In this cycle, Hodl has made a miracle by hoarding coins, and it seems that there is only BTC at present. (Maybe SOL and BNB also have them, but they are not large) MARA, a U.S.-listed company that mines mines, has held more than 50,000 BTC, making it the second largest BTC-holding listed company after Strategy. In 2022, MARA also had a net loss of $686.7 million and faced a high risk of bankruptcy. In 2023, MARA began to slow down, with a net profit of $261 million, and a net profit of $541 million in 2024. The main mining stocks (Mara, Riot, BTBT, etc.) are the more correlated BTC price amplifiers, and BTC will gradually come out of the bottom and start to rise from 2023. Then, in 2024, MARA will begin to learn Strategy, implement the Hodl BTC strategy, and the BTC mined will not be sold, and at the same time, it will issue bonds to finance the purchase of BTC, and hoarding the pie has become the second strategy. MARA is also mimicking Strategy, planning to issue $2 billion in shares to buy more bitcoin. At the same time, the strategy of mining business + BTC hodl is equivalent to the double amplifier of BTC, and the volatility will only be higher. For example, in the first quarter of 2025, MARA's revenue was $214 million but its net loss was $533 million, which was due to the asset calculation impairment caused by the fluctuation of BTC in Q1 this year. MARA's conclusion is: either Hodl BTC will make a miracle, or BTC will go bankrupt and liquidate if it can't bear the fall.