MARA Holdings, the publicly traded Bitcoin (BTC) miner listed on Wall Street (NASDAQ: MARA), has revealed exceptional financial results for the fourth quarter and the entire year of 2024. Notably, revenue, net income, and adjusted EBITDA surged significantly despite the Bitcoin halving event that took place in April.
MARA Announces Record Q4 and Annual Results,
The cryptocurrency mining powerhouse reported a 37% rise in Q4 revenue, totaling $214.4 million, and a 69% year-over-year growth in full-year revenue, amounting to $656.4 million. Net income for the quarter skyrocketed by 248% to $528.3 million, while adjusted EBITDA hit an industry-leading benchmark of $794.4 million, representing a 207% increase compared to the previous year.
“2024 has been a transformational year for MARA. We expedited our shift towards a vertically integrated energy and digital infrastructure enterprise,” the company stated in its shareholder correspondence. “This development provides us with enhanced control over our energy, infrastructure, technology, and, ultimately, our prospective growth.”
Source: MARA
The Bitcoin mining firm has made substantial advancements in its energy capacity, securing around 1.2 gigawatts at prices that are 28% lower than those paid by its industry counterparts for similar assets. This initiative expanded MARA’s owned data center portfolio from 0% to nearly 70% since early 2024.
This strategic expansion comes as smaller miners like Cipher Mining and Bitdeer Technologies reported worsened net results compared to last year. Cipher’s net loss increased to $45 million from $26 million, while Bitdeer’s net loss escalated to $599.2 million, up from $56.7 million a year prior.
MARA Update: Bitcoin Holdings Valued at $4.6 Billion
MARA stock has garnered significant interest from investors as the company rolls out its first owned power-generating assets, currently operating 136 MW of capacity. Furthermore, the company initiated a 25-megawatt micro data center project at wellheads in Texas and North Dakota and acquired a wind farm in Texas with a capacity of 240 MW.
Analysts monitoring MARA’s developments have noted that the company’s Bitcoin holdings have surged by 197%, reaching 44,893 BTC, valued at around $4.6 billion by year-end. During Q4, MARA mined 2,492 BTC and procured an additional 15,574 BTC funded by the offerings of convertible senior notes.
Source: MARA
“Our HODL approach and strategic BTC acquisitions have proven advantageous for our shareholders, offering sustained yield from our BTC holdings on a per-share basis,” MARA elaborated in their report.
Looking ahead to 2025, MARA’s forecast revolves around three central themes: Generate, Activate, and Differentiate. The company intends to not only own and operate data center assets but also energy generation assets, potentially influencing MARA stock price predictions for 2025.
“By possessing energy assets, we enhance the efficiency of how power is utilized, stored, and distributed. This positions us to introduce new services for data centers, AI operators, and within energy markets,” the company further described.
MARA Forecast: The Next Phase of AI
In the future, MARA is preparing for the next wave of AI, emphasizing inference at the edge over training. The company perceives this transition as a considerable opportunity for its infrastructure and energy management capabilities.
“While many competitors hurried into AI hosting and large-scale compute infrastructure, investing heavily in expansive data centers, MARA recognized the need for a strategic pause, and this was wise,” noted the Wall Street Bitcoin miner. “History has demonstrated that the most substantial opportunities often arise in the subsequent wave.”
There is certainly much at play. A VanEck report from last year indicated that cryptocurrency miners could unlock nearly $40 billion in additional revenue through AI.
MARA’s return on capital employed in the last 12 months remains exceptional compared to its rivals at 30.6%, underscoring the company’s capital efficiency in an industry characterized by high capital requirements.
MARA Stock News: Lowest Price Since November 2023
Despite the market’s lack of reaction to MARA’s recent financial disclosures, the stock is currently trading near $12, marking its lowest point since November 2023. This decline correlates with Bitcoin’s recent downturn, which has tested multi-month lows and significantly affected cryptocurrency mining stocks.
MARA’s shares have decreased by 60%, illustrating that, for many investors, publicly traded miners primarily serve as a proxy for Bitcoin exposure within Wall Street. Consequently, their share prices are closely linked to the performance of Bitcoin.
Source: Tradingview.com
MARA Stock Price Forecast for 2025
Financial analysts from leading institutions have set 12-month price targets for MARA stock, with projections extending into late 2025. The consensus average price target as of early 2025 is approximately $26-27, according to evaluations from 13 analysts.
The projected range varies from a low of $20 to a high of $43, reflecting diverse expectations based on market conditions and company performance.
- B. Riley Securities: Analyst Lucas Pipes raised the price target from $21.00 to $23.00 while maintaining a “Neutral” rating, indicating a potential upside of 71.90% from the previous price.
- Piper Sandler: Established a target of $28.00 alongside an “Overweight” rating.
- JP Morgan: Issued a target of $29.00 with a “Neutral” rating, assessing MARA’s impressive 2024 performance against the backdrop of market volatility.
- Cantor Fitzgerald: Analyst Brett Knoblauch raised the target to $42.00 from $33.00, retaining an “Overweight” rating, one of the more bullish outlooks, fueled by MARA’s vertical integration and potential AI infrastructure growth.
- Macquarie: Increased its target to $29.00 from $22.00, signaling confidence in MARA’s strategy regarding energy cost management and Bitcoin accumulation.
Another Wall Street Bitcoin Miner Also Released 2024 Results
In addition to MARA Holdings’ Q4 and full-year 2024 results, Core Scientific (NASDAQ: CORZ), another significant player in the Bitcoin mining and digital infrastructure sector, also disclosed its financial performance for the same timeframe, reporting a net loss of $265.5 million for Q4, primarily due to a $224.7 million non-cash adjustment related to warrants and contingent liabilities, in contrast to a $195.7 million loss in Q4 2023.
The Austin-based company generated $94.9 million in revenue, largely driven by $79.9 million from self-mining 974 bitcoins at an average cash cost of $51,035 per BTC, along with contributions from hosted mining and high-performance computing (HPC).
In a further boost to its growth, Core Scientific announced a $1.2 billion expansion of its data center in Denton, Texas, in partnership with CoreWeave, enhancing its AI and cloud computing capacity and forecasting $10.2 billion in revenue over a 12-year contract period, solidifying its growth trajectory in both crypto and HPC markets.
MARA Stock News, FAQ
What is MARA’s 12-Month Price Target?
As of early 2025, the 12-month price target for MARA stock averages between $25.67 and $27.45, based on analyst consensus from platforms like MarketBeat and TipRanks. This range derives from evaluations by 8 to 13 analysts, with targets ranging from a low of $20.00 (HC Wainwright) to a high of $43.00 (Cantor Fitzgerald).
Is MARA a Buy, Sell, or Hold?
Current analyst sentiment for MARA leans toward “Buy” or “Hold” as of February 2025. According to MarketBeat, there is a “Buy” consensus from 11 analysts, with no “Sell” ratings, driven by MARA’s record revenue of $656.4 million and net income of $541 million in 2024. The “Buy” argument is supported by MARA’s Bitcoin holdings and AI potential, though “Hold” ratings advise caution due to crypto market volatility.
Will MARA Stock Recover?
The potential for MARA stock to recover in 2025 is contingent on various factors, though analysts express cautious optimism. With a 115% increase in hashrate to 53.2 EH/s and Bitcoin holdings now at 44,893 BTC (valued at $4.6 billion), MARA’s fundamentals appear strong. Analysts like Cantor Fitzgerald, projecting a target of $42, foresee upside potential, although short-term fluctuations may still be feasible.
