MARA Holdings reported a staggering $533 million net loss for Q1 2025, despite achieving a record Bitcoin holding of 47,531 BTC, a 174% increase from the previous year. The company's revenue, however, grew by 30% year-over-year to $214 million, missing Wall Street expectations. The loss was primarily attributed to accounting adjustments reflecting Bitcoin's declining valuation, with a $510 million negative adjustment due to the price drop from $93,354 to $82,534 over the quarter. Despite a significant increase in Bitcoin holdings, production fell by 19% compared to the prior year, exacerbated by the Bitcoin halving that reduced mining rewards. CEO Fred Thiel emphasized that the company remains focused on long-term value creation. MARA maintains a strong liquidity position with $196 million in cash and $4.1 billion in combined cash and digital assets, indicating a robust financial foundation moving forward.

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