MARA, the world's second-largest publicly traded BTC holding company, is also transitioning into an AI data company. Looks like everyone’s on the 'Don’t waste time with crypto' train now. MARA holds 53,822 BTC, second only to MSTR. Two days ago, they announced a partnership with Starwood Capital to convert their mining facilities into AI data centers. Post-market, the stock shot up 17%. This move? All I can say is, it’s driven by the fear of both struggling like competitors and seeing competitors drive luxury cars. Let’s take a look at IREN, TeraWulf, and other small miners who transitioned to AI earlier—their market caps have already surpassed MARA. They don’t have your computing power, don’t hold as much BTC as you do, but their valuations are higher. Why? Because the valuation multiples for AI infrastructure in the capital market are on a completely different level compared to BTC miners. I’ve talked about this topic many times before. The most valuable asset miners have isn’t their mining rigs—it’s the energy networks they’ve spent a decade building. These networks used to be for mining coins, but now they can support AI. However, the window of opportunity for latecomers is closing fast.