VanEck's Matthew Sigel has highlighted that MARA Holdings (MARA) is trading at a premium relative to its bitcoin holdings, despite carrying $3.3 billion in convertible debt. Sigel points out that after accounting for this debt, MARA's net bitcoin value is $1.6 billion, while its equity market capitalization is significantly higher at $4.7 billion. Additionally, Sigel notes that MARA's short interest stands at 27%, which reduces to 15% when adjusted for delta hedging. This contrasts with MicroStrategy's (MSTR) short interest, which Sigel describes as being more driven by fundamentals.