"MARA sold about $1.5 billion worth of bitcoin during the quarter, including a $1.1 billion block near the end of the period used to repurchase convertible notes. The miner sold 20,880 bitcoin and ended the quarter with 35,303 coins, down from 38,689 earlier in the year. That sale pushed the company from the second- to the fourth-largest publicly traded holder of bitcoin, according to Bitcoin Treasuries data. Management framed the move as a use of bitcoin as “ammunition” on the balance sheet rather than an untouchable reserve."
"The company reported first-quarter revenue of $174.6 million, an 18% drop from a year earlier, and a net loss of about $1.3 billion. Management tied that result to a roughly $1 billion negative change in the fair value of its digital assets after a double-digit slide in the bitcoin price over the period. MARA produced 2,247 bitcoin in the quarter and lifted energized hashrate 33% year over year to 72.2 exahash per second, but those operational gains did not offset the mark-to-market hit on its holdings."
"Even as it continues to mine, MARA is signaling a strategic pivot away from aggressive expansion of dedicated mining capacity. In its earnings statement the company said it does not expect to make large purchases of new ASIC miners, a sharp contrast with the playbook miners used during the last cycle to chase hashrate growth. Instead, MARA is steering capital toward energy and data infrastructure that can support both bitcoin mining and high-performance computing workloads."
MARA Holdings reduced its bitcoin exposure by selling about $1.5 billion worth of bitcoin in the first quarter, including a $1.1 billion block used to repurchase convertible notes. Revenue fell to $174.6 million, down 18% year over year, and the company reported a net loss of about $1.3 billion. The loss was tied to roughly a $1 billion negative change in the fair value of digital assets after bitcoin prices declined. Operationally, MARA produced 2,247 bitcoin and increased energized hashrate 33% year over year to 72.2 exahash per second, but the mark-to-market impact outweighed gains. MARA ended the quarter with 35,303 bitcoin, down from 38,689 earlier in the year, and framed bitcoin as balance-sheet “ammunition.” The company also signaled it does not expect large purchases of new ASIC miners and plans to steer capital toward energy and data infrastructure supporting both mining and high-performance computing workloads.
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