Bitcoin or Bitcoin Mining Stocks? Here's the Real Trade-off

Everyone’s watching Bitcoin hit $125K, but here’s a question worth asking: would you rather own the coin or own the factory that mines it?

The case for Mara Holdings: This company holds 52,850 BTC worth $6.59B (86% of its market cap), but that’s just the headline. Mara is pivoting into data centers, energy production, and international expansion—aiming for 50% overseas revenue by 2028. The vertical integration play is solid: they control their own power, cut costs, and now pitch AI workloads to enterprise clients. Mining power jumped 82% year-over-year.

The Bitcoin argument: Pure, simple, proven. $2.48T market cap, 94.9% of 21M coins already circulating, and it’s the OG that refuses to die despite 15+ years of “Bitcoin is dead” takes.

Here’s the thing though: It’s not either/or. If you’re bullish on crypto, Mara works as a leveraged play on Bitcoin plus a business with real assets. But it’s also early in its pivot—one crypto winter could stall everything. Think of it like owning the ferry company instead of swimming across the river. Same destination, different risk profile.

The move? Small position in Mara as Bitcoin portfolio seasoning, not a replacement. Diversification beats conviction gambling every time.