MARA Holdings, Inc. (MARA) Bounces to Profitability on Bitcoin Surge and Expansion into AI Market

MARA Holdings Inc. (NASDAQ:MARA) is one of the best cryptocurrency stocks to buy for the long term. On November 17, Bernstein maintained a Hold rating on MARA Holdings Inc. (NASDAQ:MARA) with a $23 price target.

MARA Holdings, Inc. (MARA)  Bounces to Profitability on Bitcoin Surge and Expansion into AI Market

Earlier on November 4, MARA Holdings Inc. delivered solid third-quarter results, characterized by a 92% year-over-year increase in revenue to $252 million. The robust revenue growth came on the company’s bitcoin holdings surging 98% to 52,850 from 26,747 at the end of the third quarter of 2024.

Amid the robust revenue growth, the company bounced back to profitability, delivering a net income of $123 million, or $0.27 per share, an improvement from a net loss of $125 million, or $0.42 per share, delivered in the same quarter last year. Its adjusted EBITDA increased 1,671% to $395.6 million.

During the quarter, the company expanded its footprint into the global artificial intelligence market with an investment in Exaion, a developer and operator of secure, low-carbon cloud data centers. The investment strengthens the company’s offering in digital energy, providing a path for high-margin, contracted cash flow. The investment underscores the company’s evolution from a pure play Bitcoin miner into a digital infrastructure company.

“MARA’s large scale power operations give us a distinct advantage, as the same energy and data center infrastructure that transforms energy into bitcoin will soon be used to produce intelligence. To prove this, we deployed AI inference racks and compute at our Granbury site this quarter, the beginning of our effort to leverage MARA ‘s infrastructure for high-performance computer applications beyond Bitcoin mining,” Mara Holdings in a letter to shareholders.

 MARA Holdings, Inc. (NASDAQ:MARA) is a digital asset technology company specializing in Bitcoin mining and related digital infrastructure. Its operations involve running data centers to mine Bitcoin, holding an immense treasury of Bitcoin, and expanding into related areas, such as converting clean energy into economic value and developing solutions for energy and data center challenges.

While we acknowledge the potential of MARA to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MARA and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.