MARA Holdings, Inc.
18.88-0.68 (-3.48%)
Oct 28, 4:00:00 PM EDT · NasdaqCM · MARA · USD
Key Stats
Market Cap
7.25BP/E (TTM)
10.49Basic EPS (TTM)
1.80Dividend Yield
0%Recent Filings
8-K
MARA invests €148M in Exaion
MARA Holdings announced an investment agreement on August 11, 2025, to acquire a 64% stake in Exaion SAS for €148 million in cash via its French subsidiary, targeting closure in Q4 2025 pending French and Canadian regulatory approvals. This move bolsters MARA's AI and high-performance computing infrastructure with Exaion's secure, decarbonized data centers, while EDF retains a minority stake and client role. A potential €110 million follow-on investment by March 2027 could lift ownership to 75%, contingent on revenue and cost milestones. Yet regulatory hurdles loom large.
8-K
MARA's Q2 revenue surges 64%
MARA Holdings crushed Q2 2025 with revenues soaring 64% to $238.5 million, fueled by higher bitcoin prices and 82% energized hashrate growth to 57.4 EH/s, while mining 2,358 BTC. Net income flipped to $808.2 million from a $199.7 million loss, boosted by a $1.2 billion unrealized gain on digital assets, with bitcoin holdings hitting 49,951 BTC worth $5.3 billion. Costs per petahash dropped 24% to $28.7, sharpening efficiency amid bitcoin's volatility. Post-quarter, they raised $950 million in zero-coupon notes for flexible bitcoin and M&A plays.
10-Q
Q2 FY2025 results
MARA Holdings swung to a strong Q2 FY2025, posting $238.5M in revenue, up 64% y/y from $145.1M, fueled by bitcoin mining gains amid a 50% price surge, though production dipped slightly post-halving. Operating income rocketed to $679.8M from a $232.4M loss, thanks to an $846.0M fair value gain on digital assets offsetting $161.7M depreciation; diluted EPS hit $1.84, verified against 440.9M shares with no anti-dilution flags. Key drivers included energized hashrate climbing to 57.4 EH/s and bitcoin holdings reaching 49,951 at $5.3B fair value, with 31% activated via lending and trading for $1.2B appreciation. Cash dipped to $109.5M after $378.9M operating outflow, yet $350M line of credit availability and $2.3B convertible notes bolster liquidity; free cash flow not disclosed in the 10-Q. Storm damage impaired $26.3M in assets at Garden City. Bitcoin price swings remain a core risk.
8-K
MARA closes $950M notes offering
MARA Holdings closed its upsized $950 million private offering of 0.00% convertible senior notes due 2032 on July 25, 2025, netting $940.5 million after fees. The company repurchased $19.4 million of its 1.00% 2026 notes and spent $36.9 million on capped calls to curb dilution, while planning to deploy the rest toward bitcoin buys and general corporate needs like expansions. Notes convert at 49.3619 shares per $1,000 principal, or about $20.26 per share. Hedging flows may sway stock prices.
8-K
MARA prices $950M notes offering
MARA Holdings priced an upsized $950 million private offering of 0.00% convertible senior notes due 2032 on July 23, 2025, expecting to close July 25 and yield $940.5 million in net proceeds. The company plans to use funds to repurchase $19.4 million of its 2026 notes, cover $36.9 million in capped call costs, buy more bitcoin, and support general purposes like acquisitions and debt repayment. Capped calls cap dilution at $24.14 per share. Forward-looking plans hinge on market conditions.
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