Summary by Moomoo AI
Marathon Digital Holdings reported a net loss of $533.4 million for Q1 2025, compared to a net income of $337.2 million in Q1 2024, primarily due to a $394.2 million loss from changes in bitcoin fair value. Revenue increased 30% to $213.9 million, driven by higher bitcoin prices despite reduced production following the April 2024 halving event. The company mined 2,286 bitcoin during the quarter, down 19% year-over-year.The company continued expanding its operations, reaching 54.3 EH/s of energized hashrate by quarter end. Operating costs increased significantly, with purchased energy costs rising to $43.5 million from $6.1 million last year. Marathon maintained its HODL strategy, holding 47,531 bitcoin worth $3.9 billion as of March 31, including 14,269 bitcoin that were loaned or used as collateral.Looking ahead, Marathon strengthened its liquidity position by securing a new $150 million bitcoin-collateralized credit line and launching a $2 billion ATM offering program. The company also acquired a 240MW wind farm in Texas and fully energized its 25MW micro data center initiative at wellheads in North Dakota and Texas, advancing its strategy to reduce energy costs through vertical integration.
