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Mara Holdings reported a massive $611 million net loss driven largely by $343 million in crypto writedowns. To counter market volatility, management is aggressively pivoting toward power infrastructure with a target of 4.8 gigawatts of capacity to drive future growth. While the company has pledged 54 percent of its bitcoin holdings as collateral for non-dilutive expansion capital, execution risks and regulatory hurdles remain significant concerns, keeping its current quant rating at a hold.
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