MARA Holdings, Inc. MARA shares are trading higher on Wednesday.

The crypto-firm reported Tuesday second-quarter revenue of $238.5 million, beating analyst estimates of $218.45 million.

The Bitcoin mining company reported second-quarter earnings of $1.84 per share, beating analyst estimates of 69 cents per share.

Also Read: Bitcoin To Hit $150K By Year End, Says TeraHash: MSTR, MARA, RIOT, COIN And Other BTC-Linked Stocks Are Poised To Soar

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Analyst Reaction To Earnings

H.C. Wainwright: Analyst Kevin Dede reiterated the Buy rating, with a price forecast of $28.

According to Dede, Bitcoin's lower pricing on March 31 versus December 31 resulted in a non-cash fair value adjustment of roughly $510 million, which severely impacted MARA's earnings per share.

Dede emphasizes that, philosophically, MARA has not altered its core strategy.

The analyst notes that recent commentary reaffirms the company's continued focus on power conversion technology—whether through bitcoin mining or heat generation—with a consistent push to drive energy costs toward zero.

This is a theme the analyst has reiterated many times in prior coverage.

The analyst notes that revisiting this strategy is useful for contrasting MARA's approach with that of peers who are slowly or rapidly shifting their mining focus toward high-performance computing (HPC).

Dede also highlights progress on MARA's two-phase immersion cooling (2PIC) initiative, which is now in a 30MW pilot phase aimed at refining the design. The analyst notes that a cold-plate variant of the system is under development.

While this version is still based on two-phase cooling, it follows the cold-plate format, which Dede sees as aligning with what's emerging as the industry standard for HPC systems.

The analyst adds that MARA's shift in this direction may involve collaborations with large compute OEMs, potentially including firms like Dell Technologies Inc. DELL or NVIDIA Corporation NVDA.

Dede indicates that the FY25 sales estimate for MARA has been revised downward to $822.5 million, a reduction from the earlier projection of $895.9 million.

Rosenblatt: Analyst Chris Brendler reiterated the Buy rating with a price forecast of $20.

Brendler notes that while some of the recent upside from bitcoin was partially offset by increased hash costs, mining expenses are expected to improve in the second half of FY25.

The analyst points to the addition of new low-cost sites and better fleet efficiency as key drivers behind this anticipated cost reduction.

Brendler adds that the company's ongoing focus on global expansion is likely to contribute to further margin gains.

In his view, these efforts place MARA in a strong position to maintain its leadership in the sector, particularly as several competitors begin shifting their attention toward high-performance computing (HPC).

Price Action: MARA shares are trading higher by 1.81% to $16.94 at last check Wednesday.

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