTC (UBTC) $ 98,010.00
  • true-usdTrueUSD (TUSD) $ 0.998023
  • based-brettBrett (BRETT) $ 0.050069
  • aerodrome-financeAerodrome Finance (AERO) $ 0.603901
  • beldexBeldex (BDX) $ 0.068484
  • telcoinTelcoin (TEL) $ 0.005324
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 96,158.00
  • pyth-networkPyth Network (PYTH) $ 0.133303
  • sonic-bridged-usdc-e-sonicSonic Bridged USDC.e (Sonic) (USDC.E) $ 1.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 1,887.76
  • kavaKava (KAVA) $ 0.442754
  • ousgOUSG (OUSG) $ 110.95
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008267
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999996
  • spx6900SPX6900 (SPX) $ 0.493172
  • aioz-networkAIOZ Network (AIOZ) $ 0.390355
  • tbtctBTC (TBTC) $ 95,607.00
  • thorchainTHORChain (RUNE) $ 1.26
  • deepDeepBook (DEEP) $ 0.176214
  • arweaveArweave (AR) $ 6.71
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.171242
  • dydx-chaindYdX (DYDX) $ 0.551873
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 1,803.85
  • pumpbtcpumpBTC (PUMPBTC) $ 89,028.00
  • elrond-erd-2MultiversX (EGLD) $ 15.07
  • grassGrass (GRASS) $ 1.51
  • ecasheCash (XEC) $ 0.000021
  • apenftAPENFT (NFT) $ 0.00000042
  • hashnote-usycHashnote USYC (USYC) $ 1.09
  • usdbUSDB (USDB) $ 0.999127
  • movementMovement (MOVE) $ 0.160584
  • starknetStarknet (STRK) $ 0.130125
  • saros-financeSaros (SAROS) $ 0.153649
  • popcatPopcat (POPCAT) $ 0.396189
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 1,922.45
  • turboTurbo (TURBO) $ 0.005573
  • super-oethSuper OETH (SUPEROETH) $ 1,804.01
  • apecoinApeCoin (APE) $ 0.476578
  • neoNEO (NEO) $ 5.37
  • beam-2Beam (BEAM) $ 0.007210
  • solayerSolayer (LAYER) $ 1.78
  • mantra-daoMANTRA (OM) $ 0.389991
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 1,803.58
  • akash-networkAkash Network (AKT) $ 1.50
  • chilizChiliz (CHZ) $ 0.038651
  • axie-infinityAxie Infinity (AXS) $ 2.29
  • conflux-tokenConflux (CFX) $ 0.071470
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 1,806.54
  • morphoMorpho (MORPHO) $ 1.34
  • mimblewimblecoinMimbleWimbleCoin (MWC) $ 32.26
  • matic-networkPolygon (MATIC) $ 0.216232
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 0.999332
  • olympusOlympus (OHM) $ 21.48
  • wormholeWormhole (W) $ 0.076383
  • berachain-beraBerachain (BERA) $ 2.88
  • plumePlume (PLUME) $ 0.171553
  • compound-governance-tokenCompound (COMP) $ 38.00
  • justJUST (JST) $ 0.034116
  • sun-tokenSun Token (SUN) $ 0.017503
  • amp-tokenAmp (AMP) $ 0.003945
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 1,843.12

Marathon Digital Downgraded to Sell at Compass Point, Citing Unsustainable Cash Burn

0 2

Marathon Digital Downgraded to Sell at Compass Point, Citing Unsustainable Cash Burn

Investment bank Compass Point downgraded MARA Holdings (MARA) to a sell rating from neutral on Tuesday, citing unsustainable cash burn.

“There’s better ways to get BTC beta,” analysts wrote in the research note, pointing to Marathon’s hash price, now below 5.5 cents, as a signal of declining profitability. At current operational levels, Compass Point estimates the company is facing significant cash burn that could lead to shareholder dilution.

The bank also slashed MARA’s price target to $9.50 from $25, suggesting more than 25% downside from the current price near $13.

Marathon’s business relies on bitcoin mining, a process that earns BTC in exchange for computing power. However, as mining rewards shrink and energy costs persist, the economics of the business model have come under pressure. Meanwhile, Compass Point argues that Marathon trades at a premium to the price of bitcoin itself—an unfavorable setup for investors seeking exposure to the asset.

The downgrade also comes amid a broader slump in high-performance computing (HPC) and AI infrastructure plays. Peer companies Core Scientific (CORZ) and TeraWulf (WULF) have also underperformed year-to-date as investor enthusiasm around AI has cooled. Concerns over customer concentration, pricing risks, and slowed capital expenditures from giants like Microsoft have dragged valuations down, with HPC sector multiples dropping from as high as 15x last year to around 5x currently.

Still, Compass Point noted potential tailwinds for the sector in the long run, including rising demand for AI infrastructure and capex commitments from cloud providers. But for now, they argue Marathon’s fundamentals remain too weak to justify its market valuation.

MARA is reporting earnings on May 8, post-market. The stock fell 25% this year, while a bitcoin mining ETF, WGMI, fell 37%.

UPDATE (May 6, 16:27 UTC): Updates headlines and adds MARA’s earnings time.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Source

Leave A Reply

Your email address will not be published.