MARA Stock Today, November 24, 2025: Compass Point Upgrade, Bitcoin Volatility, and the AI Pivot

Key Takeaways

MARA stock is trading around the mid‑$10s today, up roughly 3–4% from Friday’s close near $10.07, after a sharp slide of more than 35% over the last 10 trading days. ^[1]
Compass Point upgraded MARA from “Neutral” to “Buy” this morning with a $30 price target, implying well over a 100% upside from current levels and making the upgrade a key driver of today’s bounce. ^[2]
Hedge fund Magnetar Financial disclosed a new 79,671‑share position in its latest 13F, adding to institutional ownership of about 45% of the float. ^[3]
Q3 2025 results showed revenue up 92% year over year to about $252 million and net income of $123 million, helped by higher Bitcoin prices and derivative gains; MARA reported holding 52,850 BTC as of September 30. ^[4]
Bitcoin is trading in the mid‑$80,000s today after a $1 trillion drawdown last week, keeping MARA’s ultra‑high‑beta, crypto‑sensitive profile very much in focus. ^[5]

Important: This article is for information and news purposes only and is not financial advice or a recommendation to buy or sell any security.

MARA Stock Price Today (11‑24‑2025)

As of late‑morning trading on November 24, 2025, MARA Holdings, Inc. (NASDAQ: MARA) is changing hands around $10.4 per share, up roughly 3–4% on the day from Friday’s close at $10.07. ^[6]

Some quick stats:

Market cap: ~$3.9 billion ^[7]
52‑week range:$9.71 – $30.28 – today’s price is roughly two‑thirds below that 12‑month high. ^[8]
Beta: just over 5, meaning MARA tends to move several times more than the broader market – in both directions. ^[9]

Technically, it’s been a bruising stretch. A recent quantitative review noted that MARA has fallen in 9 of the last 10 trading sessions, losing about 36% over that span and flashing “very high risk” volatility, with daily swings near 10%. ^[10]

Today’s bounce is happening against that backdrop of deep short‑term selling pressure, a fresh Wall Street upgrade, and an unstable but still‑elevated Bitcoin price.

Compass Point Upgrade: Why Wall Street Turned More Bullish

The biggest MARA‑specific headline this morning is a rating upgrade from Compass Point:

Compass Point raised MARA from “Neutral” to “Buy.”
The firm set a $30 price target, implying nearly 3x upside versus the ~$10 handle the stock has been trading around. ^[11]

According to a MarketBeat summary of the note, MARA now carries a “Moderate Buy” consensus rating, with:

8 “Buy” ratings and 5 “Hold” ratings from covering analysts. ^[12]
A consensus 12‑month target around $24–25 per share (MarketBeat) and about $22 according to StockAnalysis’ compiled estimates – both more than double today’s price. ^[13]

The upgrade comes despite a mixed headline on earnings (some data providers frame Q3 as an EPS “miss” vs. Street expectations) and underscores two key bullish talking points:

Valuation vs. Bitcoin stash and earnings: With trailing 12‑month revenue near $919 million and net income around $927 million, MARA’s trailing P/E multiple screens around 5x, though that figure is heavily influenced by unrealized gains on digital assets. ^[14]
Leverage to future Bitcoin and AI/HPC demand: Analysts see MARA as a leveraged play not just on Bitcoin, but increasingly on data‑center and AI infrastructure, thanks to a series of recent deals (more on that below). ^[15]

In other words, today’s rally is being fueled by Wall Street arguing that—after the recent drawdown—the stock may be too cheap relative to its assets and growth projects, even if the path remains extremely volatile.

Fresh Institutional Interest: Magnetar Financial Steps In

On the institutional side, Magnetar Financial LLC disclosed a new stake in MARA:

Magnetar acquired 79,671 shares in the second quarter, valued at roughly $1.2 million at the time of filing. ^[16]
The same report notes that large asset managers like Vanguard and Nuveen also increased or initiated positions earlier in the year.
Across the shareholder base, institutional investors now hold about 44–45% of the stock. ^[17]

13F data is backward‑looking, and a new stake doesn’t guarantee future buying. But the filings support a narrative that MARA is firmly on the radar of hedge funds and long‑only managers who use it as a high‑beta way to express views on Bitcoin, digital infrastructure, or both.

Fundamentals After Q3 2025: Record Revenue and a Massive Bitcoin Stack

The core fundamental story is centered on a powerful—but risky—balance sheet and income statement tied to Bitcoin.

Q3 2025 at a Glance

According to MARA’s Q3 2025 10‑Q and accompanying shareholder letter: ^[18]

Revenue:
- $252.4 million for the quarter, up from $131.6 million in Q3 2024 – a 92% year‑over‑year increase.
Net income:
- $123.1 million, compared with a loss in the year‑ago quarter.
Year‑to‑date (through September 30):
- Revenue: ~$704.8 million
- Net income: ~$397.9 million

A large portion of the bottom line reflects:

Higher Bitcoin‑related revenues, as the company mined more BTC at stronger prices.
Mark‑to‑market and derivative impacts, including a $51.7 million derivative asset tied to a power‑price swap that reduced fixed electricity costs. ^[19]

Bitcoin Holdings

As of September 30, 2025, MARA reported: ^[20]

52,850 BTC on its balance sheet.
A fair value for that stack of about $6.0 billion at quarter‑end prices.

With Bitcoin now around $86,000, that same stash would still be worth roughly $4.5 billion at current spot levels—more than the company’s equity market cap—though that ignores debt and other liabilities. ^[21]

Cash, Debt, and One‑Off Costs

The Q3 filing also highlights a balance sheet that is powerful but leveraged: ^[22]

Cash and cash equivalents: ~$826 million
Notes payable: ~$3.25 billion
Current line‑of‑credit portion:$350 million
Restructuring costs: About $20.9 million to wind down an immersion‑cooling product line.
Impairment charges: ~$26.3 million tied to storm damage at its Garden City site.

These figures underline a key reality for investors: MARA’s profitability is highly sensitive to Bitcoin prices, power costs, and accounting rules, and it is pursuing a capital‑intensive strategy that depends on consistent access to financing.

From Bitcoin Miner to AI and Data‑Center Player

MARA is no longer positioning itself as just a Bitcoin miner.

Exaion Deal: European AI/HPC Expansion

In August, MARA and EDF Pulse Ventures announced an agreement for MARA to acquire a 64% stake in Exaion, a subsidiary of French utility giant EDF that operates high‑performance computing (HPC) and AI data centers. Key points: ^[23]

MARA will pay about $168 million in cash upfront for 64%, with the option to raise its stake to 75% by 2027 for an additional ~$127 million, subject to milestones.
Exaion focuses on secure cloud, AI, and HPC infrastructure, working with partners like NVIDIA and Deloitte.
EDF will retain a minority interest and remain a client, providing an anchor customer and energy partner.

This deal is designed to diversify MARA’s revenue away from pure Bitcoin mining, giving it exposure to enterprise and government demand for AI‑ready, energy‑efficient data centers in Europe.

West Texas LOI With MPLX: 400 MW to 1.5 GW of Power

Separately, MARA signed a letter of intent with MPLX LP to collaborate on integrated power‑generation and data‑center campuses in West Texas: ^[24]

MPLX will help supply natural gas from its Delaware Basin processing plants.
MARA plans to build gas‑fired power plants and data centers, with an initial 400 MW of capacity and the potential to scale to 1.5 GW.
MARA will own and operate the power and data‑center assets, while MPLX receives power under a tolling agreement.
Management has explicitly framed the strategy as moving from dynamic mining loads to advanced AI/HPC workloads over time.

Together with prior announcements highlighting more than 1–1.8 GW of potential energy capacity and multiple data‑center projects, these deals reinforce a narrative: MARA wants to be viewed as a digital energy and infrastructure company, not only a crypto miner. ^[25]

Execution risk is high—building and filling multi‑hundred‑megawatt campuses isn’t trivial—but if successful, these projects could smooth some of the boom‑bust cycles tied solely to Bitcoin mining.

Bitcoin’s Sell‑Off and What It Means for MARA Stock Today

MARA’s fate is still deeply intertwined with Bitcoin.

Bitcoin Price Action

Bitcoin (BTC) is trading around $86,000 today, roughly flat to slightly down on the session. ^[26]
Over the past week, BTC experienced a sharp drawdown that wiped about $1 trillion off its total market value, briefly threatening to break below the $80,000 level before rebounding. ^[27]

Crypto news outlets describe the current environment as a “rebound with fragility”—prices are still close to all‑time highs, but sentiment has been shaken by volatility, macro worries, and shifting regulatory headlines. ^[28]

Why That Matters for MARA

Given MARA’s role as one of the largest publicly traded Bitcoin miners and corporate BTC holders, its stock:

Has a very high beta (over 5) to overall market moves. ^[29]
Tends to amplify Bitcoin moves—rising more than BTC in rallies and falling harder during sell‑offs.
Is often traded by short‑term speculators as a leveraged proxy for Bitcoin.

Even as MARA invests heavily in AI and data centers, Bitcoin’s path remains the single biggest short‑term driver of the stock. Today’s mid‑single‑digit bounce in MARA, despite a relatively muted BTC session, suggests the Compass Point upgrade and “oversold” technical setup are adding fuel on top of the usual crypto linkage. ^[30]

What Analysts and Models Are Saying About MARA Stock

Across Wall Street and quantitative sites, views on MARA are decidedly mixed but skew bullish on a 12‑month horizon.

Fundamental/Street analysts:
- StockAnalysis aggregates 15 analyst ratings with an average recommendation of “Buy” and an average price target of about $22, implying roughly 110% upside from the current price. ^[31]
- MarketBeat’s tally shows a “Moderate Buy” with a consensus target around $24.20 and Compass Point now at $30. ^[32]
Technical/quantitative models:
- StockInvest.us recently downgraded MARA to a “Strong Sell” candidate based purely on price action, citing a downtrend since early November, 9 red days out of 10, and RSI near oversold territory. ^[33]

This split underscores a familiar pattern with high‑beta crypto equities:

Fundamental bulls see an opportunity in a profitable miner with a large Bitcoin treasury, growing energy footprint, and new AI/HPC optionality. ^[34]
Technical bears focus on the steep downtrend and huge volatility, warning that momentum can stay negative even when long‑term stories sound compelling. ^[35]

For individual investors, the important takeaway is that forecasts are highly uncertain and often based on different underlying assumptions—about Bitcoin, power costs, regulatory risks, and the success of MARA’s data‑center strategy.

Key Risks to Keep in Mind

Before treating MARA as a simple “cheap crypto play,” it’s worth stressing the main risk factors highlighted in filings and independent coverage:

Extreme volatility and leverage to Bitcoin
- With a beta above 5 and a business model tied directly to BTC, investors should expect large swings in both directions—often much larger than Bitcoin itself. ^[36]
Balance‑sheet and financing risk
- MARA carries multi‑billion‑dollar debt obligations while simultaneously funding ambitious AI/HPC and data‑center projects. ^[37]
Regulatory, environmental, and local‑community scrutiny
- The company has faced environmental noise and health complaints around some mining sites and has been involved in local political disputes, such as litigation over a community’s effort to regulate mining in Texas. ^[38]
Execution risk on AI/HPC pivot
- Deals like Exaion and the West Texas LOI could be transformative—but they require complex execution, significant capital, and stable demand for AI and cloud capacity over many years. ^[39]
Accounting complexity
- Earnings are heavily influenced by fair‑value adjustments on digital assets and derivatives, meaning GAAP net income may not reflect “normalized” cash earnings from operations. ^[40]

For anyone considering the stock, these risks make position sizing, time horizon, and overall portfolio diversification especially important.

What to Watch Next for MARA Stock

Looking beyond today’s bounce, here are the key catalysts and data points likely to shape MARA’s trajectory into year‑end and early 2026:

Bitcoin price path
- Sustained trading in the $80k+ range is supportive for miner profitability, but another deep drawdown could quickly reverse today’s optimism. ^[41]
Closure and integration of the Exaion deal
- Investors will watch for closing updates, capex guidance, and any early revenue commentary from AI/HPC customers in Europe. ^[42]
Progress on West Texas power and data‑center campuses
- Concrete milestones—permits, groundbreaking, signed AI/HPC customers—would help validate the long‑term digital‑infrastructure story beyond Bitcoin. ^[43]
Future Bitcoin production and treasury updates
- Monthly production releases and treasury snapshots will remain key market drivers, especially as MARA balances mining vs. holding vs. potential BTC sales. ^[44]
Next earnings report (expected February 2026)
- Q4 2025 results and guidance will show whether Q3’s profitability was a one‑off windfall or part of a more durable earnings trajectory. ^[45]

Bottom Line

On November 24, 2025, MARA stock is rebounding from a deep short‑term sell‑off, helped by a high‑profile Compass Point upgrade, continued institutional interest, and a narrative that stretches beyond mining into AI and digital infrastructure.

At the same time, the stock remains a high‑risk, high‑volatility vehicle whose fortunes still hinge on Bitcoin’s path, execution on large capital projects, and a leveraged balance sheet.

Anyone watching—or trading—MARA today should treat it as a speculative, crypto‑sensitive equity, not a low‑risk way to gain exposure to digital assets or AI, and should carefully do their own research or consult a qualified financial advisor before making investment decisions.

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