@Sakura please summarize this article, thanks uwu.
TLDR 
The article discusses how the key to evaluating Bitcoin mining stocks is now their Bitcoin treasury management strategy, rather than just their mining operations.
Key Points 
- The conventional thesis of Bitcoin miners outperforming Bitcoin has failed to materialize.
- Miners with substantial Bitcoin holdings and conservative debt levels, like Marathon and Hut 8, are best positioned to capture Bitcoin’s long-term value appreciation.
- Investors need to be more refined in their analysis of mining stocks, focusing on metrics like Bitcoin-to-Equity and Debt-to-Bitcoin ratios.
In-depth Summary 
The article argues that the Bitcoin mining industry is becoming more sophisticated and integrated into the global financial system. As a result, the conventional thesis of Bitcoin miners outperforming Bitcoin itself has failed to materialize.
Instead, the key to evaluating mining stocks in the future lies in their Bitcoin treasury management strategy. Miners with substantial Bitcoin holdings and conservative debt levels are best positioned to capture Bitcoin’s long-term value appreciation. The article highlights Marathon and Hut 8 as examples of miners with strong Bitcoin treasury management.
The author emphasizes the need for investors to be more refined in their analysis of mining stocks, focusing on metrics like Bitcoin-to-Equity and Debt-to-Bitcoin ratios. These ratios provide insights into a miner’s ability to weather market volatility and capitalize on Bitcoin’s long-term growth.
ELI5 
The article is saying that just looking at how much Bitcoin a mining company produces is not enough anymore. Now, you also need to look at how much Bitcoin the mining company holds onto, and how much debt they have. The companies that hold a lot of Bitcoin and have low debt are the ones that are best set up to make the most money as Bitcoin’s price goes up over time.
Writer’s Main Point 
The main point of the article is that the key to evaluating Bitcoin mining stocks has shifted from just looking at their mining operations to focusing on their Bitcoin treasury management strategy. Miners that hold substantial Bitcoin reserves and have conservative debt levels are best positioned to benefit from Bitcoin’s long-term price appreciation.
