Bitcoin miner MARA holdings sees stock jump 11% — Is it a buy?

The company’s midyear outlook drove the stock higher.

MARA Holdings (NASDAQ: MARA) stock was surging about 11% higher on Wednesday and there is good reason to suspect that the rally could continue for the Bitcoin miner.

The catalyst on Wednesday was a production update and outlook the company posted.

The Bitcoin mining company reported 211 Bitcoin blocks won in June, which is down 25% from a record-setting 282 in May. It produced 713 Bitcoin last month, also down 25% from June.

The decline was due mainly to reduced uptime from weather-related curtailment and the temporary deployment of older machines while storm damage was being remediated.

Further, the energized hashrate, or exahash rate, in June dropped by 2% to 57.4. But it is up from 54.3 at the end of Q1. This measures computational power and generally, the higher the hashrate, the higher probability of increased Bitcoin mining production. The

Overall, the company boosted its Bitcoin holdings to 49,940, as it closes in on a milestone.

“We’re excited to be approaching 50,000 Bitcoin, a testament to the scale of our operations and the strength of our strategy,” Fred Thiel, MARA’s chairman and CEO, said. “This milestone reflects our disciplined approach to accumulating bitcoin through both mining and strategic purchases, and our continued commitment to building long-term value for our shareholders.”

Robust growth outlook

Investors were more bullish about its outlook, as opposed to its June production update. Specifically, the company expects to increase its energized hash rate by 40% to 75 by the end of the year.

“With 1.7 gigawatts (“GW”) of captive capacity – including 1.1 GW currently operational – and a growth pipeline exceeding 3 GW of low-cost power opportunities, we are targeting 75 exahash by the end of 2025. This target represents over 40% growth from 2024, supported by machine orders already in place,” Thiel said. “As the largest public bitcoin miner, this goal aligns with both our rapid expansion and commitment to low-cost power with efficient capital deployment.”

MARA stock is up about 4% year-to-date but it has dropped about 21% over the past 12 months. The stock has a relatively low valuation, trading at 17 times earnings.

Analysts have a median price target of $19 per share for MARA stock, which is only 9% higher than the current price. But after this update and robust outlook, MARA stock could see some further upgrades.

With a higher energized hash rate, MARA is poised to benefit from what is expected to be a surge in Bitcoin in the second half of 2025. British bank Standard Chartered predicted Bitcoin to hit $135,000 by the end of Q3 and $200,000 by the end of the year, driven by ETFs flows and institutional buying.

For these reasons, MARA stock is one to put on your radar.