Company’s Bitcoin Holdings Grow to Record 47,531 BTC
MARA Holdings, Inc. (NASDAQ: MARA) has published its financial results for the first quarter of 2025, reporting revenue of $213.9 million, which is 30% higher than the same period in 2024. The company continues its transformation into a digital energy and infrastructure powerhouse. MARA’s Bitcoin holdings increased by 174% year-over-year, growing from 17,320 BTC to 47,531 BTC, valued at approximately $3.9 billion as of March 31, 2025. Despite the revenue growth, the company recorded a net loss of $533.4 million, primarily due to a $510.2 million loss from the revaluation of Bitcoin, which ended the quarter at $82,534.
Financial Results and Record Growth in Bitcoin Holdings
“Revenues increased 30% to $213.9 million in Q1 2025 from $165.2 million in Q1 2024,” the company stated in its shareholder letter. This growth is driven by both increased Bitcoin mining and the significant rise in cryptocurrency prices over the past year.
During the first quarter, MARA mined 2,286 BTC and additionally purchased 340 more bitcoins, continuing its strategy of actively accumulating cryptocurrency on its balance sheet. As of the end of March, the company owned 47,531 BTC, making it one of the largest corporate holders of Bitcoin in the world, second only to MicroStrategy.
“Although the report shows a net loss, most of this result is related to accounting peculiarities in the reporting of crypto assets,” explains Alex Petrov, a financial analyst specializing in cryptocurrency companies. “The company has to reflect changes in Bitcoin’s fair value in its GAAP reporting, which leads to paper losses when the asset’s price temporarily declines. However, as MARA’s management noted, the current Bitcoin price of around $100,000 implies a substantial fair value gain in the next quarter.”
The company’s operational efficiency has also significantly improved. MARA’s energized hashrate nearly doubled from 27.8 EH/s in the first quarter of 2024 to a robust 54.3 EH/s, while the cost per petahash per day improved by 25% to $28.5. This makes MARA one of the most efficient Bitcoin miners in the industry.
“The improvement in cost per petahash indicates successful optimization of operations,” notes Elena Sokolova, a cryptocurrency mining expert. “In an industry where profit margins heavily depend on equipment efficiency and electricity costs, such cost reduction is critically important for long-term success.”
Strategic Priorities and Energy Investments
The company is pushing forward on its two strategic priorities: “(1) strategically growing by shifting our model toward low-cost energy with more efficient capital deployment, and (2) bringing to market a full suite of solutions for data centers and edge inference—including energy management, load balancing, and advanced cooling.”
A key achievement for the quarter was the acquisition of a 114 MW wind farm in Texas with low fixed energy costs (approximately $10/MWh). This acquisition reflects the company’s strategy for vertical integration and reducing dependence on external electricity suppliers.
“Acquiring proprietary renewable energy sources is a far-sighted move,” comments Dmitry Volkov, an energy sector analyst. “With energy costs of around $10 per MWh, MARA gains a huge competitive advantage. For comparison, the average wholesale electricity price in the US varies from $30 to $50 per MWh, and during peak load periods can reach $100 or higher.”
The company also expanded its gas-to-power operations in North Dakota and Texas, reducing emissions by the equivalent of 14,200 gasoline-powered vehicles. This project represents an interesting example of how Bitcoin mining can contribute to environmental improvement by utilizing associated gas that would otherwise be flared.
Additionally, MARA expanded its Ohio data center, adding 50 MW of capacity and installing 12,000 new miners. This increase in computing power aligns with the company’s long-term strategy to grow its hashrate.
Technological Innovations and Development Prospects
MARA is actively investing in technological innovations that can provide the company with a competitive advantage in the long term. The company continues the development of proprietary immersion cooling systems (2PIC) and next-generation ASICs through its stake in chipmaker Auradine.
“Investments in cooling technologies and new ASICs can be crucial for future competitiveness,” notes Sergei Ivanov, a specialist in mining hardware solutions. “Immersion cooling allows not only for reducing operational expenses but also significantly extending equipment lifespan, as well as increasing its performance through overclocking.”
The company’s prospects look promising, especially considering current Bitcoin prices. As MARA’s management noted, although the company recorded a loss in the first quarter due to the decline in Bitcoin’s price, “the current Bitcoin price of approximately $100,000 would imply a substantial fair value gain.”
“MARA is positioning itself not just as a mining company, but as an integrated energy and computational infrastructure platform,” says Anna Morozova, a financial analyst at investment firm Digital Asset Capital. “This approach may prove more sustainable in the long term, especially considering the upcoming Bitcoin halving in 2026, which will potentially reduce the profitability of direct mining.”
The company plans to host a webcast and earnings call for investors on May 8, 2025, at 5:00 p.m. Eastern Time, where management will likely provide additional details about its strategic plans and forecasts for the remainder of the year.
Given the strong first-quarter results and long-term strategic initiatives, MARA Holdings continues to strengthen its position as one of the leaders in the rapidly growing sector of Bitcoin mining and digital infrastructure, despite cryptocurrency price volatility and changes in the regulatory landscape.