MARA is no longer just a bitcoin miner: the company is transforming itself into a hybrid player, combining energy, high-performance computing and cash in BTC. This ambitious strategy looks attractive on paper, but it is worrying the markets because of its cost, complexity and still uncertain execution.
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Aleksandar Bukovski is Lead Analyst at The Big Whale, where he specializes in decentralized finance and crypto-assets. His published work at The Big Whale covers topics including stablecoins, tokenized finance, DeFi protocols, Bitcoin mining, and institutional adoption of digital assets. He also hosts the Market Call, a recurring market analysis format produced by The Big Whale.
Prior to joining The Big Whale in February 2025, Bukovski spent five months as a Research Analyst at The Block, a crypto-focused information services firm, where his stated focus was tokenization. He holds an Engineer's degree in Finance and Financial Management Services and a Master's degree in Investment Management, both from the Faculty of Technical Sciences at the University of Novi Sad, Serbia.
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