MARA Q1 loss tops $1.3B as Bitcoin drawdown hits BTC holdings

MARA reported weaker-than-expected Q1 results, with the stock falling in after-hours trading. Revenue fell 18% YoY to $174.6M (vs. $192.7M expected). Net loss widened to about $1.3B and EPS came in at -$3.31 versus -$2.20 expected. The fiscal impact was dominated by unrealized losses on its Bitcoin treasury. MARA holds 38,689 BTC and saw Bitcoin drop about 23% during the quarter, pressuring asset valuations. It also sold over 15,100 BTC in the final week of March. Mining remains the core business, but MARA is pivoting toward AI and high-performance computing (HPC) infrastructure to diversify away from volatile mining economics. It plans to convert some mining capacity into AI/HPC data centers and co-locate AI near existing operations for flexibility. MARA said it does not plan additional Bitcoin mining hardware buys, while expanding AI via partnerships (including Starwood) and a $1.5B acquisition of Long Ridge Energy & Power, potentially supporting up to 600MW of AI compute. For crypto traders, the near-term watch items are MARA-linked selling pressure (BTC treasury moves) and whether the AI/HPC buildout can reduce sensitivity to Bitcoin price swings.