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11h ago

MARA Holdings Reports $533M Q1 Loss Driven by Bitcoin Valuation Adjustments

The crypto miner saw record Bitcoin holdings and significant hashrate growth, but missed revenue estimates and faced non-cash losses under new accounting standards.

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Overview

  • MARA Holdings posted a $533 million net loss in Q1 2025, largely due to a $510 million fair-value adjustment on Bitcoin holdings as prices fell.
  • Revenue grew 30% year-over-year to $213.88 million but fell short of the $221.64 million analyst estimate.
  • The company mined 2,286 Bitcoin in Q1, a 19% decline from the prior year, reflecting the impact of the 2024 Bitcoin halving on block rewards.
  • Bitcoin holdings surged to 47,531 BTC, a 174% increase from the previous year, while total blocks won rose 81% and hashrate expanded 95%.
  • CEO Fred Thiel emphasized MARA's strategic shift toward AI inference workloads, leveraging immersion-cooled modular data centers with pilot deployments planned for 2025.