Mara Holdings Post-Election Rally Slowed By Wider Than Expected Q3 Loss

Core Insights - Mara Holdings, the parent company of Bitcoin miner Marathon Digital, reported third-quarter results that missed analysts' estimates, leading to a significant net loss of $124.8 million, which was nearly $50 million larger than expected [1][2] - The company's revenue for the quarter was $131.6 million, an increase from $97.8 million year-over-year, but below the anticipated $146.7 million [2] - Following the results, Mara Holdings' stock experienced a decline of over 2% in early trading, although it has risen approximately 46% since election day [5] Financial Performance - Revenue for the third quarter was reported at $131.6 million, up from $97.8 million in the same period last year, but fell short of the $146.7 million forecast by analysts [2] - The net loss of $124.8 million was significantly higher than the consensus estimate of $76.3 million, indicating a larger-than-expected financial setback [2] Bitcoin Acquisition and Strategy - During the quarter, the company acquired over 8,000 bitcoins, consisting of 2,070 bitcoins mined and 6,210 bitcoins purchased, bringing total holdings to 26,747 bitcoins valued at over $2.4 billion [3] - The company continues to implement a policy of not selling bitcoin, opting instead to hold any new bitcoin mined or purchased, reflecting confidence in the long-term value of Bitcoin as a treasury reserve asset [4] Market Context - The cryptocurrency industry, including Mara Holdings, experienced a surge in stock prices following the recent U.S. election, with expectations that a Trump administration would be more favorable to cryptocurrency compared to the previous administration [4]