MARA Holdings, Inc. (NASDAQ:MARA) closed Wednesday's regular session at $10.47, marking a 2.35% increase, yet the gain trailed behind several key competitors in the bitcoin mining space. The stock was last seen trading at $10.46 in premarket activity on Thursday, according to data from Yahoo Finance.
Bitcoin itself remained under pressure, trading at $77,609.98 as of early Thursday, up just 0.39% from its previous close. The cryptocurrency stayed below the $78,000 level as traders weighed regulatory risks and the potential for interest rate adjustments. Meanwhile, spot bitcoin ETFs saw $236 million in outflows, as reported by CoinDesk.
MARA's second-quarter results showed a 27% decline in revenue to $174.9 million, despite a 3% increase in bitcoin production to 2,422 coins. The company's purchased energy cost per bitcoin rose by 14.7% to $38,690, reflecting higher network difficulty and weather-related disruptions that offset gains from an expanded mining fleet.
Based on Thursday's bitcoin price, that energy expense translates to roughly $38,920 per coin, but this figure excludes hosting, labor, depreciation, administrative, and financing costs. As of June 30, MARA held 35,577 bitcoins, valued at approximately $2.76 billion at current prices, representing 68.3% of the company's $4.04 billion equity value.
MARA's balance sheet shows $421.3 million in cash and $2.45 billion in gross debt as of June 30, a level of leverage that limits the ability to cover equity with bitcoin holdings. After the quarter ended, the company secured $600 million in bitcoin-backed loans at a weighted average interest rate of 7.56% and refinanced a $150 million credit line to fund its Long Ridge expansion.
Chairman and CEO Fred Thiel acknowledged the challenges, urging shareholders to evaluate the company based on execution rather than vision. Analysts remain cautiously optimistic, with a consensus rating of Buy from 13 analysts surveyed by S&P Global, though price targets range widely from $6 to $30.
In comparison, Riot Platforms (NASDAQ:RIOT) advanced 4.75%, CleanSpark (NASDAQ:CLSK) rose 2.44%, and IREN Limited (NASDAQ:IREN) surged 7.55% on Wednesday. MARA's trading volume reached approximately 29.95 million shares, only 53.5% of its 10-day average.
The stock remains 11.5% below its August 25 closing price, and the upcoming U.S. jobs report on Friday could influence rate expectations and, consequently, bitcoin and MARA's valuation.
