MARA Holdings (NASDAQ: MARA) stock is soaring 5.04% in pre-market trading on Friday, as investors react positively to the company's growing Bitcoin holdings and the cryptocurrency's recent price surge. This comes despite mixed first-quarter results reported by the Bitcoin mining firm.

MARA's Bitcoin holdings have nearly tripled over the past 12 months, reaching 47,531 BTC, up 175% from 17,320 BTC at the end of Q1 2024. With Bitcoin's price crossing the $103,000 mark, MARA's holdings are now valued at approximately $4.9 billion, solidifying its position as the second-largest corporate holder of Bitcoin behind MicroStrategy.

However, the company's Q1 2025 results were not as stellar. MARA reported a net loss with GAAP EPS of -$1.55, falling short of analyst estimates. Bitcoin production also declined by 19% compared to the same quarter last year, which the company attributed to the recent Bitcoin halving event. Despite these challenges, investors seem to be focusing on MARA's long-term potential and its significant Bitcoin holdings.

The broader crypto market sentiment remains bullish, with Bitcoin surpassing Amazon to become the fifth most valuable asset globally. This positive trend is likely contributing to MARA's stock performance, as Bitcoin mining companies often see their stock prices correlate with the cryptocurrency's value. Additionally, recent regulatory developments, such as three U.S. states approving Bitcoin reserve laws within 24 hours, are further supporting the institutional adoption of cryptocurrencies.