In this cycle, it seems that the only one relying on accumulating coins (Hodl) to achieve remarkable results is BTC. (SOL and BNB may also have some, but on a smaller scale)

MARA, a publicly listed mining company in the U.S., has held over 50,000 BTC, making it the second largest publicly listed company holding BTC, next to Strategy.

It's worth noting that in 2022, MARA had a net loss of $686.7 million and faced a high risk of bankruptcy.

By 2023, MARA began to recover, achieving a net profit of $261 million, with a projected net profit of $541 million in 2024.

Major mining stocks (Mara, Riot, BTBT, etc.) are highly correlated BTC price amplifiers, as BTC began to rise gradually from the bottom starting in 2023.

Then, in 2024, MARA started to learn from Strategy, implementing the Hodl BTC strategy, not selling the BTC mined, while also issuing bonds to finance BTC purchases, transforming into the second largest holder after Strategy.

MARA is also imitating Strategy, planning to issue $2 billion in stock to buy more Bitcoin. Meanwhile, the combination of mining operations and BTC hodl strategy acts as a dual amplifier for BTC, with volatility likely to increase.

For example, in the first quarter of 2025, MARA generated $214 million in revenue but had a net loss of $533 million, which was due to asset impairment caused by BTC's volatility in Q1 this year.

MARA's conclusion is: either Hodl BTC for remarkable results, or if BTC falls and cannot withstand it, face financial bankruptcy liquidation. $BTC $SOL