Anne Stevenson-Yang of J Capital Research makes the case that Marathon Digital Holdings (MARA) has been a serial over payer for its bitcoin mining equipment, much of which hasn’t been operational. In a long line of questionable transactions, MARA recently spent millions of dollars for a mining facility that was oddly shut down within months. For any experienced investor, the supporting cast behind MARA should ring some bells given they’ve previously settled with the SEC over microcap schemes. For a company that’s never been profitable even amidst the major Bitcoin bull market, investors need to ask themselves, “What’s really going on here?”, especially considering the $160 million stock-based compensation that was issued to all ten of its employees.