Crypto Miner MARA Holdings Posts $533M Q1 Loss Despite Record Bitcoin Holdings
MARA Holdings reported a $533 million net loss for Q1 2025, despite a 30% revenue increase to $214 million and a significant rise in Bitcoin holdings to 47,531 BTC, up 174% from the previous year. The loss per share increased from $1.26 to $1.55. Bitcoin production fell by 19% year-over-year to 2,286 BTC due to the previous year's halving, which reduced mining rewards. The loss was primarily attributed to a $510 million negative adjustment on Bitcoin's fair value, as its price dropped from $93,354 to $82,534. New crypto accounting standards require fair market value reporting, leading to non-cash paper losses. MARA retains a strong liquidity position with $196 million in cash and nearly $4.1 billion in total assets. CEO Fred Thiel emphasized a commitment to strategic growth and the potential of Bitcoin as a macro hedge.
