Mara reports first-quarter revenue of $214 million, increasing Bitcoin holdings to 47,531 BTC
Mara Holdings, Inc. (NASDAQ: MARA) reported earnings for the first quarter of 2025, announcing revenue of $213.9 million, an increase of 30% from the second quarter of 2024 as the company continues to convert it into digital energy and infrastructure power.
“Revenue in Q1 2024 increased to 30% from $165.2 million in Q1 2024 to $213.9 million.” Mara’s Bitcoin holders grew 174% year-on-year, up from 17,320 BTC to 47,531 BTC, and is now worth approximately $3.9 billion as of March 31, 2025. 
Despite the increase in revenue, Mara’s net loss was $534 million, mainly due to a loss of $510 million in fair value of Bitcoin, as the quarter ended at $82,534. “Although we recognize the loss in the first quarter… the current Bitcoin price of about $100,000 will mean fair value growth,” the company noted.
Mara mined 2,286 BTC and purchased 340 in the first quarter. Its energy bridge doubled from 27.8 EH/s in Q1 2024 to 54.3 EH/s, while daily expenses increased by 25% to $28.5.
The company is advancing its two strategic priorities: “(1) strategically grow by moving our model to more efficient capital deployments, and (2) to use all solutions for data center and edge reasoning – including energy management, load, load balancing and advanced cooling.”
Highlights of the quarter include:
- Acquisition of a 114 MW wind farm in Texas, with low fixed energy costs (approximately $10/MW).
- Natural gas operations in North Dakota and Texas have reduced 14,200 gas-powered cars.
- Expand its Ohio data center, adding 50 MW and 12,000 new miners.
- Continuously develop proprietary immersion cooling systems (2PICs) and next-generation ASICs, which are developed through stake in chip manufacturer Auradine.
Mara will host a webcast and earnings call on May 8, 2025 at 5:00 pm ET. Shareholders can register via this link.
