Key Takeaways
- MARA has undergone a significant transformation, rising from a struggling firm to one of the leading players in Bitcoin mining.
- The company has doubled down on its Bitcoin strategy, choosing to hold most of its mined BTC rather than sell.
- Wall Street analysts remain bullish, forecasting strong upside for MARA’s stock in the years ahead.
MARA, formerly Marathon Digital Holdings, had a breakout year in 2024, more than doubling its hashrate and locking in over 1.2 gigawatts in energy capacity, including a full wind farm acquisition.
Revenue and profits surged; notably, the company held onto all of its Bitcoin (BTC).
Now positioning itself as a vertically integrated energy and tech player, MARA isn’t just focused on mining.
It’s aiming to become a leader in AI inference, too. With this pivot and strong fundamentals, analysts remain optimistic about where the stock could go in the next five years.
MARA Tops Market Estimates With Record-Breaking Quarter
MARA capped off a transformative 2024 with a blowout earnings report, posting sharp gains across revenue, profits, and operational scale.
In Q4, the company reported record revenue of $214.4 million—up 37% year over year. Net income surged 248% to $528.3 million, while adjusted EBITDA hit a new high at $794.4 million.
Operationally, MARA expanded its energized hashrate by 115%, reaching 53.2 EH/s. It also grew its Bitcoin treasury by nearly 200%, ending the year with 44,893 BTC on its books.
To power that growth, MARA locked in 1.2 GW of energy capacity and acquired a wind farm, moves that aim to lower grid dependence and bolster energy efficiency.
Now, the company is looking beyond mining . With its infrastructure in place, MARA is positioning itself as a vertically integrated energy and tech company. It plans to break into AI inference and other compute-intensive markets while keeping its lead in the Bitcoin mining sector.
MARA Holds 47,600 BTC, Faces $220M Unrealized Loss on 2024 Buys
MARA currently holds 47,600 BTC, valued at approximately $3.67 billion at today’s prices.
MARA’s bottom line is closely tied to its Bitcoin production costs as a mining-first operation.
In 2024, the company mined 9,457 BTC, with estimated average costs hovering around $55,000 per coin, though MARA hasn’t publicly confirmed the exact figure.
At current prices, that mined Bitcoin translates to roughly $210.8 million in profit.
But mining wasn’t MARA’s only play. The company also made a significant bet on BTC purchases, buying 22,065 coins throughout 2024 at an average price of $87,205—an outlay of nearly $1.92 billion.
With the recent market pullback, the value of those purchased BTC holdings has dipped to around $1.7 billion, leaving the company with an unrealized loss of about $220 million.
Where are MARA Shares Headed?
Wall Street analysts remain optimistic about MARA’s trajectory.
Over the past three months, nine analysts have issued 12-month price targets, with an average of $22.25. Estimates range from $13.00 to $30.00, implying a potential upside of 81% from the current price of $12.32.
Other sources show similar sentiment, with an alternative average target of $23.17 and the same high and low projections. That would reflect a potential 84% gain.
MARA also saw its average brokerage recommendation improve this month, rising to 2.23 on a scale where 1 indicates a Strong Buy and 5 a Strong Sell.
That’s based on 13 firm ratings, up from 12 last month when the ABR stood at 2.33. Currently, 38% of analysts rate MARA as a Strong Buy—up from 33% a month ago.
Long-term outlooks are even more bullish. By December 2030, analysts forecast MARA could hit an average of $24.80, representing a potential upside of 101% from current levels.
