According to CoinMeta, JPMorgan Chase downgraded its rating on Bitcoin mining company MARA from “overweight” to “underweight” and reduced its target price from $13 to $11. As a result, the stock price of MARA fell by 3.57%, with its market value dropping to $4.456 billion. Analyst Richard Choe believes that the strategy of MARA and Starwood Capital to form a joint venture and divert some mining facilities to AI and high-performance computing data centers poses a dilution of value creation, and that some of the company’s mining sites have limited power capacity, making them unsuitable for conversion into data centers.