While the miner said bitcoin remains its operational foundation, first-quarter results point to a company increasingly built around power, data centers and AI demand. MARA Holdings' first-quarter revenue fell 18% to $174.6 million, while a $1.3 billion net loss was driven largely by unrealized losses on its bitcoin holdings. The company sold about $1.5 billion of bitcoin, including $1.1 billion near quarter-end to repurchase convertible notes, and fell from the second- to the fourth-larges…
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