MARA incurred a net loss of $1.3 billion in the first quarter and sold $1.1 billion worth of Bitcoin to repay debts

MARA's first quarter revenue was $175 million, a year-on-year decrease of 18%, with a net loss of $1.3 billion due to unrealized losses on 38700 bitcoins in the balance sheet. The company sold approximately $1.1 billion worth of Bitcoin to repay debt and increase liquidity, expanding its computing power to 72.2 EH/s and mining 2247 bitcoins during the quarter. MARA stated that Bitcoin mining remains the cornerstone of operations, but is shifting towards AI and digital infrastructure businesses, and will no longer purchase ASIC mining machines on a large scale in the future.