MARA piles reach $5 billion in just a few months after Bitcoin reaches $103k

According to the company’s Q1 report, MARA Holdings has nearly tripled their Bitcoin holdings in just 12 months.

In Q1, however, the company’s total revenue and earnings were slightly below Wall Street expectations.

MARA (formerly Marathon Digital) saw its Bitcoins (BTC) holdings Increase to 47.531 BTC from 17.320 BTC that the company held at the close of Q1 2020.

MARA’s holdings are now at $5B, after Bitcoin surge

MARA has the second largest amount of Bitcoins out of all publically traded companies. according to CoinGecko data. Strategy (MSTR), the first Bitcoin company, has 555 450 bitcoins.

According to the current Bitcoin price, which was $102,660 as of this publication, these holdings are worth approximately $4.9 Billion. according CoinMarketCap is a good source of data. Bitcoin has seen a 4.86% increase in price over the last 24 hours.

The amount of Bitcoin produced by MARA over the last quarter has fallen 19% in comparison to the same period in 2024, to 2,286 Bitcoin. 

MARA attributes this to last year’s Bitcoin halving, when the mining reward was reduced to 3,125 BTC per Block and overall supply tightened.

MARA’s revenue fell short by 0.35 percent of analysts’ expectations. according Zacks Research. They noted that MARA had only exceeded revenue consensus estimates one time in the previous four quarters.

MARA stock has dropped nearly 2% since then in trading after hours, despite the fact that it jumped by 7.2% on trading day, May 8. according Google Finance provides data on the stock market.

Bitcoin Mining Firms Share Similar Frustrations

Bitcoin miner Riot Platforms echoed similar difficulties in their recent Q1 financial report. 

Riot reported that, on average, the cost of mining Bitcoin during the third quarter was $43,808. This is almost 90% higher than the cost of $23,034 to mine Bitcoin for the same time period in 2017. Riot, however, beat the consensus revenue estimate of $159.8 millions by just 1%.

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Other Bitcoin mining companies also failed to meet Wall Street revenue expectations.

Bitcoin miner CleanSpark missed The quarter’s revenue was $181.71M, which is 0.58% above the consensus estimate.

Core Scientific’s total revenue in Q1 also failed to meet analyst expectations reaching $79.5 millionZacks analyst’s missing estimates The revenue of Q1 2024 was $179.3 Million, down 8.11%. 

Hut8, a Bitcoin miner, reported the largest miss of all Bitcoin mining companies, with a 35% fall short of Wall Street’s expectations.

Zacks Research had projected Hut8 expected to report first-quarter revenues of $35 Million, but Hut8’s revenue was significantly lower at just $21 million.

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This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of financial decisions.