MARA Holdings Inc Stock Price, News & Analysis

MARA reported Q2 2024 results with revenues increasing 78% to $145.1 million, despite a 30% decrease in BTC production to 2,058. The company faced a net loss of $199.7 million, or $0.72 per diluted share, largely due to a $148.0 million fair market value loss on digital assets. Adjusted EBITDA decreased to a loss of $85.1 million.

Key highlights include:

• Energized hash rate increased 78% YoY to 31.5 EH/s
• Combined cash and BTC holdings reached $1.4 billion
• Reorganized into three strategic business teams
• Acquired Garden City data center in Texas
• Partnered with Kenya government for energy asset development

MARA, a global leader in digital asset compute, has announced a significant update to its Bitcoin strategy. The company has purchased $100 million worth of Bitcoin and now holds over 20,000 BTC on its balance sheet. MARA has also adopted a full HODL approach towards its Bitcoin treasury policy, meaning it will retain all Bitcoin mined in its operations and make strategic open market purchases periodically.

This decision reflects MARA's confidence in Bitcoin's long-term value and its belief that Bitcoin is the world's best treasury reserve asset. The company encourages governments and corporations to hold Bitcoin as a reserve asset. MARA's CFO, Salman Khan, cited Bitcoin's current tailwinds, including increased institutional support and an improving macro environment, as reasons for implementing this strategy.

MARA (NASDAQ: MARA), a global leader in digital asset compute for energy transformation, has scheduled its Q2 2024 financial results conference call for Thursday, August 1, 2024, at 5:00 p.m. ET. The company will release its financial results prior to the call, which will be available on their investor relations website. Shareholders can register for the webcast and conference call through a provided link.

A unique feature of this earnings call is the Q&A platform opening from July 24 to July 31, allowing verified shareholders to submit and upvote questions. Selected questions may be addressed during the call. For any connection issues, MARA's investor relations team can be contacted at ir@mara.com.

Marathon Digital Holdings (NASDAQ: MARA) reported significant updates for June 2024, highlighting a 2% month-over-month increase in the average operational hash rate to 26.3 EH/s and a 10% year-over-year increase in blocks captured by its proprietary mining pool. However, Bitcoin production fell 40% year-over-year to 590 BTC due to the April Halving, despite a slight 4% month-over-month decrease in production. The company holds 18,536 BTC, valued along with cash at $1.4 billion. Operational improvements included a peak hash rate of 28.3 EH/s and notable expansions in immersion cooling technology and international projects, such as a 2-megawatt pilot in Finland for sustainable heating. Financially, MARA saw a 136% year-over-year increase in total cash and equivalents to $268 million, but experienced an 8% month-over-month decline.

Marathon Digital Holdings (NASDAQ:MARA) has announced its involvement in mining Kaspa (KAS), a proof-of-work digital asset. As of June 25, 2024, Marathon has mined 93 million KAS, valued at approximately $15 million. Kaspa is the fifth largest PoW digital asset by market cap, boasting a $3.9 billion market cap and $64.8 million in daily trading volume. The Kaspa network processes one block every second, enabling faster transactions and potentially higher block rewards. Marathon has acquired about 60 petahash of KS3, KS5, and KS5 Pro ASICs, some of which are already operational in Texas, with the rest expected to be fully energized by Q3 2024.

Marathon Digital Holdings reported a 22% increase in its average operational hash rate for May 2024, reaching 25.7 EH/s. The company produced 616 BTC, a decline of 27% from April, but increased its share of miner rewards to 4.2%. Marathon's total BTC holdings rose to 17,857, with a combined cash and BTC value of $1.5 billion. Operational improvements at the Ellendale facility and international agreements in Kenya were highlighted. Despite reduced BTC production, Marathon remains on track for a 50 EH/s target by year-end. Financially, the company saw a significant rise in cash and BTC holdings, with unrestricted cash at $290.4 million.

Marathon Digital Holdings (NASDAQ:MARA) has entered into an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya to optimize renewable energy projects and enhance the country's energy sector. The partnership aims to support sustainable growth through green data centers and increased technological infrastructure. A Joint Steering Committee will oversee the projects, with total foreign investments projected to exceed $80 million. This marks Marathon’s first direct collaboration with a government to improve energy infrastructure, highlighting Kenya's innovative approach to energy optimization.

OrdinalsBot, a leading provider of API solutions for the BTC blockchain, reported over $4M in revenue for Q1 and more than 200K users. The platform facilitated 80% of the largest files inscribed on the Bitcoin blockchain, including music by artists like French Montana and Ghostface Killah. The company has partnered with prominent industry players such as Marathon Digital Holdings (NASDAQ: MARA) and Xverse. Notable milestones include inscribing the largest-ever Bitcoin block, over 3.969 MB. OrdinalsBot has also introduced the $TRIO utility token, following a successful $3M+ funding round. The platform continues to drive growth and innovation in the BTC ecosystem, enabling easier creation and minting of fungible and non-fungible tokens.

Marathon Digital Holdings, Inc. reported Q1 2024 financial results with impressive growth:

- Revenues increased by 223% to $165.2 million

- Net income rose by 184% to $337.2 million

- Adjusted EBITDA surged by 266% to $528.8 million

- Energized hash rate increased by 142%

- Produced 2,811 BTC, a 28% increase

- Introduced new products and services for Bitcoin support

- Closed multiple data center acquisitions

- Increased 2024 hash rate target to 50 EH/s

Management aims to continue growth and build a more sustainable future.