MARA shares ticked up for most of the trading session after Rosenblatt Securities reiterated a Buy rating and maintained a $20 price target following stronger-than-expected Q2 results, driven by a 30% rise in bitcoin’s price and expanded non-GAAP gross margins.
Rosenblatt highlighted record revenues of $238.5 million—6% above its estimate—driven by a realized price per BTC of $100,700 versus its $94,900 forecast. Non-GAAP gross margin expanded to 44.2% from 38.5% in the prior quarter, topping the firm’s 43.9% estimate.
Although elevated hash costs of $30,300 per coin offset some of the Bitcoin upside, Rosenblatt expects mining costs to improve in H2 thanks to newly commissioned low-cost sites and improving fleet efficiency. Rosenblatt believes ongoing global expansion initiatives should drive further margin gains as international hosting agreements complement the company’s U.S. footprint. MARA also restated its year-end hashrate target of 75 EH/s, indicating increased revenue capacity.
MARA’s bitcoin reserves, now exceeding 50,000 BTC and valued at nearly $6 billion, underpin Rosenblatt’s valuation framework. Although peers trade at roughly 10x EBITDA, Rosenblatt applied a 16x multiple to MARA’s 2026 adjusted EBITDA estimate, citing the bitcoin reserve as justification. This creates a $20 price target, implying 20.8% upside from the $16.55 closing price on July 30.
Read More: MARA Q2 2025 earnings call highlights
At time of publication, MARA is up 0.9% during pre-market hours.
