MARA Holdings, Inc. MARA is benefiting from vertical integration, strategic expansion, and rising operational efficiency in Bitcoin mining, supported by a strong liquidity position. The company continues to scale its operations while working to lower costs and reduce operational risk.
During the third quarter of fiscal 2025, MARA reported revenues of $252 million, representing a 92% year-over-year increase. The company also reported a 98% year-over-year increase in Bitcoin holdings. Energized hashrate reached 60.4 EH/s across 18 sites, with approximately 70% of capacity owned and operated. MARA deployed nearly 5,000 new miners, achieving an energy efficiency of 18.6 J/TH as of Sept. 30, 2025.
By owning and operating the majority of its compute capacity, MARA aims to lower costs, reduce reliance on third parties, and maintain flexibility in energy sourcing and operational strategy. This vertically integrated model supports the company’s objective of strengthening its competitive position within the digital asset mining industry.
MARA retains a significant portion of the Bitcoin it mines while selling the remainder to generate revenue. This hybrid approach allows the company to fund operations while maintaining exposure to potential long-term Bitcoin price appreciation, supporting financial flexibility rather than short-term income maximization alone.
At the end of the third quarter of 2025, MARA held 52,850 bitcoins. During the quarter, the company mined and retained 2,144 bitcoins, further expanding its holdings.
Despite these operational gains, MARA remains a high-risk investment due to its heavy dependence on Bitcoin prices. Volatility in Bitcoin can materially impact earnings and balance-sheet value. The company’s practice of holding large Bitcoin reserves, and at times using those holdings to support additional purchases, amplifies its exposure to price swings.
MARA has never declared, and does not currently plan to pay, cash dividends. As a result, investor returns depend entirely on share-price appreciation, which may limit the stock’s appeal for dividend-focused investors.
Stocks to Watch: RIOT, COIN
Riot Platforms RIOT, another major Bitcoin miner, has also prioritized scaling energy-efficient operations to lower production costs. However, unlike MARA, Riot Platforms has historically leaned toward a higher sell-through rate of its mined Bitcoin, focusing more on near-term liquidity. While RIOT remains an important player in U.S. mining, its approach underscores the uniqueness of MARA’s asset-accumulation philosophy.
Coinbase Global COIN provides another relevant comparison. As a leading cryptocurrency exchange, Coinbase does not mine Bitcoin but benefits from transaction activity and institutional adoption of digital assets. Like MARA, Coinbase has built resilience by diversifying its revenue streams and leveraging its role as a long-term enabler of crypto adoption. Although MARA and Coinbase operate in different segments, both reflect the importance of balancing current revenues with longer-term strategic positioning in the crypto economy.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
