Shares of MARA Holdings Inc. MARA are trading higher in Wednesday’s pre-market trading after the Bitcoin BTC/USD miner announced an ambitious hashrate target by year-end.
What Happened: CEO Fred Thiel said the company wants to achieve 75 exahashes by the end of 2025, marking a 40% jump from 2024.
“As the largest public bitcoin miner, this goal aligns with both our rapid expansion and commitment to low-cost power with efficient capital deployment,” Thiel added.
On the downside, the firm’s total Bitcoin production in June fell 25% from last month to 713 BTC, while block production also fell 25% from May’s record-breaking figures.
The production decline was attributed to weather-related curtailment and the deployment of older machines at its Garden City facility due to storm-related damage.
Despite the dip in June’s production, Thiel expressed excitement about approaching the 50,000 Bitcoin milestone. As of this writing, MARA is the world’s second-largest corporate holder of the apex cryptocurrency, sitting on a stash of 49,940 BTC, worth $5.37 billion
Price Action: Shares of MARA were up 2.36% in pre-market trading after closing 0.13% higher at $15.70 during Tuesday's regular trading session, according to data from Benzinga Pro. The stock has gained 9% over the last month.
MARA lagged in Momentum and Growth rankings as of this writing. To compare the top Bitcoin mining stocks across key parameters, visit Benzinga Edge Stock Rankings.
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