olivLaw · US equity research
MARA Holdings, Inc. MARA
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
MARA Holdings is an energy and digital infrastructure company that uses Bitcoin mining as its foundation and is expanding into AI inference and high-performance computing. It matters now because it is shifting toward direct control of energy and sites as demand for power-hungry AI infrastructure grows; it operates about 1.9 GW of total capacity and reported an energized hashrate of about 70.3 EH/s as of June 30, 2026.
At the close of 02 Nov 2026, MARA Holdings, Inc. (MARA) stock was 6.43 USD (−5.02% on the day), with market capitalisation 2.5 bn USD, beta 2.74, 52-week range 6.43–17.81 USD. Latest reported quarter (Q2 2026): revenue of 174.9 m USD (−26.7% YoY), net income of -611.3 m USD (−175.6% YoY), diluted EPS -1.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 5.51 – 10.70
- in the lower half of the band · %B 0.18 · band width 64.1%
- SMA 50 / 200
- 10.28 / 10.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.11 / -1.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −42.7% | −2.3% | −40.4 pp | — |
| 3 months | −45.3% | −0.8% | −44.5 pp | — |
| 6 months | −45.6% | +4.7% | −50.4 pp | — |
| Year to date | −28.4% | +10.2% | −38.6 pp | — |
| 1 year | −64.8% | +10.3% | −75.1 pp | −38.1% |
| 3 years | −31.7% | +73.0% | −104.7 pp | −44.3% |
| 5 years | −90.1% | +61.8% | −151.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 131.6 m | 214.4 m | 213.9 m | 238.5 m | 252.4 m | 202.3 m | 174.6 m | 174.9 m |
| Cost of revenue | 198.7 m | 267.2 m | — | — | — | — | — | — |
| Research & development | 2.8 m | 4.1 m | 9.3 m | 8.5 m | 8.7 m | 3.6 m | 8.2 m | 7.2 m |
| Operating income | -172.2 m | 341.0 m | -541.1 m | 679.8 m | 47.6 m | -1.4 bn | -1.1 bn | -521.1 m |
| Depreciation & amortisation | 100.5 m ≈ | 139.6 m | 157.9 m | 161.7 m ≈ | 167.3 m ≈ | 285.8 m | 191.6 m | 174.7 m ≈ |
| Interest expense | 2.3 m | 8.0 m | 9.9 m | 12.8 m | 12.8 m | 12.8 m | 10.7 m | 6.3 m |
| Pre-tax income | -174.0 m | 646.5 m | -652.6 m | 1.0 bn | 160.8 m | -1.9 bn | -1.3 bn | -610.7 m |
| Income tax | -49.2 m | 118.3 m | -119.2 m | 208.5 m | 37.7 m | -183.4 m | -30.9 m | 580.0 k |
| Net income | -124.8 m | 528.5 m | -533.4 m | 808.2 m | 123.1 m | -1.7 bn | -1.3 bn | -611.3 m |
| Diluted EPS | -0.42 | 1.33 ≈ | -1.55 | 1.84 | 0.27 | -23.25 ≈ | -3.31 | -1.60 |
| Operating cash flow | -160.1 m ≈ | -313.4 m | -215.5 m | -163.4 m ≈ | -199.0 m ≈ | -224.7 m | -247.5 m | -223.8 m ≈ |
| Capex | 38.0 m ≈ | 186.5 m | 38.9 m | 118.9 m ≈ | 84.8 m ≈ | 164.5 m | 79.5 m | 14.8 m ≈ |
| Share repurchases | 5.9 m ≈ | 8.4 m | 20.4 m | 15.2 m ≈ | 7.7 m ≈ | 3.7 m | 7.5 m | 7.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 m | 1.2 m | 4.4 m | 159.2 m | 117.8 m | 387.5 m | 656.4 m | 907.1 m |
| Revenue YoY | +200.7% | −24.1% | — | +3,553.0% | −26.0% | +229.1% | +69.4% | +38.2% |
| Net income | -12.8 m | -3.5 m | -10.4 m | -29.8 m | -694.0 m | 261.2 m | 541.3 m | -1.3 bn |
| Net income YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | +107.2% | −342.3% |
| Diluted EPS | unavailable | -0.53 | -0.13 | -0.30 | -6.12 | 1.06 | 1.72 | -3.69 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | +62.3% | −314.5% |
| net % | -820.2% | -296.7% | -239.8% | -18.7% | -589.4% | 67.4% | 82.5% | -144.6% |
| Free cash flow | -13.5 m | -3.3 m | -25.5 m | -292.8 m | -217.6 m | -343.3 m | -927.8 m | -1.2 bn |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 547.1 m USD
- Financial debt
- 3.6 bn USD
- Net debt
- 3.1 bn USD
- Equity
- 3.5 bn USD
- Total assets
- 7.3 bn USD
- Debt / equity
- 1.04x
- Current ratio
- 1.27x
- ROE
- -34.5%
- ROA
- -18.6%
- FCF margin
- -133.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.4 m | 159.2 m | 117.8 m | 387.5 m | 656.4 m | 907.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 7.0 m | 42.4 m | 151.4 m | 402.9 m | 815.8 m | — | SEC (XBRL)· 03 Mar 2025verified |
| Gross profit | -2.6 m ≈ | 116.8 m | -33.7 m | -15.3 m ≈ | -159.4 m ≈ | — | SEC (XBRL)· 03 Mar 2025derived |
| Research & development | — | — | 98.0 k | 2.8 m | 13.2 m | 30.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -9.8 m | -3.0 m | -673.5 m | 220.9 m | 306.1 m | -1.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 3.1 m | 14.9 m | 78.7 m | 185.5 m | 429.2 m | 772.8 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -6.8 m ≈ | 11.9 m ≈ | -594.8 m ≈ | 406.5 m ≈ | 735.3 m ≈ | -451.5 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 21.0 k | 1.6 m | 15.0 m | 10.4 m | 13.0 m | 48.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | -10.4 m | -4.8 m | -718.3 m | 277.6 m | 616.5 m | -1.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 2.0 k | 25.0 m | -24.2 m | 16.4 m | 75.5 m | -56.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -10.4 m | -29.8 m | -694.0 m | 261.2 m | 541.3 m | -1.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -0.13 | -0.30 | -6.12 | 1.06 | 1.72 | -3.69 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 81.4 m | 99.3 m | 113.5 m | 192.3 m | 311.8 m | 355.2 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 141.3 m | 268.6 m | 103.7 m | 357.3 m | 391.8 m | 547.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 286.4 m | 684.2 m | 277.5 m | 1.0 bn | 470.4 m | 664.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 17.2 m | 276.2 m | 273.0 m | 671.8 m | 1.5 bn | 1.5 bn | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | — | — | — | 0 | 82.8 m | 0 | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.0 m | 931.0 k | — | 0 | 2.7 m | 988.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 313.3 m | 1.4 bn | 1.2 bn | 2.0 bn | 6.8 bn | 7.3 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 999.7 k | 7.8 m | 1.3 m | 11.3 m | 12.6 m | 12.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | — | — | 0 | 0 | 0 | 397.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | — | 728.4 m | 782.2 m | 325.7 m | 2.4 bn | 3.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 1.4 m | 11.3 m | 26.1 m | 33.8 m | 95.2 m | 521.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 1.5 m | 765.2 m | — | — | — | — | SEC (XBRL)· 10 Mar 2022verified |
| Equity | 311.7 m | 689.4 m | 385.9 m | 1.6 bn | 4.1 bn | 3.5 bn | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -7.8 m | -19.0 m | -176.5 m | -315.7 m | -677.0 m | -802.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 17.7 m | 273.9 m | 41.1 m | 27.6 m | 250.8 m | 407.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -25.5 m ≈ | -292.8 m ≈ | -217.6 m ≈ | -343.3 m ≈ | -927.8 m ≈ | -1.2 bn ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -81.3 m | -891.1 m | -390.2 m | 4.6 m | -3.2 bn | -669.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 229.7 m | 1.0 bn | 410.7 m | 555.9 m | 4.0 bn | 1.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | — | — | 0 | 380.0 k | 37.4 m | 46.9 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -46.6% | 30 (vs peers) | 21% |
| Net margin · Quality | -430.2% | 29 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 97.5% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -69.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.9x | 8 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -49.9% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1.1% | 15 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality29/100 · 2/3 factors with a value
- Returns· partial15/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MARA HOLDINGS, INC. (MARA). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 907.1 m USD in 2025; YoY growth 38.2%; net margin -430.2%; ROE -107.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 97.5%
What contradicts it
- ROIC: -46.6%
- Net margin: -430.2%
- Interest coverage: -69.2x
- Current ratio: 0.9x
- FCF yield: -49.9%
- Shareholder yield (distributions): 1.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 219.9 bn | 18.4 | 35.9% | 27.9% | +6.4% | −10% / +92% |
| COINCoinbase Global, Inc. | 36.5 bn | — | -4.7% | -12.5% | +9.4% | −49% / +11% |
| SOFISoFi Technologies, Inc. | 21.4 bn | 34.7 | 7.1% | 104.3% | +23.1% | −44% / +128% |
| RIOTRiot Platforms, Inc. | 4.4 bn | — | -48.2% | -196.3% | +71.9% | −27% / −6% |
| CORZCore Scientific, Inc. | 4.0 bn | — | — | -324.9% | −37.5% | −26% / unavailable |
| CIFRCipher Digital Inc. | 3.1 bn | — | -156.8% | -742.3% | +48.0% | −66% / +148% |
| MARAMara Holdings, Inc. | 2.5 bn | — | -107.2% | -430.2% | +38.2% | −65% / −32% |
| UPSTUpstart Holdings, Inc. | 2.1 bn | 43.8 | 7.9% | 4.8% | +64.0% | −53% / −20% |
| SBETSharplink, Inc. | 1.4 bn | — | -183.6% | -3,406.3% | +666.1% | −39% / −61% |
| KEELKeel Infrastructure Corp. | 1.2 bn | — | -87.6% | -230.6% | +72.0% | −46% / +32% |
| RHLDResolute Holdings Management, Inc. | 930.1 m | 21.9 | — | 4.2% | +9.9% | −33% / unavailable |
| JFU9F Inc. | 555.2 m | 24.0 | 4.7% | 125.2% | +12.2% | −51% / −41% |
| ABTCAmerican Bitcoin Corp. | 509.2 m | — | -38.5% | -71.7% | +158.8% | −90% / −99% |
| HIVEHive Digital Technologies Ltd. | 469.0 m | — | -66.4% | -98.5% | +158.3% | −49% / −44% |
| SAIHSAIHEAT Limited | 364.1 m | — | -59.3% | -142.7% | −18.4% | +244% / +83% |
| CHADDefi Development Corp. | 309.7 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| BTBTBit Digital, Inc. | 265.4 m | — | -56.7% | -237.2% | +5.1% | −69% / −71% |
| DGXXDigi Power X Inc. | 215.5 m | — | -24.7% | -114.8% | −7.6% | −48% / +49% |
| ZSQRZ Squared Inc. | 195.6 m | — | -25.9% | -642.0% | unavailable | −80% / −84% |
| CNTNCanton Strategic Holdings, Inc. | 162.5 m | — | -43.1% | — | unavailable | −22% / −84% |
| TONXTon Strategy Company | 160.3 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| SLNHSoluna Holdings, Inc. | 142.7 m | — | -114.6% | -185.9% | −21.8% | −66% / −81% |
| GHIGreystone Housing Impact Investors LP | 111.7 m | — | — | -5.1% | −6.4% | −33% / −72% |
| NAKANakamoto Inc. | 99.1 m | — | -342.8% | -1,507.8% | −33.0% | −72% / unavailable |
| AGPUAxe Compute Inc | 88.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +27% / −84% |
1- and 3-year price returns: for MARA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MARA Holdings is an energy and digital infrastructure company that uses Bitcoin mining as its foundation and is expanding into AI inference and high-performance computing. It matters now because it is shifting toward direct control of energy and sites as demand for power-hungry AI infrastructure grows; it operates about 1.9 GW of total capacity and reported an energized hashrate of about 70.3 EH/s as of June 30, 2026 12.
SWOT
Strengths
- The company controls a large energy capacity and a significant share of its sites, giving it operating control and flexibility to allocate power between mining and AI compute 1.
- Experience running a large mining fleet and holding substantial bitcoin reserves provide liquidity and the ability to finance projects through collateralized borrowing 12.
- The Starwood partnership and the Exaion acquisition bring development capabilities and access to sovereign AI customers, complementing the existing energy capacity 13.
Weaknesses
- Revenue depends heavily on the bitcoin price, so a decline directly reduces profitability and the capacity to fund new investments 1.
- The company sold bitcoin to fund operations, and holdings fell between year end 2025 and June 30, 2026, signaling liquidity pressure 13.
- AI activity is at an early stage with no material reported revenue, so its profitability cannot yet be assessed from existing data 1.
Opportunities
- If energized sites in Texas and Nebraska are leased long term for AI compute, the company could diversify revenue beyond mining 23.
- The Long Ridge acquisition, if completed, could add contracted energy and expand the Hannibal campus 3.
- The European sovereign cloud market offers an opportunity through Exaion, particularly if public-sector customers prefer providers under EU jurisdiction 3.
Threats
- A prolonged fall in the bitcoin price could force asset sales at unfavorable prices and trigger margin calls on collateralized loans 1.
- Rising network hashrate and the reduced block reward from halving could shrink the company's share of rewards if capacity does not grow at the same pace 1.
- Strong competition from hyperscale providers and specialized operators could limit lease pricing and the pace of contract signings 1.
Risks
- Dependence on the bitcoin pricehigh
Most revenue comes from mining, so a fall in price reduces both revenue and the value of holdings, which could affect the ability to meet obligations 1.
- Liquidity and convertible debthigh
The company has several series of convertible notes, some with put rights exercisable in 2027, and meeting them could require selling bitcoin 1.
- Execution of AI projectshigh
Data center projects depend on financing, grid approvals and signing customer contracts, and delays could postpone profitability 13.
- Energy costsmedium
Energy is the largest mining cost, and variable prices or grid constraints could compress margins and force operational curtailment 1.
- Shareholder dilutionmedium
Issuances under the at-the-market program and conversion of notes can dilute existing shareholders, and equity financing could reduce the value of their investment 1.
Investment thesis
What would need to be true (bull case)
- Control of a large energy portfolio and energized sites could give a real advantage in a market where access to power is becoming the limiting factor for AI infrastructure 3.
- If existing sites are leased long term, the company could turn its mining fleet into more stable revenue generators, less dependent on the bitcoin price 13.
- The Starwood partnership and the Exaion acquisition could ease financing needs and bring customers with sovereignty requirements, where the company claims an edge 13.
What would break the thesis
- Revenue remains tied to the bitcoin price, and asset sales to fund operations could continue if the price stays low or volatile 13.
- AI projects are at an early stage, and the transition from mining to infrastructure leasing could delay or reduce the expected returns 13.
- Convertible debt, put rights and the equity issuance program could reduce shareholder value if financing is not secured on favorable terms 1.
What to watch
- Signing of the first lease for AI infrastructure capacity2026
- FERC approval and closing of the Long Ridge acquisition2026
- ERCOT and interconnection approvals for the Matagorda County site2026
- Trend in bitcoin holdings and mining revenue in the next quarterly reportQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MARA describes itself as an energy and digital infrastructure company that allocates energy to its highest-value uses. Bitcoin mining is used as a flexible, energy-responsive workload that monetizes surplus power, while the company develops AI inference and HPC capabilities on the same data center platform 1. During 2025 it raised site ownership to about 70% of its portfolio capacity, aiming to improve operating control and margin durability 1. In April 2026 it agreed to acquire Long Ridge Energy & Power at an enterprise value of about $1.5 billion, and after quarter end it secured rights to a site in Matagorda County, Texas 23.
Bitcoin mining remains the main revenue source. In 2025 the company mined 8,799 bitcoin and held 53,822 bitcoin at year end, including coins activated under its digital asset management strategy 1. By June 30, 2026, holdings had fallen to 35,577 bitcoin, reflecting sales used to fund operations, while Q2 2026 revenues were $174.9 million 3.
On the AI side, the company acquired a majority stake in Exaion SaS, a European provider of private cloud and sovereign AI infrastructure, and signed a strategic agreement with Starwood Digital Ventures to jointly develop AI and HPC infrastructure on existing sites 13. The company states that its AI inference activities are still at an early evaluation stage and have not yet generated material revenue 1.
Segments
Bitcoin mining
The mining segment produces bitcoin with a large fleet of specialized equipment and forms the platform's foundation. Energy cost is its main cost driver; by June 30, 2026 the energized hashrate reached 70.3 EH/s across about 440,000 mining rigs globally 12.
AI and HPC infrastructure
This segment covers planned data center projects for AI inference and high-performance computing on energized sites, along with the Exaion acquisition and the Starwood agreement. Revenue is still negligible, and the projects depend on signing first leases and obtaining grid approvals 13.
Market context
The Bitcoin mining market is competitive, and revenue depends directly on bitcoin's price and network difficulty. The AI infrastructure market is dominated by hyperscale providers and specialized operators with far greater financial resources 1. Management argues that demand for energized capacity is outpacing the supply of power-ready sites, which could favor owners of energized assets; this is management's view and has not been independently verified 3.
Market dynamics depend on energy costs and transmission availability, and the demand figures cited by the company come from external sources referenced in its shareholder letter 3. If demand for AI compute keeps growing, the value of energy assets could rise, though the same dynamic may also attract new competitors 3.
Trends
- Rising power demand from AItailwind
Management says demand for AI infrastructure is accelerating while energized sites are becoming scarce. If this demand materializes, companies that control power could obtain better leasing terms 3.
- Volatile bitcoin priceheadwind
Mining revenue moves directly with the bitcoin price, which in fiscal 2025 ranged between about $76,000 and $126,000. A prolonged decline could limit funds for investment and debt service 1.
- Halving reduces block rewardsheadwind
The block reward was cut in April 2024, and the next halving is expected around 2028. The company notes that the halving contributed to lower bitcoin production in 2025, and the effect could persist if prices do not offset it 1.
- Monetizing energy through AI and HPCmixed
Repurposing some sites for AI inference and HPC, including through the Starwood partnership, could diversify revenue if long-term contracts are signed. Outcomes depend on execution, financing and approvals 13.
Competitive position
In bitcoin mining the company competes with other large public operators and with farms expanding their hashrate, which raises network difficulty and lowers a miner's share if it does not expand at a similar pace 1. In AI and HPC infrastructure, competition comes from hyperscale providers and specialized operators with much larger financial and technical resources 1.
The company's stated advantage lies in controlling energy and energized sites, in operating experience and in strategic partnerships. It claims speed of delivery and asset ownership differentiate it, but these advantages have not yet been validated by large-scale signed leases 3.
- US-listed bitcoin mining operators
Companies competing for hashrate share and capital, not individually identified in the reviewed sources.
- Hyperscale cloud providers
Large cloud providers that dominate demand for AI compute and have far greater financial and technical resources.
- Specialized AI data center operators
Companies dedicated to AI and HPC infrastructure that compete for customers and for sites with available power.
- European sovereign cloud providers
European private cloud and AI providers, especially for customers requiring EU jurisdictional governance, where Exaion intends to compete.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Imagine de colecție cu Mara Bănică din 1994. Prezentatoarea TV era studentă. „Mi-a trimis un fost coleg de facultate”Libertatea.ro · 26 Oct 2026 · RO
- Mara Bănică, intervenție estetică la nivelul feței. Primele imagini. „Da, da, eu sunt! M-am dus să fac o magie”Libertatea.ro · 19 Oct 2026 · RO
- Mara refuză FCSB: „Sunt pe un drum care îmi place”HotNews.ro · 29 Sept 2026 · RO
- Max Mara primăvară-vară 2027 la Milano Fashion Week: puterea nu are nevoie să ridice voceaG4Media · 26 Sept 2026 · RO
- ‘Going places with panache’: Max Mara channels audacious women for Milan showThe Guardian World · 24 Sept 2026 · EN
- Orlando Bloom, despre scena picantă și controversată cu surorile Rooney și Kate Mara: „A fost un moment foarte sincer” - filmnow.roSurge — Google News · 22 Sept 2026 · RO
- S-a stins av. lect. univ. dr. Teodor Mara, fost judecător și consilier juridicJuridice.ro · 22 Sept 2026 · RO
- Strategy Jumps 6% as Bitcoin Hits Highest Level Since January; MARA Climbs 5%, Riot Rises 4%Yahoo Finance — News · 21 Sept 2026 · EN
- Mihai Stoica, anunț despre venirile lui Bogdan Mara și Adrian Ilie la FCSB - ProsportSurge — Google News · 21 Sept 2026 · RO
- When Tax Shields Shrink: Interest Deductibility Limitations and Corporate Innovation -- by Xinru Chen, Mara Faccio, Stefano Manfredonia, Jin XuNBER — New Working Papers · 21 Sept 2026 · EN
- MM Stoica a replicat după ce Gigi Becali a anunţat că vrea să-l aducă la echipă pe Bogdan Mara! VIDEO EXCLUSIV - PrimaSport.roSurge — Google News · 20 Sept 2026 · RO
- „M-am simțit vizat” » Ce spune MM Stoica despre ieșirea lui Gigi Becali și venirea lui Mara la FCSB: „Nu mai știm fotbal” - gsp.roSurge — Google News · 20 Sept 2026 · RO
- „M-am simțit vizat” » Ce spune MM Stoica despre ieșirea lui Gigi Becali și venirea lui Mara la FCSB - GSPSurge — Google News · 20 Sept 2026 · RO
- Bogdan Mara a făcut primele transferuri la FCSB! - GSPSurge — Google News · 20 Sept 2026 · RO
- Bogdan Mara, datorii neplătite de CFR Cluj: avocata sa încearcă să recupereze sumele restante - fanatik.roSurge — Google News · 20 Sept 2026 · RO
- Mara Iulia: Doi adidași drepți pe drumul inițiatic - Atlasul Universului - LiterNetSurge — Google News · 18 Sept 2026 · RO
- MARA Holdings Just Rallied 21% in a Month: Take Profits, or Buy More?Yahoo Finance — News · 17 Sept 2026 · EN
- Raymond O’Mara: Policy director, Senate Democratic Leader Chuck Schumer (NY)The Hill · 15 Sept 2026 · EN
- MARA Holdings Shares Fall 5.7% After JPMorgan Double DowngradeYahoo Finance — News · 14 Sept 2026 · EN
- #superstories. Business sportiv. Pariul ZF pe viitorii campioni. Mara Ionescu, 13 ani, scrimă: Nu poţi câştiga de fiecare dată şi uneori trebuie să accepţi că ai greşit, să înţelegi ce ai de îmbunătăţit şi să te ridici pentru următorul concurs. Am învăţat că rezultatele vin cu muncă şi sacrificiiZiarul Financiar · 10 Sept 2026 · RO
SEC filings
- Current report25 Sept 2026Material agreement
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report04 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jul 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Jun 2026Other events · Financial statements and exhibits
- Current report22 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MARA Holdings, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MARA Holdings, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MARA Holdings, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.