Marathon Digital Holdings (MARA) transferred a total of 1,318 BTC, valued at approximately $86.89 million, over the past approximately 10 hours to Two Prime, BitGo, and Galaxy Digital. The company currently holds 52,850 BTC, ranking second globally by reported Bitcoin holdings. https://t.co/Q5sabEkcNRLookonchain (@lookonchain):The Bitcoin mining firm #MARA transferred 1,318 $BTC($86.89M) to Two Prime, BitGo, and Galaxy Digital in the past 10 hours.https://t.co/9DlN5ZPsBz https://t.co/ubPZM5iwWi ...

吴说获悉，据 Lookonchain 监测，比特币矿企 Marathon Digital Holdings（MARA）在过去约 10 小时内 向 Two Prime、BitGo 及 Galaxy Digital 转出合计 1,318 枚 BTC，约合 8689 万美元。目前仍持有 52850 枚 BTC，约合 34.4 亿美元，位居全球第二。 （来源：吴说） ...

Marathon Digital Holdings (MARA) transferred a total of 1,318 BTC (about $86.89 million) to Two Prime, BitGo, and Galaxy Digital over the past roughly 10 hours. MARA still holds 52,850 BTC, worth about $3.44 billion, ranking second globally. https://t.co/b7sPyUui7wLookonchain (@lookonchain):The Bitcoin mining firm #MARA transferred 1,318 $BTC($86.89M) to Two Prime, BitGo, and Galaxy Digital in the past 10 hours.https://t.co/9DlN5ZPsBz https://t.co/ubPZM5iwWi ...

Core Insights - J.P. Morgan updated financial models for North American Bitcoin miners, adjusting price targets based on network difficulty and cryptocurrency price fluctuations [1] Group 1: Bitcoin Mining Revenue Projections - Analysts project a modest decline in bitcoin mining revenue for Q4 2025, with estimates for mined bitcoin increasing by a low single-digit percentage due to slower network hashrate growth, while lower realized bitcoin prices offset production gains [2] Group 2: Company Ratings and Price Targets - Cipher Mining (NASDAQ: CIFR) received an overweight rating with an $18 price target, reflecting its power pipeline and pivot toward AI/HPC, alongside a $2 billion debt offering and a 200-megawatt site acquisition in Ohio expected to come online in late 2027 [3] - CleanSpark (NASDAQ: CLSK) holds an overweight rating with a $14 price target, emphasizing its acquisition strategy, including two sites in Texas and ongoing negotiations for potential AI/HPC tenants [4] - Riot Platforms (NASDAQ: RIOT) maintains an overweight rating with a $20 price target, focusing on the capacity potential at its 1 GW Corsicana facility, assuming 600 megawatts of colocation deals by late 2026 [5] - Marathon Digital Holdings (NASDAQ: MARA) is rated overweight with a $13 price target, reflecting its revised year-end 2025 hashrate goal of 75 EH/s [5] - Iris Energy (NASDAQ: IREN) holds an underweight rating with a $39 price target, as the current valuation of approximately $54 is viewed as stretched, factoring in undeveloped site deals that have not materialized [6] Group 3: Regulatory Considerations - J.P. Morgan highlighted an ERCOT proposal that could impact bitcoin miners in Texas, with an interconnection backlog exceeding 250 gigawatts and proposed rules including a "use it or lose it" clause subject to annual reviews, to be presented to state regulators on February 20 [7] - Investors are advised to monitor management commentary from CleanSpark and IREN regarding the ERCOT rule during their earnings report on February 5 [7]

Core Insights - The Norwegian Government Pension Fund is projected to gain indirect exposure to approximately 9,573 BTC by 2025 through investments in crypto-related publicly traded companies, representing a year-over-year increase of about 149% [1] Group 1: Investment Details - The indirect exposure to Bitcoin primarily stems from investments in companies such as Coinbase, Marathon Digital, and Metaplanet [1]

Core Insights - The Norwegian Government Pension Fund is projected to gain indirect exposure to approximately 9,573 BTC by 2025 through investments in crypto-related publicly traded companies, representing a year-on-year increase of about 149% [1] Group 1: Investment Details - The indirect exposure to Bitcoin primarily stems from investments in companies such as Coinbase, Marathon Digital, and Metaplanet [1]

Core Insights - MARA Holdings, Inc. (MARA) is experiencing growth through vertical integration, strategic expansion, and improved operational efficiency in Bitcoin mining, supported by a strong liquidity position [1] Financial Performance - In Q3 of fiscal 2025, MARA reported revenues of $252 million, marking a 92% year-over-year increase [2] - The company also saw a 98% year-over-year increase in Bitcoin holdings, reaching a total of 52,850 bitcoins by the end of the quarter [4] Operational Strategy - MARA's energized hashrate reached 60.4 EH/s across 18 sites, with approximately 70% of its capacity owned and operated, which aims to lower costs and reduce reliance on third parties [2][3] - The company deployed nearly 5,000 new miners, achieving an energy efficiency of 18.6 J/TH as of September 30, 2025 [2] Asset Management - MARA retains a significant portion of the Bitcoin it mines while selling the remainder to generate revenue, allowing for financial flexibility and exposure to potential long-term Bitcoin price appreciation [4] - During the quarter, the company mined and retained 2,144 bitcoins, further expanding its holdings [4] Investment Considerations - Despite operational gains, MARA is considered a high-risk investment due to its heavy dependence on Bitcoin prices, which can significantly impact earnings and balance-sheet value [5] - The company has never declared, and does not plan to pay, cash dividends, meaning investor returns rely solely on share-price appreciation [6] Industry Comparisons - Riot Platforms (RIOT) is another major Bitcoin miner focusing on scaling energy-efficient operations but has a higher sell-through rate of mined Bitcoin, contrasting with MARA's asset-accumulation strategy [7] - Coinbase Global (COIN), while not a miner, benefits from transaction activity and has diversified revenue streams, highlighting the importance of balancing current revenues with long-term strategic positioning in the crypto economy [8]

Company Performance - Marathon Digital Holdings, Inc. (MARA) closed at $10.56, reflecting a +1.83% increase from the previous day, outperforming the S&P 500 which gained 1.16% [1] - Over the past month, shares of the company have increased by 5.17%, while the Finance sector experienced a loss of 0.5% and the S&P 500 declined by 0.42% [1] Earnings Expectations - The upcoming earnings release is expected to show an EPS of -$0.23, representing a 118.55% decline compared to the same quarter last year [2] - Revenue is forecasted to be $241.04 million, indicating a 12.43% growth year-over-year [2] - For the entire fiscal year, earnings are projected at -$0.23 per share and revenue at $944.89 million, reflecting a -113.37% change in earnings and no change in revenue compared to the prior year [3] Analyst Estimates and Rankings - Recent modifications to analyst estimates for Marathon Digital Holdings, Inc. are crucial as they reflect short-term business dynamics, with positive revisions indicating optimism about the business outlook [4] - The Zacks Rank system, which incorporates estimate changes, currently ranks Marathon Digital Holdings, Inc. as a 4 (Sell) [6] - The Zacks Industry Rank for the Financial - Miscellaneous Services industry is 100, placing it in the top 41% of all industries, suggesting that top-rated industries outperform lower-rated ones by a factor of 2 to 1 [7]

We recently published 10 Stocks Investors Are Dumping. MARA Holdings Inc. (NASDAQ:MARA) was one of the worst performers on Tuesday. MARA Holdings Inc. (NASDAQ:MARA) fell by 8.71 percent on Tuesday to finish at $10.37 apiece as investors disposed of shares to mitigate risks from the ongoing geopolitical tensions between the US and Europe, having announced a tit-for-tat tariff in relation to their opposing views on the acquisition of Greenland. MARA Holdings Inc. (NASDAQ:MARA) mirrored the broader market p ...

Group 1 - The decline in Bitcoin prices has negatively impacted cryptocurrency-related stocks, with significant drops observed in companies like Strategy, SharpLink Gaming, and MARA Holdings, which fell more than the broader market [1][2] - Bitcoin's price fell below $90,000, reaching a low of $89,281, while Ethereum dropped below $3,000, leading to increased trading activity with a 14% rise in Bitcoin's 24-hour trading volume to $68.6 billion [1] - The market is experiencing heightened volatility due to the recent geopolitical uncertainties, particularly related to Trump's tariff proposals, which add pressure to the already fragile market conditions [2] Group 2 - Strategy announced a $2.1 billion investment to increase its Bitcoin holdings, yet its stock price fell over 6% to $160.23 after opening [2] - SharpLink Gaming's stock dropped by 9.59% to $9.945, despite holding approximately $2.4 billion in Ethereum, which the CEO referred to as "permanent capital" [2] - MARA Holdings' stock decreased by 8.71% to $10.37, following a recent agreement with MPLX for natural gas supply to its Texas data center [2] Group 3 - Analysts suggest that the decline in Bitcoin prices tends to have a more pronounced effect on mining companies' stock prices, indicating that the current drop is more of a consolidation phase rather than a free-fall [3] - The psychological support level at $90,000 is critical; failure to maintain this level could lead to a potential test of the $85,000 mark [3]