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 ...

Financial Performance - Marathon Digital Holdings, Inc. reported a quarterly loss of $0.32 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.26, but an improvement from a loss of $0.38 per share a year ago [1] - The company posted revenues of $252.41 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 3.01% and significantly up from $131.65 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus revenue estimates three times [2] Stock Performance and Outlook - Marathon Digital shares have increased by approximately 6.2% since the beginning of the year, while the S&P 500 has gained 16.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.32 on revenues of $255.11 million, and -$0.58 on revenues of $951.56 million for the current fiscal year [7] Industry Context - The Financial - Miscellaneous Services industry, to which Marathon Digital belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Core Insights - Marathon Digital Holdings Inc (NASDAQ: MARA) reported its Q3 2025 earnings before the market opened on November [1] Financial Performance - The company disclosed its earnings results for the third quarter of 2025, indicating key financial metrics and performance indicators [1] Market Reaction - The earnings report is expected to influence market sentiment and investor decisions regarding Marathon Digital Holdings [1]

MARA Holdings, Inc. (NASDAQ:MARA) released its third-quarter earnings report after Tuesday's closing bell. Here's a look at the details in the report. MARA stock is moving. See the real-time price action here.The Details: MARA reported quarterly earnings of 27 cents per share, which missed the consensus estimate of 44 cents by 38.22%.Quarterly revenue of $252.41 million beat the Street estimate of $250.67 million. Read Next: Michael Burry Is Super-Bearish On Palantir — With 5 Million PutsMARA reported the f ...

Bitcoin Mining Performance - As of September 30, 2025, the company mined 6,788 bitcoin, a decrease of 150 bitcoin, or 2%, from the prior year period [218]. - Bitcoin mining revenue for the three months ended September 30, 2025, was $242.0 million, a $118.9 million increase from the prior year, driven by an 88% increase in the average price of bitcoin mined [241][242]. - Total revenues for the three months ended September 30, 2025, reached $252.4 million, reflecting a 92% increase compared to $131.6 million in the prior year [241]. - Bitcoin mining revenue reached $678.6 million for the nine months ended September 30, 2025, up from $391.1 million in the prior year, reflecting a 73% increase in the average price of bitcoin mined [262]. - Total revenues for the nine months ended September 30, 2025 were $704.8 million, a 59% increase from $442.0 million in the prior year, driven mainly by a $287.4 million increase in Bitcoin mining revenue [261]. Financial Metrics - The average price of bitcoin was $114,068 as of September 30, 2025, compared to $63,301 a year earlier [222]. - The company recognized a gain on digital assets of $234.2 million for the three months ended September 30, 2025, compared to a gain of $30.1 million in the prior year [249]. - A gain on digital assets of $686.1 million was recognized for the nine months ended September 30, 2025, compared to a gain of $370.9 million in the prior year, a $315.2 million increase [269]. - Adjusted EBITDA for Q3 2025 was $395.6 million, compared to $22.3 million in Q3 2024, reflecting a significant year-over-year increase [288]. - Net income attributable to common stockholders for Q3 2025 was $123.1 million, a turnaround from a loss of $124.8 million in Q3 2024 [288]. Energy and Costs - The energized hashrate reached a new record high of 60.4 exahashes per second (EH/s) as of September 30, 2025, up from 36.9 EH/s in 2024 [221]. - The total energy capacity increased to approximately 1.8 gigawatts (GW) from 1.1 GW in the previous year [221]. - Energy costs represented 34.3% and 35.4% of owned mining revenues for the three and nine months ended September 30, 2025, respectively [226]. - Purchased energy costs for the three months ended September 30, 2025, totaled $43.1 million, a 60% increase from $27.0 million in the prior year, primarily due to the expansion of mining sites [243]. - Purchased energy costs increased to $128.3 million for the nine months ended September 30, 2025, up from $59.2 million in the prior year, a 117% increase [264]. Strategic Initiatives - The company initiated a restructuring plan incurring $20.9 million in costs during the quarter to align resources with strategic priorities [218]. - An investment agreement was signed to acquire a 64% ownership interest in Exaion SAS for approximately $168.0 million, aimed at expanding capabilities in AI and HPC infrastructure [218]. - The company plans to sell a portion of mined bitcoin to fund operational costs while continuing to hold the majority for long-term investment [223]. - The company entered into an investment agreement to acquire a 64% ownership interest in Exaion SAS for approximately $168.0 million, with options for further investment based on performance milestones [305]. Asset Management - The company held approximately 52,850 bitcoin with a carrying value of approximately $6.0 billion as of September 30, 2025 [224]. - As of September 30, 2025, the company held a total of 52,850 bitcoin, with 33% of holdings activated through its digital asset management strategy [232]. - The digital asset management strategy resulted in a fair value increase of approximately $343.3 million for the three months ended September 30, 2025, and $1.0 billion for the nine months ended September 30, 2025 [233]. - Cash and cash equivalents, excluding restricted cash, totaled $826.4 million as of September 30, 2025, with a total fair value of digital asset holdings, including bitcoin, at $6.0 billion [299]. Expenses and Liabilities - General and administrative expenses increased by approximately 45% to $85.3 million for the three months ended September 30, 2025, driven by strategic expansion and increased personnel costs [247]. - General and administrative expenses rose to $264.1 million for the nine months ended September 30, 2025, compared to $181.1 million in the prior year, marking a 46% increase [267]. - Depreciation and amortization for the three months ended September 30, 2025, totaled $167.3 million, a 64% increase from $101.9 million in the prior year, due to the deployment of additional mining rigs [248]. - Research and development expenses increased to $8.7 million for the three months ended September 30, 2025, up from $2.8 million in the prior year, representing a 210% increase [253]. - Cash flows from operating activities resulted in a use of funds of $578.0 million for the nine months ended September 30, 2025, compared to $363.6 million in the same period of 2024 [289]. Debt and Financing - As of September 30, 2025, 5,077 bitcoin were pledged as collateral for $350.0 million of outstanding borrowings under a Line of Credit with interest rates between 8.85% and 10.5% per annum [239]. - The company loaned out a total of 10,377 bitcoin, generating $9.6 million and $22.7 million of interest income for the three and nine months ended September 30, 2025, respectively [236]. - An additional line of credit of $150.0 million was secured in Q1 2025, bringing the total outstanding under the Line of Credit to $350.0 million as of September 30, 2025, all of which was fully utilized [310]. - Cash flows from financing activities provided $1.6 billion, primarily from the issuance of common stock and convertible senior notes [292]. Taxation - Income tax expense for the nine months ended September 30, 2025 was $127.0 million, compared to an income tax benefit of $42.8 million in the prior year [280]. - The enactment of the One Big Beautiful Bill Act did not materially impact the company's effective tax rate for the quarter ended September 30, 2025, and is not expected to affect the effective tax rate for 2025 [314]. - The company accounts for income taxes in accordance with ASC 740, recognizing deferred tax assets and liabilities based on enacted tax rates [312]. - The company evaluates tax positions each period and adjusts related tax assets and liabilities based on changing facts and circumstances [313]. Market Sensitivity - A hypothetical $10,000 change in the market price of bitcoin could result in an estimated $528.5 million increase or decrease in income (loss) before income taxes for the quarter ended September 30, 2025, highlighting the volatility of bitcoin's market value [316].

Bitcoin Miner MARA Revenue Hit Record High in Q3► https://t.co/9CcKoDaZRe https://t.co/9CcKoDaZRe ...