MARA Holdings

Full-year revenue grew 38 percent to 907 million dollars as MARA scaled its mining fleet to one of the largest in the industry. It holds roughly 54 thousand Bitcoin, making it the third largest corporate Bitcoin holder in the world, so if Bitcoin climbs, MARA tends to climb even faster.

MARA controls a 1.9 gigawatt power portfolio, and power is the scarcest ingredient in the AI boom. Through a joint venture with Starwood targeting up to 2.5 gigawatts and its purchase of European compute company Exaion, MARA is turning its mining sites into AI data centers, a much higher value use of all that energy.

MARA lives and dies by the Bitcoin price. A 10 thousand dollar move in Bitcoin can swing its reported earnings by nearly 500 million dollars, almost all of it on paper. That is why it posted a 1.7 billion dollar loss in one quarter, driven mostly by a 1.5 billion dollar markdown on its Bitcoin, not by the business burning real cash.

This is one of the most volatile stocks you can own, swinging far harder than the market in both directions. Revenue actually fell about 6 percent in the latest quarter as Bitcoin weakened and mining got more expensive, and the AI pivot is still early with most of that revenue years away.