Marathon Digital Holdings (MARA) shares surged despite a significant fourth-quarter loss. The company reported a loss of $4.07 per share, missing the analyst consensus forecast of a $0.03 loss. Revenue reached $202.3 million, falling short of the $251 million estimate.
Investor enthusiasm for a strategic pivot away from Bitcoin mining drove the rally. CEO Fred Thiel stated the company is transitioning into an energy-backed digital infrastructure platform. The new strategy focuses on developing data centers for artificial intelligence and high-performance computing. Thiel noted these energy assets can generate higher returns than traditional crypto mining.