Jones Research maintains HOLD rating on Bitcoin miner MARA amid rising costs and Strategy Shifts Toward AI Services: Q3 Earnings

Jones Research has re-issued its ‘Hold’ rating for Bitcoin mining giant MARA (Nasdaq: MARA), noting missed expectations for third quarter earnings as higher operating costs weighed on margins. The bitcoin miner and digital infrastructure company reported third-quarter revenue of $252.4 million, up 6% from the prior quarter and above JonesResearch’s $246.1 million estimate. However, EBITDA came in at $51.0 million, below the firm’s $83.7 million projection, as general and administrative and research expens ...