Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 8 Oct, 25 | MARA | Buy | USD 20.25 | USD 21.5 | USD 22.7 | 2 days | Closed |
6.17%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
MARA Holdings, Inc. operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Digital Holdings, Inc. and changed its name to MARA Holdings, Inc. in August 2024. MARA Holdings, Inc. was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.
Net Income Turnaround: Improved from a loss of $199.7 million to a profit of $808.2 million, a swing of over $1 billion
Revenue Growth: Increased 64% YoY from $145.1 million to $238.5 million
Depreciation and Amortization: Increased 50% YoY from $107.5 million to $161.7 million, indicating higher fixed asset intensity
General & Administrative Expenses: Rose 59% YoY from $53.5 million to $92.9 million
MARA’s financial performance is heavily dependent on bitcoin price volatility and network difficulty; a sustained decline in BTC prices or regulatory tightening on digital asset mining could materially impact earnings and asset valuations
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 20.25 | 18.3 | 21.5 | 22.7 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strategic Overview: Marathon Digital Holdings (MARA) continues to redefine its position as a vertically integrated digital energy and infrastructure company. The firm’s strategy combines bitcoin mining with innovative energy management systems to monetize underutilized power and enhance grid stability. Operating across 15 global sites, MARA’s energy-flexible data centers are designed for rapid curtailment and high-efficiency workloads, enabling scalable deployment of compute capacity for both bitcoin mining and AI infrastructure.
Record Financial Performance: The second quarter of fiscal year 2025 marked the most profitable in the company’s history. Revenues rose by 64% year-over-year to $238.5 million (Q2 FY2025 vs. $145.1 million in Q2 FY2024), driven by both higher bitcoin prices and increased production volumes. Net income improved sharply from a loss of $199.7 million in Q2 FY2024 to a profit of $808.2 million in Q2 FY2025, supported by a $1.2 billion unrealized gain on digital assets. Adjusted EBITDA surged by 1,093% to $1.25 billion, reflecting enhanced efficiency and operating leverage amid rising bitcoin valuations.
Operational Expansion and Efficiency: MARA’s energized hashrate rose 82% year-over-year to 57.4 EH/s, a record operational level achieved through deployment of 30,000 new miners. The company mined 2,358 BTC in Q2 FY2025 compared to 2,058 BTC in Q2 FY2024, representing a 15% increase, while total bitcoin holdings climbed 170% to 49,951 BTC, valued at approximately $5.3 billion as of June 30, 2025. Fleet efficiency improved significantly, with energy efficiency reaching 18.3 joules per terahash (J/TH) due to new-generation miner rollouts and optimized energy procurement strategies.
Cost Optimization and Infrastructure Ownership: Through strategic investments in owned power infrastructure, MARA reduced its cost per petahash per day by 24% year-over-year (from $37.8 to $28.7) and maintained purchased energy costs per BTC at $33,735, among the lowest in the sector. Transitioning from an asset-light to a vertically integrated model, the company now owns 70% of its operating sites, compared to none in the prior year. Its 114 MW wind-powered data center in Texas exemplifies MARA’s commitment to pairing renewable energy with digital workloads, thereby lowering long-term operating costs and enhancing sustainability.
Capital Strength and Strategic Partnerships: At quarter-end, MARA reported combined liquidity of $5.4 billion in cash and bitcoin, supplemented by an additional $950 million raised through convertible senior notes in July 2025. The company entered into strategic collaborations with Google-backed TAE Power Solutions and LG-backed PADO AI Orchestration to co-develop high-frequency, load-balancing and AI-optimized data infrastructure. These partnerships are expected to strengthen MARA’s position at the intersection of energy and compute, enabling expansion into the rapidly growing AI inference market.
Challenges and Expense Growth: Despite strong financial gains, MARA faced rising operational costs. General and administrative expenses climbed 59% year-over-year to $92.9 million (Q2 FY2025 vs. $53.5 million in Q2 FY2024), reflecting workforce expansion and scaling of owned facilities. Additionally, depreciation and amortization increased by 50% to $161.7 million, driven by infrastructure deployment. The company’s results remain highly sensitive to bitcoin price fluctuations—management noted that a $10,000 change in BTC price could impact earnings by approximately $500 million, underscoring the inherent volatility risk in its business model.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on MARA Holdings, Inc (NASDAQ: MARA) at the closing market price of USD 20.25, as on Oct 07, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| MARA Marathon Digital Holdings Inc |
-0.295 2.97% | 9.63 | 23.99 | 39.53 | 11.29 | 2.37 | 12.08 | 14.33 |
| MS Morgan Stanley |
-2.065 1.18% | 172.74 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| CGXYY China Galaxy Securities Co Ltd ADR |
- -% | 33.00 | 144.44 | 86.21 | 4.25 | 7.96 | ||
| SCHW Charles Schwab Corp |
- -% | 96.61 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| GS Goldman Sachs Group Inc |
4.04 0.46% | 876.37 | 18.44 | 10.60 | 2.83 | 1.16 |
Data Powered by EOD Historical Data (“EODHD”).
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 07,2025. The reference data in this report has been partly sourced from REFINITIV.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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