Crypto
MARA Stock Trails Mining Rivals Despite Bitcoin Production Gains
MARA Holdings, Inc. (NASDAQ:MARA) stock rose 2.35% on Wednesday to $10.47, trailing behind its mining sector rivals.
The company's second-quarter revenue declined by 27%, but its bitcoin production increased by 3% to 2,422 coins. The cost of purchased energy per bitcoin rose 14.7% to $38,690.
MARA's estimated value of its June bitcoin holdings is approximately $2.76 billion, accounting for 68.3% of the company's equity value, which stands at $4.04 billion.
The chairman and CEO Fred Thiel advised shareholders to assess MARA 'not by our vision, but by our execution.'