FORT LAUDERDALE - MARA Holdings, Inc. (NASDAQ: MARA), a prominent player in the digital asset compute field with a market capitalization of $5.5 billion, announced an unaudited update on its Bitcoin (BTC) production and miner installation for December 2024, revealing an increase in their hash rate and BTC holdings. According to InvestingPro analysis, MARA’s stock currently appears slightly undervalued, with analysts setting price targets ranging from $21 to $44.
The company’s energized hash rate improved by 15% to 53.2 EH/s, surpassing its year-end target of 50 EH/s. Despite the increase in hash rate, BTC production saw a slight decrease of 2% from the previous month, totaling 890 BTC. This was attributed to a minor reduction in mining luck. MARAPool, MARA’s own mining pool, reported an annual hash rate growth of 168% in 2024, outpacing the bitcoin network’s growth rate of 49%.
Fred Thiel, MARA’s chairman and CEO, said, "We mined 249 blocks, the second most blocks in a month on record." He also highlighted the company’s hybrid approach of mining and purchasing BTC, which he believes provides flexibility and a competitive edge in acquiring bitcoin at attractive prices.
By the end of 2024, MARA had acquired 22,065 BTC at an average price of $87,205 and mined an additional 9,457 BTC. The company’s year-end BTC yield per diluted share stood at 62.7%. MARA’s total BTC holdings amounted to 44,893, valued at approximately $4.2 billion based on the spot price of $93,354 per BTC as of December 31, 2024. Additionally, 7,377 BTC were loaned to third parties, generating additional returns for stakeholders. InvestingPro data shows the company maintains a healthy current ratio of 4.0, indicating strong liquidity, while achieving impressive revenue growth of 131% over the last twelve months.
The company’s operational highlights underscore its commitment to expanding operations and enhancing performance. However, investing in MARA’s securities involves significant risks, with InvestingPro data showing a high beta of 5.77 and noting significant price volatility. Potential investors are advised to consider these risks and to not rely solely on past financial performance as an indicator of future results. For deeper insights, investors can access MARA’s comprehensive Pro Research Report, part of InvestingPro’s coverage of over 1,400 US stocks.
This summary is based on a press release statement from MARA Holdings, Inc. and does not include any analysis or commentary beyond the provided facts.
In other recent news, MicroStrategy and other companies with significant cryptocurrency exposure experienced a downturn due to the broader sector’s reaction to the Federal Reserve’s signals of interest rate caution and a significant pullback in Bitcoin’s value. Meanwhile, shares of Marathon Digital Holdings (NASDAQ:MARA) climbed, recovering from a drop influenced by the cryptocurrency’s value dip. The company reported a BTC Yield of 60.9% for the period from January 1, 2024, to December 18, 2024, indicating a strategic focus on acquiring and holding Bitcoin.
On the analyst front, Piper Sandler initiated coverage on MARA with an Overweight rating, citing its significant mining capacity and substantial corporate bitcoin treasury. JPMorgan also adjusted its stance on Marathon Digital, upgrading its rating from Underweight to Neutral, acknowledging the company’s substantial expansion in self-mining capacity.
In other company news, Bitcoin’s surge past the $100,000 mark positively impacted various companies with exposure to cryptocurrency, including Marathon Digital. The surge followed the appointment of Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC), a move seen as favorable for the crypto industry. These are the latest developments for MicroStrategy and Marathon Digital.
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