MARA Holdings Struggles with Q3 Loss but Grows Bitcoin Holdings

Bitcoin miner MARA Holdings Inc. (formerly Marathon Digital) saw its shares drop by 9.1% in after-hours trading after reporting third-quarter earnings that fell short of revenue expectations.

MARA posted a loss of $0.34 per share, which was slightly better than analysts anticipated, but revenue, though up 34.5% year-over-year to $131.6 million, missed the forecasted $148.1 million.

The company reported a $40 million increase in operating costs, leading to a $124.8 million net loss for Q3. MARA’s shares closed up 0.88% at $25.23 before dropping to $22.94 in after-hours trading, despite a previous 30% surge as Bitcoin neared $90,000. Year-to-date, MARA’s stock has gained 10%.

Operational highlights include a 17.1% boost in mining capacity, with MARA mining 147 more Bitcoin blocks in Q3 and reaching a hashrate of nearly 37 EH/s. MARA also increased its Bitcoin holdings by 45% to 26,747 BTC (valued at $2.36 billion), following a policy to retain all mined BTC and an additional $100 million purchase.

In a move to further expand, MARA acquired 372 MW at its Ohio site, with 152 MW now operational. The remaining capacity will take 12-18 months to bring online, as MARA aims to maximize revenue from these infrastructure investments.