Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 22 Apr, 26 | MARA | Buy | USD 11.79 | USD 12.4 | USD 13.2 | 7 days | Closed |
10.94%
|
*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.
Improvement in Cost Efficiency: USD 30.5 per petahash/day in Q4FY25 vs USD 31.7 in Q4FY24
Growth in Bitcoin Holdings: 53,822 BTC in Q4FY25 vs 44,893 BTC in Q4FY24
Sharp Decline in Net Income: USD (1,709.6) Mn in Q4FY25 vs USD 528.5 Mn in Q4FY24
Decline in Revenue: USD 202.3 Mn in Q4FY25 vs USD 214.4 Mn in Q4FY24
High dependence on volatile Bitcoin prices and digital asset valuations, which significantly impact revenue, profitability, and balance sheet stability
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 11.79 | 10.5 | 12.4 | 13.2 |
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.
Transition Toward AI and Digital Infrastructure: MARA Holdings continued its strategic transition from a pure-play Bitcoin miner to an integrated energy and digital infrastructure company during Q4FY25. The company announced a joint venture with Starwood Digital Ventures to develop AI, hyperscale, and high-performance computing infrastructure, leveraging its existing power-rich sites. This initiative reflects MARA’s long-term strategy of monetizing energy through diversified compute workloads while maintaining flexibility across mining and AI applications.
Revenue Performance Impacted by Bitcoin Dynamics: The company reported a decline in quarterly revenue, with Q4FY25 revenue falling to USD 202.3 million from USD 214.4 million in Q4FY24, primarily due to lower Bitcoin prices and reduced production levels. However, on a full-year basis, revenue grew significantly, supported by higher realized Bitcoin prices, highlighting the inherent volatility and cyclicality of the business model.
Sharp Profitability Decline Due to Fair Value Adjustments: MARA reported a substantial net loss of USD 1.7 billion in Q4FY25 compared to a net income of USD 528.3 million in Q4FY24. The decline was largely driven by negative fair value adjustments on digital assets and higher depreciation expenses. Adjusted EBITDA also turned negative at USD 1.5 billion, reflecting significant pressure on profitability amid Bitcoin price volatility and higher operating costs.
Operational Expansion with Improved Infrastructure Scale: Despite financial headwinds, operational metrics showed strong expansion. Energized hashrate increased by 25% YoY to 66.4 EH/s, supported by deployment of new mining rigs and infrastructure investments. The company also expanded its physical footprint through acquisitions such as a 42 MW data center, enhancing capacity for both mining and future AI workloads.
Rising Costs and Efficiency Measures: Operating costs increased significantly, with purchased energy costs rising to USD 50.8 million in Q4FY25 from USD 39.0 million in Q4FY24. Additionally, operating and maintenance costs and general administrative expenses increased due to scaling operations and higher labor costs. However, cost efficiency improvements were visible in reduced cost per petahash per day, indicating ongoing optimization efforts.
Strengthened Balance Sheet and Liquidity Position: MARA maintained a strong liquidity profile, with combined cash and Bitcoin holdings reaching approximately USD 5.3 billion at the end of Q4FY25. Bitcoin holdings increased 20% YoY to 53,822 BTC, providing significant balance sheet flexibility and optionality for future capital deployment and operational funding.
Long-Term Strategy Focused on Energy Monetization: The company continues to focus on monetizing energy assets through a flexible model that allocates power between Bitcoin mining and higher-value AI workloads. With a pipeline targeting over 1 GW of IT capacity initially and a roadmap to exceed 2.5 GW, MARA aims to capitalize on accelerating demand for AI infrastructure while maintaining exposure to digital assets as a core value driver.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to MARA Holdings, Inc. (NASDAQ: MARA) at the current market price of USD 11.79, as on 22 April,2026 at 6:57 am PDT.
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 |
0.70 6.00% | 12.37 | 23.99 | 39.53 | 11.29 | 2.37 | 12.08 | 14.33 |
| GS Goldman Sachs Group Inc |
20.84 1.98% | 1075.87 | 17.21 | 16.00 | 4.47 | 2.26 | 11.15 | |
| MS Morgan Stanley |
3.51 1.66% | 214.45 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| SCHW Charles Schwab Corp |
0.59 0.58% | 103.13 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| CIIHF CITIC Securities Company Limited |
- -% | 3.50 | 12.33 | 7.94 | 0.69 | 1.13 | 7.69 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
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 as on April 22, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
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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