Bitcoin Miners Marathon and Riot Have Sky-High Valuations Despite Cheaper Alternatives
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Marathon Digital and Riot Platforms have some of the highest enterprise value-to-sales ratios among Bitcoin miners, indicating potential overvaluation.
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The high ratios are attributed to institutional investor interest giving them access to capital and higher valuations.
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There are other miners with lower ratios that may offer better value investing opportunities.
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Riot has massive growth priced in as it builds a 1GW site and awaits new miners, impacting its valuation metrics.
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Marathon, Riot and other mining stocks have significantly outperformed Bitcoin price gains so far in 2023.