**MARA Reports $214M in Q1 Revenue, Increases Bitcoin Holdings to 47,531 BTC**
MARA Holdings, Inc. has announced its financial results for the first quarter of 2025, revealing a revenue of $213.9 million, marking a 30% increase compared to the same period in 2024. This growth reflects the company’s ongoing evolution into a leader in digital energy and infrastructure.
In its shareholder letter, MARA highlighted that revenues rose from $165.2 million in Q1 2024 to $213.9 million in Q1 2025. The company’s bitcoin holdings experienced a remarkable surge of 174% year-over-year, climbing from 17,320 BTC to 47,531 BTC, which is currently valued at approximately $3.9 billion as of March 31, 2025. However, despite the revenue growth, MARA reported a net loss of $533.4 million, largely attributed to a $510.2 million loss in the fair value of bitcoin, which ended the quarter at $82,534. The company noted that the current bitcoin price of around $100,000 would indicate a significant fair value gain.
During the first quarter, MARA mined 2,286 BTC and acquired an additional 340 BTC. The company’s energized hashrate nearly doubled, increasing from 27.8 EH/s in Q1 2024 to 54.3 EH/s, while the cost per petahash per day improved by 25% to $28.5. MARA is focused on two strategic priorities: (1) expanding its operations by transitioning to low-cost energy and more efficient capital deployment, and (2) developing a comprehensive suite of solutions for data centers and edge inference, which includes energy management, load balancing, and advanced cooling technologies.
Key highlights from the quarter include the acquisition of a 114 MW wind farm in Texas, which offers low fixed energy costs of approximately $10/MWh, and the deployment of gas-to-power operations in North Dakota and Texas, which have reduced emissions equivalent to 14,200 gasoline-powered vehicles. Additionally, MARA expanded its Ohio data center by adding 50 MW and 12,000 new miners, and it continues to develop proprietary immersion cooling systems and next-generation ASICs through its investment in chipmaker Auradine.
MARA will host a webcast and earnings call at 5:00 p.m. ET on May 8, 2025, for shareholders to discuss these results and future plans.
**FAQ**
**What were MARA’s key financial results for Q1 2025?**
MARA reported $213.9 million in revenue for Q1 2025, a 30% increase from the previous year, while its bitcoin holdings grew to 47,531 BTC, valued at approximately $3.9 billion.
