Marathon Digital Holdings Inc

Marathon Digital Holdings delivered a blowout first quarter for 2024, posting earnings of $1.26 per diluted share against a consensus estimate of just $0.22, a beat of 472.73%, while revenue of $165.20 million rose 223.1% year-over-year and landed precisely in line with expectations. The headline driver was Bitcoin's sharp appreciation, which, combined with the company's adoption of new fair value accounting rules for crypto assets, generated $488.81 million in non-cash digital asset gains as Bitcoin climbed to $71,289 at quarter-end; that mark-up propelled GAAP net income to $337.17 million. Operationally, the picture was more nuanced, with energized hash rate growing 142% year-over-year to 27.8 EH/s while actual BTC production of 2,811 coins declined 34% sequentially due to equipment failures and weather-related curtailments. Looking ahead, Marathon raised its 2024 hash rate target to 50 EH/s, representing roughly 100% growth during the year, backed by $1.60 billion in liquidity and 45 additional exahash of capacity available through current orders and options.