When a company’s entire net worth is tied to a wildly fluctuating asset, it gets difficult to analyze the stock. Do you analyze the stock, or the asset? What if the asset is wiped out? Does the company have another source of revenue? Marathon Digital Holdings (MARA) mines cryptocurrencies, primarily Bitcoins. When Bitcoin (BTC) prices rose rapidly in 2021, Marathon stock surged as well. It hit $76 in November 2021. Since then, Bitcoin prices have crashed, and Marathon has followed suit. The stock closed at $11.39 on May 13, down around 85%. We're bullish on Marathon despite the huge fall. Marathon wasn’t always a Bitcoin miner.