#Will BTC Hit a New High?#  As Bitcoin approaches $103,000, BTC miner’s assets skyrocket to $5 billion.

Bitcoin mining company MARA has nearly tripled its Bitcoin holdings in 12 months, according to newly released first-quarter results.
However, the company’s Bitcoin production fell and its total earnings fell slightly short of Wall Street estimates in the first quarter.
Formerly known as Marathon Digital, MARA’s Bitcoin
BTCUSD
holdings reached 47,531 BTC at the end of the first quarter of 2024, up 175 percent from 17,320 BTC.
As Bitcoin Soars, MARA’s Assets Near $5 Billion
According to the data, MARA is the second-largest holder of Bitcoin among publicly traded companies. Strategy (MSTR) is in first place with 555,450 Bitcoins.
These assets are worth around $4.9 billion based on Bitcoin’s $102,660 price at the time of publication. According to the data, Bitcoin’s price has increased by 4.86 percent in the last 24 hours.
However, MARA’s Bitcoin production during the quarter was down 19% compared to the same quarter in 2024, to 2,286 Bitcoin.
MARA attributed this to the recent Bitcoin halving event, which reduced the mining reward per block to 3,125 BTC, tightening the total supply.
According to the data, MARA fell 0.35% short of analysts’ revenue expectations. Analysts noted that MARA has only exceeded market expectations once in the last four quarters.
MARA’s stock price rose 7.2 percent in trading on May 8, but then fell almost 2 percent in after-hours trading, according to Google Finance data.
Bitcoin mining companies share similar struggles
Bitcoin miner Riot recently cited similar challenges in its first-quarter financial report.
Riot said it averaged $43,808 in Bitcoin mining costs during the quarter, up nearly 90 percent from the $23,034 cost in the same period last year. However, Riot beat its $159.8 million revenue estimate by 1 percent.
Other Bitcoin mining companies also missed Wall Street’s revenue expectations.
Bitcoin miner CleanSpark reported quarterly revenue of $181.71 million, missing market estimates by 0.58 percent.
Bitcoin miner Core Scientific also missed analyst expectations, with total first-quarter revenue of $79.5 million, 8.11 percent below Zacks analysts’ estimates and lower than Q1 2024 revenue of $179.3 million.
Meanwhile, Bitcoin miner Hut8 reported the biggest deviation among mining companies, falling 35 percent short of Wall Street expectations.
Hut8 was expected to report $35 million in revenue in the first quarter, but the company only reported $21 million.