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 ...

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]

Core Insights - MARA Holdings, Inc. reported third-quarter earnings of 27 cents per share, missing the consensus estimate of 44 cents by 38.22% [2] - Quarterly revenue reached $252.41 million, surpassing the Street estimate of $250.67 million [2] Financial Performance - Revenues increased by 92% year-over-year to $252 million [5] - Net income improved to $123 million from a loss of $125 million in the third quarter of 2024 [5] - Bitcoin holdings rose by 98% year-over-year to 52,850 from 26,747 at the end of the third quarter of 2024 [5] Industry Perspective - The CEO of MARA emphasized the importance of energy in the digital economy, likening electrons to oil and stating that those who control low-cost energy will generate significant value [3]