MARA Holdings reported a strong financial turnaround for the nine months ended September 30, 2025, driven primarily by high Bitcoin valuations. Total Revenues reached \(704.8M (up 59% YoY), resulting in a swing to Net Income of \)12.7M attributable to common stockholders, contrasting sharply with a prior year loss. Basic EPS was \(1.13 YTD. The balance sheet expanded significantly, with Total Assets at \)9.15B and Cash reserves robust at \(826.4M, funded by \)1.64B in net financing activities.
Strategically, MARA is pivoting toward becoming a vertically integrated digital energy and infrastructure
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