GICS Sector : Financial Services
Marathon Digital Holdings, Inc.operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem and the generation of digital assets in United States.As of December 31, 2021, it had approximately 8,115 bitcoins, which included the 4,794 bitcoins held in the investment fund.
MARA's Q3 2025 revenues surged 92% to $252.4 million, driven by an 88% increase in Bitcoin's average price and a 74% increase in mined Bitcoin. The company's focus on operational and financial discipline resulted in substantial growth of its compute capacity and Bitcoin holdings, ending the quarter with 52,850 Bitcoin. The actual EPS came out at '-0.32' relative to estimates at '-0.26', indicating a slight deviation from expectations. Analysts estimate next year's revenue growth at 21.2%, suggesting a continued upward trajectory.
Publication Date: Nov -11
The company's purchased energy cost of Bitcoin for the quarter was $39,235, and its daily cost per petahash per day improved 15% year-over-year. This reduction in energy costs contributed to the overall improvement in financial performance. MARA's ability to manage its energy costs effectively is crucial in maintaining its competitive edge in the Bitcoin mining space.
MARA is evolving from a pure-play Bitcoin miner to a vertically integrated digital infrastructure company, converting energy into value and intelligence. The company is positioning itself at the nexus of AI trends, open-source AI, and private cloud compute. As Fred Thiel, Chairman and CEO, noted, "We're seeing a shift from GPUs to ASICs, which has dramatically improved the number of calculations that can be processed per unit of energy." This strategic shift is expected to drive long-term value for stockholders.
With a P/S Ratio of 6.41 and an EV/EBITDA of 2.76, MARA's valuation suggests that the market is pricing in significant growth potential. The company's ROE of 20.82% indicates a strong return on equity, while its Net Debt / EBITDA ratio of -0.45 suggests a healthy debt profile. As MARA continues to execute its strategy, investors will be watching closely for milestones such as partnerships with large energy companies, increased inference AI usage, and rising profit per megawatt hour.
The secured power capacity and operational flexibility with integrated power will likely drive long-term value for MARA's stockholders. The key factors to watch will be the value flows between AI-ready assets and the Bitcoin mining option value. As the company continues to evolve, especially with the energy generation story and the integration of AI, it is likely to attract more attention and get more credit for its model.
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Marathon Digital Holdings, Inc.'s 11.93% growth in Digital Currency Blockchain is driven by increasing adoption of cryptocurrencies, rising demand for secure and efficient transaction processing, and the company's strategic expansion into new markets. Additionally, advancements in blockchain technology, growing institutional investment, and favorable regulatory environments also contribute to this growth.
Marathon Digital Holdings, Inc. is a leading Bitcoin mining company that operates a large-scale mining operation, utilizing a fleet of advanced ASIC miners to mine Bitcoin.
The company offers data center hosting services, providing a secure and reliable environment for cryptocurrency mining operations.
Marathon Digital Holdings, Inc. operates a cryptocurrency mining pool, allowing miners to pool their resources and increase their chances of solving complex mathematical equations and earning cryptocurrency rewards.
The company offers blockchain consulting services, providing expertise and guidance to organizations seeking to integrate blockchain technology into their operations.
The threat of substitutes for Marathon Digital Holdings, Inc. is medium due to the availability of alternative cryptocurrencies and mining equipment. While the company's focus on Bitcoin mining provides some differentiation, the industry is highly competitive, and substitutes are readily available.
The bargaining power of customers for Marathon Digital Holdings, Inc. is low due to the company's focus on institutional clients and the lack of dependence on individual customers. The company's large-scale mining operations also provide some bargaining power in negotiations with suppliers.
The bargaining power of suppliers for Marathon Digital Holdings, Inc. is medium due to the company's dependence on a few key suppliers for mining equipment and energy. While the company has some bargaining power due to its scale, suppliers also have some leverage due to the specialized nature of the equipment and services required.
The threat of new entrants for Marathon Digital Holdings, Inc. is high due to the relatively low barriers to entry in the cryptocurrency mining industry. New entrants can easily set up mining operations, and the industry is highly competitive, with many established players.
The intensity of rivalry for Marathon Digital Holdings, Inc. is high due to the highly competitive nature of the cryptocurrency mining industry. The industry is characterized by many established players, and the company faces intense competition for market share and access to limited resources such as energy and mining equipment.
| Value | |
|---|---|
| Debt Weight | 16.78% |
| Debt Cost | 3.95% |
| Equity Weight | 83.22% |
| Equity Cost | 30.92% |
| WACC | 26.40% |
| Leverage | 20.16% |
Value: 2.0
Growth: 6.8
Quality: 7.8
Yield: 3.0
Momentum: 7.5
Volatility: 8.3
1-Year Total Return ->
Value: 3.3
Growth: 5.8
Quality: 8.2
Yield: 3.0
Momentum: 7.5
Volatility: 5.7
1-Year Total Return ->
Value: 5.0
Growth: 6.9
Quality: 5.6
Yield: 0.0
Momentum: 8.5
Volatility: 6.0
1-Year Total Return ->
Value: 6.9
Growth: 4.8
Quality: 4.0
Yield: 0.0
Momentum: 10.0
Volatility: 5.7
1-Year Total Return ->
Value: 2.8
Growth: 6.2
Quality: 8.6
Yield: 3.0
Momentum: 0.5
Volatility: 7.7
1-Year Total Return ->
Value: 6.9
Growth: 5.1
Quality: 6.2
Yield: 0.0
Momentum: 5.5
Volatility: 1.0
1-Year Total Return ->