Marathon Logs $1.3B Q1 Loss as BTC 18% Slide Cuts Revenue $35M, Sells $1.5B

Marathon Digital reported a $1.3 billion Q1 net loss on May 12, attributed to an 18% Bitcoin price drop slashing revenue by $35 million, mark-to-market losses on 38,689 BTC holdings, and rising costs despite production gains. Initial May 11 disclosures showed revenue down 18% YoY to $174.6 million, with $1.5 billion in BTC sales—including $1.1 billion near quarter-end—to cut debt, alongside hashrate up 33% to 72.2 EH/s and 2,247 BTC mined. The firm is pivoting to AI infrastructure via a $1.5 billion Long Ridge acquisition for 600 MW capacity, potentially pressuring BTC short-term.