Marathon Digital Holdings Inc (NASDAQ: MARA) reported Q3 2025 earnings before market open on Nov.
Marathon Digital's Q3 revenues are projected to surge 86% as its efficient Bitcoin mining and asset retention strategy drive steady growth.
In the closing of the recent trading day, Marathon Digital Holdings, Inc. (MARA) stood at $17.76, denoting a -5.93% move from the preceding trading day.
MARA Holdings has lagged peers YTD, while IREN quintupled on its AI pivot. I see it as an asymmetric bet, wrongly seen by the market as a Bitcoin treasury play. At a 1.20x mNAV premium versus MicroStrategy's 1.34x, MARA's ~53,000 BTC holdings worth $5.9B justify a higher multiple given its mining inflows and AI potential. MARA's mining business alone merits a ~$5B valuation, projecting 64,000 BTC mined through 2048 worth ~$7.4B at current prices or up to ~$48B+ in a bullish Bitcoin case.
In the closing of the recent trading day, Marathon Digital Holdings, Inc. (MARA) stood at $19.54, denoting a +1.66% move from the preceding trading day.
In the latest trading session, Marathon Digital Holdings, Inc. (MARA) closed at $22.84, marking a +2.7% move from the previous day.
Marathon Digital operates 1.1 GW of owned power capacity at $0.04/kWh, positioning it as a low-cost AI infrastructure play. The EDF Exaion acquisition gives MARA access to Tier-4, GDPR-compliant AI data centers and European enterprise clients. IREN re-rated on visible GPU contracts, while MARA awaits AI revenue from Exaion and TAE Power integration.
In the latest trading session, Marathon Digital Holdings, Inc. (MARA) closed at $20.25, marking a -1.56% move from the previous day.
MARA Holdings remains a Strong Buy with a 12-month price target of $25, driven by strong Bitcoin mining and strategic AI/HPC diversification. MARA's acquisition of a 64% stake in Exaion expands exposure to high-demand AI and high-processing computing, supporting long-term growth beyond Bitcoin. Despite recent outperformance, MARA trades at a discount versus peers, as the market has yet to fully price in its AI/HPC pivot and growing BTC treasury.
Upgrading MARA Holdings to a strong buy on record Q2 results and a favorable Bitcoin setup going into the back half of the year. MARA posted $238.5M in Q2 revenue (up 64% YoY), a $1.2B gain on digital assets, and surpassed 50,000 BTC holdings. The Street projects 93% top-line growth in Q3. Tailwinds for BTC include lower interest rate expectations, with CME projecting two more cuts before year-end and strong institutional Bitcoin demand as noted by ETP ownership.
In the latest trading session, Marathon Digital Holdings, Inc. (MARA) closed at $18.61, marking a +1.92% move from the previous day.
The latest trading day saw Marathon Digital Holdings, Inc. (MARA) settling at $16.07, representing a -8.9% change from its previous close.