Guggenheim Holds Cautious Stance on MARA Holdings (MARA) Amid Unclear Strategic Outlook

MARA Holdings, Inc. (NASDAQ:MARA) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.

On October 21, Guggenheim analyst Jonathan Lee began coverage on MARA Holdings, Inc. (NASDAQ:MARA) with a Hold rating and without assigning a price target. The analyst acknowledged the company’s leadership in Bitcoin mining network capacity and that its acquisition of a significant stake in Exaion, a data center developer, would provide it with diversification opportunities. However, he said that the strategic importance of the acquisition is not evident, which keeps him from becoming more positive. Moreover, the company’s share price is correlated with Bitcoin’s price, which has seen higher volatility recently, further adding to the analyst’s cautious stance.

On the positive side, on October 6, 2025, Cantor Fitzgerald increased its price target on MARA Holdings, Inc. (NASDAQ:MARA) to $30 while keeping an “Overweight” rating.

The investment firm highlighted higher bitcoin prices and MARA Holdings, Inc. (NASDAQ:MARA)’s solid mining output as key drivers behind the revised target. Cantor Fitzgerald also cited the company’s mining of 736 Bitcoin in September, which generated roughly $83.5 million in revenue for the month. Furthermore, the company’s mining operations generated $245.7 million in revenue for the third quarter of 2025.

While the firm acknowledged a slight reduction in fiscal 2025 revenue and EBITDA estimates due to rising network hash rates, it expressed confidence in MARA Holdings, Inc. (NASDAQ:MARA)’s ability to demonstrate strong execution, stable cash flows, and operational efficiency. Citing the company’s Bitcoin reserves as one of the largest among public companies, Cantor Fitzgerald believes the company remains a key player in the crypto-mining ecosystem and is well placed to capitalize on renewed digital asset momentum.

MARA Holdings, Inc. (NASDAQ:MARA), a digital asset technology company in the U.S. and Europe, offers infrastructure and software solutions to optimize high-performance Bitcoin mining operations.

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