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]

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 ...

Financial Data and Key Metrics Changes - In Q3 2025, revenues increased by 92% to $252.4 million from $131.6 million in Q3 2024, driven by an 88% increase in Bitcoin's average price [18][19] - The company reported a net income of $123.1 million, or $0.27 per diluted share, compared to a net loss of $124.8 million, or $0.42 per diluted share, in the same quarter last year [19] - Bitcoin holdings expanded by over 98%, growing from approximately 27,000 to nearly 53,000 Bitcoin [17] - The energized hash rate increased by 64%, from 36.9 to 60.4 exahash per second [17] Business Line Data and Key Metrics Changes - The company mined 2,144 Bitcoin and purchased an additional 2,257 Bitcoin during the quarter [18] - The purchased energy cost to Bitcoin for the quarter was $39,235, with a 15% year-over-year improvement in daily cost per petahash [19][20] - The company aims to optimize for the lowest cost per token in AI inference, similar to its strategy in Bitcoin mining [9][10] Market Data and Key Metrics Changes - Global hash rate grew by roughly 20%, with both hash rate and network difficulty hitting new all-time highs [17] - Bitcoin's price remained relatively stable, trading between $104,000 and $124,000, closing the quarter with a modest $7,000 gain [17] Company Strategy and Development Direction - The company is evolving from a Bitcoin miner into a vertically integrated digital infrastructure company, focusing on energy as a key resource for both Bitcoin mining and AI [4][9] - The strategy includes the acquisition of Exxion to expand capabilities in enterprise-grade, AI-optimized private cloud and HPC infrastructure [10][11] - A partnership with MPLX aims to develop integrated power generation facilities and data center campuses in West Texas, with an initial capacity of 400 megawatts [11][12] Management's Comments on Operating Environment and Future Outlook - Management views the current period of Bitcoin price consolidation as healthy, with institutional inflows into ETFs balanced by long-term holder liquidation [14] - The company believes that energy, not compute, will become the primary constraint on AI growth, positioning itself to capitalize on this trend [6][12] - The long-term vision includes integrating Bitcoin and AI into a single platform to maximize the value of energy [9][10] Other Important Information - The company ended the quarter with 52,850 Bitcoin, having mined over 2,100 BTC during Q3 [13] - The company issued $1.025 billion of zero-coupon convertible notes due 2032, enhancing balance sheet flexibility [22] - The company aims to derive 50% of revenue from international operations by 2028 [13] Q&A Session Summary Question: How does the current strategy differ from previous approaches? - The company emphasizes access to low-cost, reliable energy and the flexibility to blend AI inference with Bitcoin mining, providing a broader operational canvas [25][26] Question: What is the significance of the Exxion acquisition? - Exxion operates data centers for EDF and provides expertise in secure data management, which will enhance the company's capabilities in private cloud solutions [40][41] Question: What are the expected milestones for the company's strategy? - Key milestones include partnerships with large energy companies and increased customer usage of inference AI, with a focus on profit per megawatt hour as a key performance indicator [60][61]

Core Insights - CertiK released the 2025 Skynet Digital Asset Treasury (DAT) report, introducing a quantitative framework for assessing the operational robustness of DATs, revealing the landscape of global public companies in terms of digital asset holdings, security governance, and compliance transparency [1][2] Industry Overview - The Digital Asset Treasury (DAT) model has evolved from a niche strategy to a significant and expanding market, with global public companies holding over $130 billion in digital assets. This model defines companies that accumulate digital assets as a core balance sheet strategy, creating a regulated, high-beta tool for traditional financial investors to enter the cryptocurrency ecosystem [1][2] Regulatory Impact - With the implementation of regulations such as the EU's Markets in Crypto-Assets (MiCA) and the US's Digital Asset Market Clarification Act (CLARITY Act), the valuation of DAT companies is increasingly dependent on the robustness of their security and compliance systems rather than just their asset holdings [1] Quantitative Framework - CertiK's DAT quantitative framework includes five core assessment pillars: custodial and third-party due diligence, internal controls and operational security, on-chain risk exposure, capital strategy resilience, and regulatory and information disclosure strategies. This framework allows for a quantitative evaluation of companies' DATs, examining factors such as custodial diversity, internal threat prevention, security management practices, sustainability of financing models, and timeliness of information disclosure [2] Leading Companies - The assessment results indicate that Strategy Inc. (MSTR) ranks first with a Skynet score of 91.8, attributed to its use of regulated custodians, multi-signature security mechanisms, annual SOC 2 audits, and high transparency in disclosures to the SEC. Other top-ranked companies include MARA Holdings (MARA), Metaplanet Inc. (MTPLF), Bitcoin Standard Treasury Company (BSTR), BitMine Immersion Technologies (BMNR), XXI (CEP), CleanSpark Inc. (CLSK), Hut 8 Mining (HUT), SharpLink Gaming (SBET), and Forward Industries (FORD) [3] Future Trends - The report highlights that as the adoption of digital assets continues to rise, DAT companies with long-term viability are expected to maintain their market positions. Key trends in the DAT sector include the tokenization of real-world assets (RWA) and integration with central bank digital currencies (CBDC) [3] Market Dynamics - As more market participants enter the space and spot ETFs provide investors with lower-cost direct price exposure, investors will increasingly differentiate DATs based on "how they hold" rather than "what assets they hold" [4]

Collaboration Announcement - MARA Holdings and MPLX LP have announced a collaboration to build integrated power generation and data center campuses in West Texas, marking a significant advancement in energy and computing infrastructure development [1] - MPLX will supply natural gas from its Delaware Basin processing plants to MARA's planned gas-fired power facilities, which will initially deliver 400 MW of electricity with potential expansion to 1.5 GW [1] Benefits of the Collaboration - The power generated will serve MARA's data centers and enhance energy reliability for MPLX's regional operations [2] - MPLX's CEO stated that the deal strengthens the company's natural gas value chain, while MARA's CEO highlighted the advantages of utilizing local low-cost gas for efficient, high-performance data centers [2] - The project is expected to evolve from supporting mining operations to advanced AI and high-performance computing workloads [2] Financial Performance - MARA reported third quarter 2025 revenues of $252 million, a 92% increase year-over-year [3] - The company achieved a net income of $123 million, a significant turnaround from a net loss of $125 million in the same period last year [3] - Adjusted EBITDA rose by 1,671% to $395.6 million, and the energized hashrate climbed 64% to 60.4 EH/s, with bitcoin holdings nearly doubling to 52,850 [3] - Despite strong financial results, MARA's stock is down 2.3% in early trading due to declines in both crypto and traditional markets [3]