Marathon Digital Holdings' Q1 Revenue Drops Amid Cryptocurrency Markdowns

Marathon Digital Holdings (MARA) reported its Q1 financial results on Monday, revealing a significant decline in revenue and net loss due to the markdown of its cryptocurrency holdings.

The company's revenue fell 18% year-over-year to $174.6 million, primarily driven by a $1.0 billion negative fair-value change on MARA's cryptocurrency holdings and related receivables.

MARA mined 2,247 bitcoin during the quarter, down from 2,286 a year earlier, while energized hashrate rose 33% to 72.2 EH/s from 54.3 EH/s.

The company used some of its proceeds from selling 20,880 bitcoin at an average price of $70,137 to repurchase approximately $1.0 billion in aggregate principal of its 2030 and 2031 convertible notes, recording a $70.6 million gain on extinguishment of debt.