We examine the market's peculiar disconnect between Bitcoin miners' treasuries and their market caps, with Marathon Digital and DMG Blockchain holdings worth more than their entire company valuations. 

• Marathon's production down 17% month-over-month, yet added 705 Bitcoin to their treasury with zero sales
• Riot Platforms shifts strategy, selling 100% of monthly production plus additional treasury Bitcoin
• Cipher Mining also increasing Bitcoin sales, reducing their HODL balance to fund operations
• Several miners have Bitcoin treasuries exceeding 100% of their market cap, while MicroStrategy trades at a premium
• Arizona Governor vetoes state Bitcoin reserve bill despite widespread cryptocurrency ownership
• Bitcoin's yearly price lows continue trending upward, with the 2024 low at $38,500 now far below current levels
• Bitcoin 2024 conference approaching with notable speakers including Trump family members and Ross Ulbricht

Join us in a few hours for our Q1 earnings interview with Riot's Jason Les where we'll discuss their strategic shift and get updates on their Altman Salon AI study.

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