MARA's decision to liquidate $1.5 billion in Bitcoin is less a one-time financing event than a public statement about what the company's assets are actually for. The formalize what the April equity move had already implied: MARA's infrastructure — power, facilities, high-density compute — carries more forward value repackaged as AI capacity than it does measured in hashrate. Any miner still carrying a large BTC treasury is now implicitly being asked by the market to justify why it hasn't made the same trade.