MARA Holdings
What matters nowUpdated 5 h ago
- MARA filed an 8-K on Sep 25, 2026 reporting its entry into a material definitive agreement, with the event dated Sep 21, 2026 1.
- On the pooled 24/7 venue price of about $9.11, MARA is down 2.8% from the previous close of $9.38, after a 13.7% gain on Sep 18, 2026 and declines of 5.7% on Sep 30, 5.7% on Oct 7 and 4.5% on Oct 8.
- Q2 2026 revenue fell 27% year on year to $174.9 million, and the company reported a $611.3 million net loss, mostly from a fall in the value of its bitcoin ·. Trailing revenue is $804.2 million and trailing free cash flow is negative $1.24 billion, with net debt of $2.0 billion against a $3.48 billion market cap.
- Operations: 70.3 EH/s of energized hashrate, and a treasury of 35,577 BTC at June 30, 2026, of which 9,270 BTC were loaned or pledged. Over the past 180 days insiders sold 378,003 shares for $4.45 million across 20 planned sales and bought none.
- Next: Q3 2026 earnings are estimated for November 2026 and are not confirmed; FERC approval of the Long Ridge power plant acquisition is expected by Dec 31, 2026; the target to sign a first AI or HPC lease is year-end 2026; the Long Ridge plant is expected at a full 505 MW by Mar 31, 2027. The September 2026 CPI report is due Oct 14, 2026.
MARA Holdings is a Nasdaq-listed bitcoin miner that now calls itself an energy and digital infrastructure company. It runs bitcoin mining sites with about 70 EH/s of energized hashrate, holds a large bitcoin treasury, and is buying power plants and land to move toward AI and high-performance computing. Revenue was $907.1 million in 2025. In the second quarter of 2026 revenue fell 27% to $174.9 million and the company reported a $611.3 million net loss, mostly from a fall in the value of its bitcoin.
How it makes money
MARA earns most of its revenue from block rewards and transaction fees for the bitcoin it mines, so its income moves with bitcoin's price and network difficulty. It also holds a large bitcoin treasury that it can sell, lend or pledge as collateral. The company is shifting toward selling power and computing capacity: it is buying a gas-fired power plant in Ohio, has secured rights to a 2 GW site in Texas, and is seeking tenants for AI and high-performance computing campuses at its mining sites.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Bitcoin mining
Operating at 70.3 EH/s energized hashrate as of Q2 2026.
Bitcoin treasury and lending
Held 35,577 BTC at June 30, 2026, of which 9,270 BTC were loaned or pledged.
Latest newsAll news →
MARA amends Texas site purchase: $100 million deposit and a sale process replace forfeiture terms
MARA signed a First Amendment to its Matagorda County site purchase agreement with HIF USA on September 21, 2026.
MARA Q2 2026 revenue falls 27% to $174.9 million and net loss is $611 million
MARA reported second-quarter 2026 revenue of $174.9 million, down from $238.5 million a year earlier, and a net loss of $611.3 million, or $1.60 per share.
MARA signs deal for 1,200-acre Texas powered-land site with up to 2 GW of grid capacity
MARA signed a definitive agreement with HIF USA to acquire a powered-land site of more than 1,200 acres in Matagorda County, Texas, about 90 miles southwest of Houston.
MARA posts $1.26 billion Q1 loss as bitcoin fell and revenue dropped 18%
MARA reported first-quarter 2026 revenue of $174.6 million, down 18% from a year earlier, and a net loss of $1.26 billion, or $3.31 per diluted share.
MARA agrees to buy Long Ridge Energy & Power for about $1.5 billion
MARA agreed to buy 100% of Long Ridge Energy & Power, a gas-fired power plant in Hannibal, Ohio, from FTAI Infrastructure's subsidiaries for a base price of about $1.5 billion, subject to adjustments.
MARA cuts about 15% of its workforce under a 2026 restructuring plan
MARA reduced its workforce by about 15% as part of a 2026 restructuring plan that it began in the first quarter.
Products & businesses
Bitcoin mining
Operating at 70.3 EH/s energized hashrate as of Q2 2026.
Bitcoin treasury and lending
Held 35,577 BTC at June 30, 2026, of which 9,270 BTC were loaned or pledged.
What it's building next
Hosting services
Wound down; no hosting customers remained at June 30, 2026.
Next: Most third-party hosting agreements begin to expire · 2027-07-01
Long Ridge power plant
Acquisition agreed April 29, 2026; closing awaits FERC and other regulatory approvals.
Next: Plant expected to reach full 505 MW · 2027-03-31
Matagorda County, Texas site
Site rights secured after June 30, 2026; ERCOT and interconnection approvals still needed.
AI and high-performance computing campuses
Lease talks are under way at several sites; the company is confident of signing at least one lease by year-end 2026.
Next: Target to sign at least one AI or HPC lease · 2026-12-31
Exaion sovereign AI cloud
Selected for the EU-backed AION Consortium, which targets about 3 GW of AI-ready capacity.
Hashrate Under Management
Early-stage platform for financial products built on mining hashrate; no revenue reported.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Bitcoin mining Block rewards and transaction fees earned by mining bitcoin across MARA's owned and hosted sites. This is almost all of the company's revenue. | $872.4M | 96.2% | |
| Hosting services Fees for hosting other companies' mining equipment in MARA's data centers. These agreements were being terminated after the 2024 GC Data Center acquisition, and no hosting customers remained at June 30, 2026. | $4.7M | 0.5% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-30 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-06-30 | Q1 FY2026 2026-03-31 | Q4 FY2025 2025-12-31 | Q3 FY2025 2025-09-30 | Q2 FY2025 2025-06-30 | Q1 FY2025 2025-03-31 | Q4 FY2024 2024-12-31 | Q3 FY2024 2024-09-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $804.2M | $174.9M -27% | $174.6M -18% | $202.3Md -6% | $252.4M +92% | $238.5M +64% | $213.9M +29% | $214.4Md +37% | $131.6M +35% |
| Gross profit | — | — | — | — | — | — | — | −$52.8Md -593% | −$67.0Md |
| Operating income | −$2.95B | −$521.1M -177% | −$1.06B | −$1.41Bd -514% | $47.6M | $679.8M | −$541.1M -246% | $341.0Md +84% | −$172.2M |
| Net income | — | — | — | — | — | — | — | $528.5Md +248% | −$124.8M |
| EPS (diluted) | $-9.23 | $-1.60 -187% | $-3.31 | $-4.59d -375% | $0.27 | $1.84 | $-1.55 -223% | $1.67d +111% | $-0.42 |
| Operating cash flow | −$895.1M | −$223.8Md | −$247.5M | −$224.7Md | −$199.0Md | −$163.4Md | −$215.5M | −$313.4Md | −$160.1Md |
| Capital expenditure | $343.6M | $14.8Md -88% | $79.5M +105% | $164.5Md -12% | $84.8Md +123% | $118.9Md +591% | $38.9M +328% | $186.5Md +10274% | $38.0Md +1422% |
| Share buybacks | $26.5M | $7.7Md -49% | $7.5M -63% | $3.7Md -56% | $7.7Md +31% | $15.2Md +131% | $20.4M +23% | $8.4Md +2121% | $5.9Md |
| Cash & equivalents | $421.3M | $421.3M | $513.7M | $547.1M | $826.4M | $109.5M | $196.2M | $391.8M | $164.3M |
| Total debt | $2.42B | $2.42B | $2.42B | $3.60B | $3.25B | $2.25B | $2.30B | $2.45B | $618.7M |
| Shares outstanding | 381.9M | 381.9M | 380.9M | 379.5M | 378.6M | 362.3M | 346.3M | 340.3M | 304.9M |
| Metric | FY2025 2025-12-31 | FY2024 2024-12-31 | FY2023 2023-12-31 | FY2022 2022-12-31 |
|---|---|---|---|---|
| Revenue | $907.1M +38% | $656.4M +69% | $387.5M +229% | $117.8M |
| Cost of revenue | — | $815.8M +102% | $402.9M +166% | $151.4M |
| Gross profit | — | −$159.4Md | −$15.3Md | −$33.7M |
| Research & development | $30.1M +128% | $13.2M +370% | $2.8M +2769% | $98.0K |
| Operating income | −$1.22B -500% | $306.1M +39% | $220.9M | −$673.5M |
| EBIT | −$1.22B -500% | $306.1M +39% | $220.9M | −$673.5M |
| Depreciation & amortization | $772.8M +80% | $429.2M +131% | $185.5M +136% | $78.7M |
| Interest expense | $48.4M +272% | $13.0M +26% | $10.3M -31% | $15.0M |
| Income tax | −$56.4M -175% | $75.5M +360% | $16.4M | −$24.2M |
| Net income | −$1.31B -342% | $541.3M +107% | $261.2M | −$694.0M |
| EPS (diluted) | $-3.69 -315% | $1.72 +62% | $1.06 | $-6.12 |
| Diluted shares (weighted) | 355.2M | 311.8M | 192.3M | 113.5M |
| Operating cash flow | −$802.7M | −$677.0M | −$315.7M | −$176.5M |
| Capital expenditure | $407.1M +62% | $250.8M +808% | $27.6M -33% | $41.1M |
| Share buybacks | $46.9M +25% | $37.4M +9743% | $380.0K | $0 |
| Cash & equivalents | $547.1M | $391.8M | $357.3M | $103.7M |
| Long-term debt (incl. current portion) | $3.60B | $2.45B | $325.7M | $782.2M |
| Total debt | $3.60B | $2.45B | $325.7M | $782.2M |
| Total assets | $7.29B | $6.80B | $1.99B | $1.20B |
| Total liabilities | $3.82Bd | $2.67Bd | $375.1Md | $809.3Md |
| Shareholders' equity | $3.47B | $4.13B | $1.62B | $385.9M |
| Shares outstanding | 379.5M | 340.3M | 242.8M | 145.6M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
MARA amends Texas site purchase: $100 million deposit and a sale process replace forfeiture terms
MARA signed a First Amendment to its Matagorda County site purchase agreement with HIF USA on September 21, 2026.
MARA Q2 2026 revenue falls 27% to $174.9 million and net loss is $611 million
MARA reported second-quarter 2026 revenue of $174.9 million, down from $238.5 million a year earlier, and a net loss of $611.3 million, or $1.60 per share.
MARA signs deal for 1,200-acre Texas powered-land site with up to 2 GW of grid capacity
MARA signed a definitive agreement with HIF USA to acquire a powered-land site of more than 1,200 acres in Matagorda County, Texas, about 90 miles southwest of Houston.
MARA posts $1.26 billion Q1 loss as bitcoin fell and revenue dropped 18%
MARA reported first-quarter 2026 revenue of $174.6 million, down 18% from a year earlier, and a net loss of $1.26 billion, or $3.31 per diluted share.
MARA agrees to buy Long Ridge Energy & Power for about $1.5 billion
MARA agreed to buy 100% of Long Ridge Energy & Power, a gas-fired power plant in Hannibal, Ohio, from FTAI Infrastructure's subsidiaries for a base price of about $1.5 billion, subject to adjustments.
MARA cuts about 15% of its workforce under a 2026 restructuring plan
MARA reduced its workforce by about 15% as part of a 2026 restructuring plan that it began in the first quarter.
MARA Holdings reports fiscal Q4 2025 results: revenue $202.3M, down 6% from a year earlier
MARA Holdings filed a Form 8-K with the SEC on Feb 26, 2026, 4:23 PM ET, reporting an event dated Feb 26, 2026.
MARA signs strategic agreement with Starwood Digital Ventures for AI and HPC campuses
MARA signed a strategic agreement with Starwood Digital Ventures to develop, finance and operate AI and high-performance computing campuses on MARA's power-rich sites.
MARA closes majority stake purchase in French AI cloud firm Exaion
MARA completed its purchase of a majority interest in Exaion, the French high-performance computing and sovereign AI cloud business that was carved out of EDF.
MARA Holdings reports fiscal Q3 2025 results: revenue $252.4M, up 92% from a year earlier
MARA Holdings filed a Form 8-K with the SEC on Nov 4, 2025, 7:10 AM ET, reporting an event dated Nov 4, 2025.
SEC filings
| Oct 7, 26 | 4 | Form 4: Khan Salman Hassan (Chief Financial Officer) — tax withholding 9,210 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Nowaid Zabi (General Counsel) — tax withholding 20,923 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Thiel Frederick G (Chief Executive Officer, Director) — tax withholding 63,101 sh, open-market sale 27,505 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Khan Salman Hassan (Chief Financial Officer) — tax withholding 52,307 sh | sec.gov ↗ |
| Oct 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 25, 26 | 8-K | 8-K: Material Agreement (Item 1.01) | sec.gov ↗ |
| Sep 18, 26 | 4 | Form 4: Thiel Frederick G (Chief Executive Officer, Director) — open-market sale 27,505 sh | sec.gov ↗ |
| Sep 18, 26 | 4 | Form 4: Khan Salman Hassan (Chief Financial Officer) — open-market sale 16,000 sh | sec.gov ↗ |
| Sep 18, 26 | 4 | Form 4: Nowaid Zabi (General Counsel) — open-market sale 8,376 sh | sec.gov ↗ |
| Sep 18, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 17, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 17, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 21, 26 | 4 | Form 4: Nowaid Zabi (General Counsel) — open-market sale 8,376 sh | sec.gov ↗ |
| Aug 21, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 19, 26 | 4 | Form 4: Thiel Frederick G (Chief Executive Officer, Director) — open-market sale 27,505 sh | sec.gov ↗ |
| Aug 19, 26 | 4 | Form 4: Khan Salman Hassan (Chief Financial Officer) — open-market sale 16,000 sh | sec.gov ↗ |
| Aug 17, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 17, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 10, 26 | 3 | Form 3: Initial insider ownership statement | sec.gov ↗ |
| Aug 10, 26 | 3 | Form 3: Initial insider ownership statement | sec.gov ↗ |
| Aug 6, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Aug 6, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Aug 4, 26 | 4 | Form 4: Thiel Frederick G (Chief Executive Officer, Director) — tax withholding 67,704 sh | sec.gov ↗ |
| Aug 4, 26 | 4 | Form 4: Nowaid Zabi (General Counsel) — tax withholding 13,884 sh | sec.gov ↗ |
| Aug 4, 26 | 4 | Form 4: Khan Salman Hassan (Chief Financial Officer) — tax withholding 30,215 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $11.22 | $308.6K |
| 2026-09-18 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8.4K | $12.10 | $101.3K |
| 2026-09-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $11.45 | $183.2K |
| 2026-09-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $11.45 | $314.9K |
| 2026-08-21 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8.4K | $12.00 | $100.5K |
| 2026-08-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $9.21 | $253.3K |
| 2026-08-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $9.21 | $147.4K |
| 2026-07-20 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8.4K | $12.00 | $100.5K |
| 2026-07-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $10.90 | $174.4K |
| 2026-07-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $10.90 | $299.8K |
| 2026-06-22 | MELLINGER DOUGLAS K Director | Sale 10b5-1 plan | 7.0K | $16.00 | $112.0K |
| 2026-06-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $14.25 | $391.9K |
| 2026-06-17 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 7.0K | $14.25 | $99.8K |
| 2026-06-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $14.25 | $228.0K |
| 2026-05-18 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 8.3K | $12.00 | $99.0K |
| 2026-05-18 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $12.00 | $192.0K |
| 2026-05-18 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $12.00 | $330.1K |
| 2026-04-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $11.68 | $186.9K |
| 2026-04-17 | Nowaid Zabi General Counsel | Sale 10b5-1 plan | 42.1K | $12.00 | $505.1K |
| 2026-04-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $11.68 | $321.3K |
| 2026-03-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $9.18 | $146.9K |
| 2026-03-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $9.18 | $252.5K |
| 2026-02-17 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $7.66 | $210.7K |
| 2026-02-17 | Khan Salman Hassan Chief Financial Officer | Sale 10b5-1 plan | 16.0K | $7.66 | $122.6K |
| 2026-01-20 | Thiel Frederick G Chief Executive Officer, Director | Sale 10b5-1 plan | 27.5K | $10.80 | $297.1K |