J.P. MORGAN: BUY CRYPTO STOCKSJ.P. Morgan Analysts currently rate COIN, MARA and RIOT stock as OVERWEIGHT. That means they believe these stocks will outperform.The bankers are telling you to LONG Crypto stocks. https://t.co/olV297JpMV ...

Core Insights - MARA Holdings, Inc. (MARA) experienced a larger-than-expected loss in its third-quarter 2025 earnings, leading to a 6% decline in share price, raising questions about its investment status [1][5] Business Transition - The company is transitioning from traditional cryptocurrency mining to an integrated digital infrastructure that supports blockchain and AI computing workloads, with the installation of AI inference racks completed at the Granbury site [2] - MARA expanded its energy control footprint through partnerships in West Texas, with an initial 400-megawatt campus that can scale to 1.5 gigawatts, enhancing power cost efficiency [3] Financial Performance - MARA reported revenues of $252.4 million, a 92% increase year over year, and 3% above the Zacks Consensus Estimate, despite a loss of 32 cents per share, which was a 23% miss against expectations but an improvement from a loss of 38 cents a year earlier [4][5] - The company produced 2,144 BTC and purchased an additional 2,257 BTC, bringing total holdings to nearly 53,000 BTC, nearly double from the prior year, with a recorded gain of $343.1 million on digital assets [7] Operational Efficiency - Approximately 70% of MARA's megawatt capacity now comes from owned and operated sites, improving control over power costs, with a purchased energy cost per bitcoin at $39,235 and a 15% decrease in daily cost per petahash year over year [9][10] Strategic Outlook - MARA aims to integrate energy generation, blockchain validation, and AI processing within a single operational ecosystem, focusing on building cost-efficient, high-capacity energy infrastructure [13] - The company is innovating data center designs, such as direct-to-chip cooling, to enhance scalability and lower long-term maintenance costs, positioning itself for high-performance computing applications [14] Investment Considerations - MARA is currently viewed as a Hold due to expected near-term volatility and heavy capital requirements for infrastructure expansion, with a projected loss of 23 cents compared to earnings of $1.24 in the previous year [15] - Despite valuation concerns indicated by an EV/EBITDA ratio of 75.51, the company's diversification into AI and blockchain infrastructure, along with a strong liquidity position, supports long-term growth potential [16][17]

Core Insights - Bitcoin has returned to $106,000, while Ethereum briefly reached $3,600 [1] - Cryptocurrency-related stocks saw significant pre-market gains, with IREN and BMNR rising over 7%, Circle and MARA increasing nearly 4%, and Coinbase and Strategy climbing over 3% [1] Company Performance - IREN and BMNR experienced a rise of more than 7% in pre-market trading [1] - Circle and MARA saw an increase of nearly 4% [1] - Coinbase and Strategy recorded gains of over 3% [1]

Group 1 - The article provides a market analysis focusing on NVIDIA Corporation, Riot Platforms, and Marathon Digital Holdings Inc, highlighting their performance in relation to Bitcoin and the US Dollar [1] - NVIDIA Corporation is noted for its significant role in the semiconductor industry, particularly in AI and gaming sectors, which has driven its stock performance [1] - Riot Platforms and Marathon Digital Holdings Inc are discussed in the context of the cryptocurrency mining industry, emphasizing their operational metrics and market positioning [1] Group 2 - The analysis includes a comparison of Bitcoin's performance against the US Dollar, indicating trends and potential investment opportunities within the cryptocurrency market [1] - The article suggests that the volatility of Bitcoin impacts the financial health of companies involved in cryptocurrency mining, such as Riot Platforms and Marathon Digital Holdings Inc [1] - Overall, the market analysis aims to provide insights into the interplay between technology stocks and cryptocurrency, offering a comprehensive view for investors [1]

Core Insights - Jones Research has maintained a 'Hold' rating for MARA, citing missed earnings expectations due to increased operating costs impacting margins [1] Financial Performance - MARA reported third-quarter revenue of $252.4 million, a 6% increase from the previous quarter, exceeding Jones Research's estimate of $246.1 million [2] - EBITDA for the quarter was $51.0 million, falling short of the projected $83.7 million, attributed to a 17.5% rise in general and administrative and research expenses to $57.9 million [2] - The gross margin was 42.5%, below the estimated 52.7%, due to higher-than-expected hash costs of $0.031 per terahash compared to the forecast of $0.027 [3] - Operating income showed a loss of $158.0 million, wider than the anticipated loss of $111.8 million [3] - Adjusted EBITDA was reported at $395.6 million, primarily due to a $343.1 million unrealized gain on bitcoin holdings [3] Future Projections - Jones Research has revised its 2025 and 2026 EBITDA estimates for MARA to $214 million and $376 million, respectively, down from previous forecasts of $269 million and $407 million [4] - The revision reflects higher operating costs and a lower projected hash price of $0.050 per terahash for the fourth quarter [4] Strategic Initiatives - MARA's acquisition of a 64% stake in French cloud operator Exaion and a partnership with MPLX LP are seen as critical to its new strategy [5] - Exaion is expected to enhance software and compliance capabilities, while the MPLX partnership will provide access to natural gas resources for powering modular data centers in the Delaware Basin, with initial capacity planned at 400 megawatts and potential expansion to 1.5 gigawatts [5] Market Competition - The first power plants under the MPLX partnership are not expected until 2027, with confirmation from MPLX's CEO that the project will not commence before 2026 [6] - The competition in the sovereign and private AI cloud market is intense, with major players like Amazon Web Services, Google Cloud, and Microsoft Azure expanding into compliant cloud services, alongside emerging firms like CoreWeave targeting regulated industries [6] Operational Flexibility - Despite the challenges, MARA's ability to transition between bitcoin mining and AI infrastructure, along with the potential to colocate data centers next to owned natural gas plants, offers some operational flexibility in executing its new strategy [7]

Core Viewpoint - Bitcoin experienced a short-term surge, rising over 2% and surpassing $103,000, positively impacting cryptocurrency-related stocks in the U.S. market [1] Group 1: Bitcoin Performance - Bitcoin's price increased by more than 2%, returning to above $103,000 [1] Group 2: Cryptocurrency Stocks Performance - Bitmine Immersion Technologies (BMNR.US) rose over 6% - Iren Ltd (IREN.US) increased by over 8% - Mara Holdings (MARA.US) gained over 4% - Coinbase (COIN.US) saw an increase of over 2.7% - Robinhood (HOOD.US) rose over 2% - Circle (CRCL.US) increased by over 1.8% - Strategy (MSTR.US) gained over 1.6% [1]

Core Viewpoint - Jefferies maintains a hold rating on MARA Holdings shares after the company reported third-quarter results that met Wall Street expectations, while adjusting its price target from $19 to $16 [1] Financial Performance - MARA reported $252 million in revenue, slightly above Jefferies' estimate of $245 million and consensus estimate of $251 million [2] - The company mined 2,144 bitcoin, representing a 4% increase year-over-year but a 9% decrease sequentially, with adjusted EBITDA around $396 million, which includes a $234 million fair-value gain on digital assets [2] Cash Position - At the end of the quarter, MARA held approximately $6.85 billion in cash and bitcoin, providing significant flexibility for future expansion [3] Strategic Developments - MARA's letter of intent with MPLX to co-develop gas-fired generation and data center campuses in West Texas is seen as a potential structural advantage, with a 400-megawatt project that can scale to 1.5 gigawatts [4] - This initiative could enable MARA to control its own power generation and optimize energy use between bitcoin mining, grid sales, and AI workloads [4][5] Cost Management and AI Integration - The partnership with MPLX may help reduce costs and mitigate risks associated with energy market volatility, although final agreements and regulatory approvals are still pending [5] - MARA's first AI inference deployment at its Granbury, Texas site, involving ten racks repurposed for edge computing, is viewed as strategically important for future revenue opportunities [6]

Company Overview - Marathon Digital transferred approximately 2,348 BTC valued at $236 million to various exchanges, raising concerns of a potential miner-led selloff shortly after reporting strong Q3 2025 results [1][2] - The company reported revenues of $252.4 million and a net income of $123.1 million, reflecting a 92% increase in revenue year-over-year [2] Market Reaction - Following the transfer, Bitcoin briefly fell below $100K, hitting a low of $98K before rebounding to $101K, while Ethereum dropped to $3K and altcoins experienced declines [1] - The timing of the BTC transfer has confused investors, as such actions typically precede liquidation; however, some speculate that Marathon may be restructuring its treasury or preparing for over-the-counter deals [3] Industry Insights - Arthur Hayes, co-founder of BitMEX, suggests that the Bitcoin correction may be nearing its end, noting a decline in both Bitcoin and USD liquidity since July [4] - Hayes indicates that the US Treasury's efforts to rebuild its cash balance post-debt ceiling deal have contributed to the liquidity drain, predicting a rebound in Bitcoin and other risk assets once the government shutdown concludes [5] - The Balance of Power (BoP) indicator shows increasing accumulation during recent price dips, suggesting stronger buying pressure near the $100,000 mark, which may position Bitcoin as a favorable investment if prices decline further [7]

Core Insights - MARA Holdings Inc. CEO Fred Thiel addressed concerns regarding the undervaluation of the company's stock in the Bitcoin mining sector [1] - The company is optimistic about its evolving business model, particularly with the integration of energy generation and AI segments [2] - MARA reported mixed third-quarter results, with earnings per share of 27 cents, missing the consensus estimate of 44 cents by 38.22%, but beating revenue expectations with $252.41 million [5] Business Developments - MARA announced a partnership with MPLX to develop power generation facilities and data center campuses in West Texas [3] - The company agreed to acquire a 64% stake in Exaion, a subsidiary of EDF, to enhance its capabilities in high-performance computing and secure cloud services [4] Financial Performance - MARA's Bitcoin stockpile increased by 98% year-over-year to 52,850 BTC, valued at over $5 billion, making it one of the largest corporate holders of Bitcoin [5] - The stock experienced a decline of 1.02% in after-hours trading, closing 6.68% lower at $16.62 during regular trading [6] - Year-to-date, MARA's stock is down 0.89% [6]

Is #MARA, the #Bitcoin mining firm that had been consistently buying $BTC, now selling?In the past 12 hours, #MARA transferred a total of 2,348 $BTC($236M) to #FalconX, #TwoPrime, #GalaxyDigital, and #CoinbasePrime.https://t.co/9DlN5ZPsBz https://t.co/Sur1Swt1d8 ...