1. MARA Holdings, Inc. (NASDAQ:MARA)
5-year Beta (monthly): 5.53
Average Volume: 39,062,979
Number of Hedge Fund Holders: 16
MARA Holdings, Inc. (NASDAQ:MARA), formerly known as Marathon Digital Holdings, Inc., is a budding name in the digital asset technology space, particularly within the Bitcoin ecosystem in the United States. The company has made significant strides by optimizing energy usage and focusing on sustainability.
By converting underutilized energy into economic value, it is not just improving its mining operations but is also aligning with the growing demand for environmentally friendly practices in the cryptocurrency industry. It tops our list of the best stocks for day trading.
The company’s approach to mining involves operating large-scale data centers strategically located to access low-cost energy. Its development of proprietary cooling systems and energy harvesting techniques allows them to utilize stranded or wasted energy and then transform it into productive resources. It not only benefits the company’s bottom line but also supports broader environmental goals.
For the second quarter, MARA Holdings (NASDAQ:MARA) reported a remarkable 78% increase in revenues, reaching $145 million in the second quarter of 2024 compared to the same period last year. The company produced 2,058 BTC (1 BTC = $63,314.50 as of September 23), averaging about 23 BTC per day, which indicates strong mining activity.
By the end of the quarter, the company’s balance sheet held 18,488 BTC, and it further expanded its holdings by purchasing an additional $100 million worth of bitcoin. It brought its total holdings to over 20,000 BTC, a clear sign of management’s confidence in Bitcoin’s future as an asset.
Additionally, MARA Holdings (NASDAQ:MARA) recently revised its treasury policy to adopt a full HODL approach, which means it will retain all mined Bitcoin moving forward. The decision shows the company’s strong belief in Bitcoin’s long-term value as the optimal treasury reserve asset.
The company is also making substantial progress on its mining operations as it targets a hash rate of 50 EH/s by the end of 2024. Recently, it energized nearly 18 immersion containers at its Granbury, Texas site and converted a portion of this data center from traditional air cooling to its innovative immersion cooling systems. This transition, expected to be completed by year-end, will likely enhance MARA Holdings’ (NASDAQ:MARA) mining efficiency and capacity.
While we acknowledge the potential of MARA Holdings, Inc. (NASDAQ:MARA) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is promising and trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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