MARA Holdings (NASDAQ: MARA) saw its stock price plummet by 5.04% in pre-market trading on Monday, as the broader cryptocurrency market faced downward pressure and the company reported a decrease in its April Bitcoin production.
The sharp decline in MARA's stock price can be attributed to two main factors. First, Bitcoin's price dipped 1.2% below $85,000, triggering a sector-wide sell-off in crypto-related stocks. This broader market trend affected several cryptocurrency mining companies and exchanges, with MARA Holdings being among the hardest hit.
Secondly, MARA Holdings announced its Bitcoin production and mining operation updates for April 2025, revealing a significant decrease in output. The company reported producing 705 Bitcoin in April, down from 829 in the previous month, marking a 15% month-over-month decline in blocks won. This production slowdown likely contributed to investors' concerns about the company's near-term performance and profitability.
Despite the recent setback, MARA Holdings reported that its total Bitcoin holdings increased to 48,237 BTC by the end of April. However, this positive note seems to have been overshadowed by the production decline and overall market sentiment. As the crypto market continues to navigate uncertain waters, investors will be closely watching both Bitcoin's price movements and MARA's ability to improve its mining efficiency in the coming months.