MARA Holdings (NASDAQ: MARA) saw its stock price plummet by 5.05% in pre-market trading on Tuesday, as the company reported disappointing third-quarter earnings and faced headwinds from a broader cryptocurrency market downturn. The digital energy and infrastructure company's shares declined sharply following the release of its financial results and amid a significant drop in Bitcoin prices.

MARA reported quarterly earnings of $0.27 per share, missing analyst consensus estimates of $0.44 by 38.22%. Despite the earnings miss, the company's revenues increased by 91.73% year-over-year to $252.410 million, slightly beating the analyst estimate of $250.678 million. MARA also reported an increase in its Bitcoin holdings to 52,850 BTC as of September 30, 2025, up 98% from the same period last year.

The stock's decline was further exacerbated by a broader sell-off in cryptocurrency-related stocks, as Bitcoin slid to its lowest level since June, trading around $103,633.58. The crypto market downturn has been attributed to reduced expectations for U.S. interest rate cuts and a recent hack of finance protocol Balancer, which drained more than $100 million in digital assets. As a result, other crypto-mining stocks such as Riot Platforms, Hut 8 Mining, and CleanSpark also experienced significant drops in pre-market trading. Despite the current challenges, MARA announced a new collaboration with MPLX LP to build integrated power generation and data center campuses in West Texas, which could potentially provide long-term growth opportunities for the company.