Shares of MARA Holdings Inc. are seeing an upswing in pre-market trading on Wednesday following the company’s announcement of an ambitious hashrate target. CEO Fred Thiel revealed plans to reach 75 exahashes per second by the end of 2025, representing a significant 40% increase from their anticipated output in 2024. Thiel noted that this goal reflects MARA’s rapid expansion and commitment to low-cost power through efficient capital deployment.
However, the company experienced a decline in Bitcoin production, with figures for June showcasing a 25% drop to 713 BTC compared to the previous month. This decrease was linked to weather-related curtailments and the use of older machines at their Garden City facility, which suffered storm damage. Despite these challenges, Thiel expressed optimism about nearing the significant milestone of 50,000 Bitcoin, as MARA currently holds 49,940 BTC, valued at approximately $5.37 billion.
In recent trading, MARA’s shares increased by 2.36% in pre-market activity, following a 0.13% uptick in regular trading, bringing its price to $15.70. Over the past month, the stock has climbed 9%. Nevertheless, MARA has faced challenges in Momentum and Growth rankings at this time.
The somewhat mixed performance highlights both the potential and the hurdles within the Bitcoin mining landscape. With aggressive growth targets, MARA is positioning itself to capitalize on the evolving cryptocurrency market, reinforcing its status as a major player in the industry.