Marathon Digital Holdings, Inc.
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a MARA research report →
Range $6 – $17
Price Chart
About the company
MARA Holdings, Inc. is a digital asset technology company, which engages in mining cryptocurrencies with a focus on the Bitcoin ecosystem. It also deals with owning and operating bitcoin mining facilities or data centers, selling proprietary software or technology to third parties operating in the Bitcoin ecosystem, offering advisory and consulting services to support Bitcoin mining ventures in domestic and international jurisdictions, and generating electricity from renewable energy resources or methane gas capture to power Bitcoin mining projects.
- CEO
- Frederick G. Thiel
- IPO
- 2012
- Employees
- 266
- HQ
- Hallandale Beach, FL, US
Get TickerSpark's AI analysis on MARA
Create an account to generate AI analysis on any ticker — technical setup, analyst consensus, earnings watch, insider pulse, financial health, and peer context. Ready in about a minute.
Get Pro Access →Already have an account? Log in
Similar companies
Peers in the same neighborhood.
- Market Cap
- $4.12B
- P/E
- -1.16
- PEG
- 0.01
- P/S
- 5.15
- P/B
- 2.50
- EV/EBITDA
- -4.46
- Div Yield
- 0.00%
- Gross Margin
- -42.12%
- Op Margin
- -97.69%
- Net Margin
- -429.71%
- ROE
- -110.39%
- ROIC
- -17.60%
Latest fiscal year · YoY change
- Revenue
- $907.09M+38.2%
- Gross Profit
- $-432,943,000-171.7%
- Op Income
- $-822,169,000
- Net Income
- $-1,311,480,000-342.3%
- EPS
- $-3.69-297.3%
- OCF Growth
- +114.0%
- FCF Growth
- +66.4%
- 52W High
- $23.45
- 52W Low
- $6.66
- 50D MA
- $12.13
- 200D MA
- $11.16
- Beta
- 5.36
- RSI (14)
- 51
- Avg Volume
- 44.29M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
MARA’s Q2 was pressured by Bitcoin price weakness, but management emphasized it used the quarter to reshape the company into a larger power-and-digital-infrastructure platform.· August 6, 2026
- Revenue fell to $175 million from $239 million a year ago as lower Bitcoin prices offset higher Bitcoin production.
- Net loss was $611 million, or negative $1.60 per diluted share, driven largely by a $343 million unrealized fair-value hit on digital assets.
- Adjusted EBITDA was negative $361 million versus $1 billion in the prior-year period, again dominated by Bitcoin mark-to-market impacts.
- MARA said its power portfolio is expected to grow to 4.8 GW after pending transactions, more than 2.5x the size at the start of the year.
- Management said it remains confident in signing at least 2 leases before year-end and expects Long Ridge to close after FERC approval.
Q2 revenue was $175 million, down from $239 million in the prior-year period. Net loss was $611 million, or negative $1.60 per diluted share, versus net income of $808 million, or $1.84 per diluted share, a year ago. Adjusted EBITDA was negative $361 million versus $1 billion in the prior year period. MARA mined 2.42 thousand Bitcoin, held 35.6 thousand Bitcoin at quarter-end, and reported 70.3 exahash per second of energized hash rate. Looking ahead, management expects the power portfolio to reach approximately 4.8 GW after pending transactions; Long Ridge is expected to contribute about $144 million in annualized EBITDA, and the company said it has secured $600 million of incremental Bitcoin-backed borrowings at a weighted average cost of debt of 7.56% to help fund the deal.
Frederick G. Thiel framed the company’s core thesis around power as the critical bottleneck for AI infrastructure, arguing MARA’s decade of mining operations gave it scarce powered assets, operating know-how, and flexibility to serve both Bitcoin and AI workloads. He said the second half of the year is about execution: closing Long Ridge, advancing lease talks, expanding Exaion, and monetizing the platform the company has assembled. His tone was confident and strategic, with repeated emphasis on “speed, certainty, and reliability” and on converting megawatts into long-term shareholder value.
Salman H. Khan said Q2 was shaped by a difficult Bitcoin price environment and by major portfolio and capital-structure changes. He cited $175 million in revenue, a $611 million net loss, negative $361 million adjusted EBITDA, 35.6 thousand Bitcoin held, and 54% of Bitcoin holdings pledged as collateral under borrowings. He also noted $1.21 billion in cash and cash equivalents, approximately $2.5 billion in combined cash and Bitcoin, 4% year-over-year improvement in daily cost per petahash per day to $27.70, and $69.5 million of G&A excluding stock-based compensation, with $15.4 million of acquisition/integration costs and a $10.2 million litigation settlement included in that figure.
Analysts focused on Long Ridge timing, queue risk in Texas, and whether Matagorda and other sites could accelerate tenant demand. Management said it has received no negative feedback on Long Ridge, does not see any approval hurdle blocking the deal, and expects FERC action sooner than year-end; on Matagorda, it said the site has multiple transmission lines already in place and sits near generation in a major Texas power market. Questions on Exaion, HUM, and Slipstream drew a cautious response: management described HUM as an 8-digit annualized business but not material near-term, Exaion as still early with low-8-digit revenue this year and improving traction, and Slipstream as mainly a utility for the Bitcoin community rather than a significant revenue driver.
The bull case from this call is that MARA is assembling one of the industry’s largest powered land and compute portfolios, with management pointing to 4.8 GW of expected capacity and strong tenant interest across multiple sites. Long Ridge is expected to add positive EBITDA and contracted cash flow, while Matagorda could support both AI development and interim Bitcoin mining monetization. Management also emphasized non-dilutive financing, improving mining efficiency, and a growing pipeline of AI, sovereign cloud, and infrastructure opportunities.
The bear case is that current financial results remain highly exposed to Bitcoin price swings: revenue declined, adjusted EBITDA was deeply negative, and most of the net loss reflected noncash digital-asset mark-to-market losses. Execution risk remains around FERC approval, ERCOT/interconnection approvals, and the timing of customer leases, which management said are still not signed. The company also continues to carry substantial debt-like obligations tied to Bitcoin-backed borrowings and expects much of its near-term diversification to remain early stage and not yet material to total revenue.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.7%
- Shares Outstanding
- 381.27M
- Float Shares
- 372.61M
of shares held by institutions
457 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for MARA, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Fred UptonHouse · MI06 | Sell | Apr 27, 20 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 64.10M | ▲ 4.32M |
| Vanguard Group Inc | 46.71M | ▲ 1.39M |
| Vanguard Capital Management LLC | 16.54M | ▲ 192.24K |
| State Street Corp | 15.90M | ▲ 681.58K |
| Geode Capital Management, LLC | 10.87M | ▲ 557.75K |
| D. E. Shaw & Co., Inc. | 10.38M | ▲ 9.06M |
| Marex Group PLC | 7.95M | ▼ 361.89K |
| Morgan Stanley | 6.77M | ▲ 1.55M |
| Bank Of America Corp | 6.10M | ▲ 1.01M |
| Ubs Group AG | 5.58M | ▼ 2.04M |
| Goldman Sachs Group Inc | 4.98M | ▼ 1.05M |
| Sixth Street Partners Management Company, L.P. | 4.73M | ▲ 4.73M |
Held by 414 ETFs
Biggest fund positions in MARA by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | Thiel Frederick G | sell | 27,505 |
| Aug 17, 26 | Khan Salman Hassan | sell | 16,000 |
| Aug 1, 26 | Novak Nancy K. | other | 0 |
| Aug 1, 26 | Hart Craig A. | other | 0 |
| Jul 31, 26 | Thiel Frederick G | other | 40,388 |
| Aug 3, 26 | Thiel Frederick G | other | 27,316 |
| Jul 31, 26 | Nowaid Zabi | other | 9,745 |
| Aug 3, 26 | Nowaid Zabi | other | 4,139 |
| Jul 31, 26 | Khan Salman Hassan | other | 30,215 |
| Jul 30, 26 | Thiel Frederick G | other | 40,497 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MARA coverage
Recent articles, reports, and earnings notes.

Inside the Pathfinder Digital Assets SPAC Deal: XRP Treasury Terms
Pathfinder Digital Assets is going public through a merger with Armada Acquisition Corp. II, which currently trades as XRPN. The deal is built around a public XRP treasury vehicle, with over $1 billion in gross proceeds expected if it closes. Bulls will focus on XRP accumulation and active yield strategies; bears will focus on dilution, redemptions, and a business model that still has no operating revenue base.

Parataxis Holdings De-SPAC: What Investors Need to Know
Parataxis Holdings is a Bitcoin-native asset management platform going public via merger with SilverBox Corp IV. The setup offers BTC upside and a South Korea growth angle, but shareholders should watch redemption risk, dilution, and whether the deal closes with enough cash.

Ionic Digital Inc. Class A IPO Preview: Bitcoin Mining Meets AI Infrastructure
Ionic Digital Inc. Class A is expected to list on NASDAQ on 2026-07-28, with the price range not disclosed. The deal is a direct listing/resale registration, so the company will not receive proceeds from shares sold by registered stockholders. Watch whether the market gives credit to the Nscale lease and AI/HPC angle, or focuses on bitcoin and trading volatility.
Want a deeper read on MARA?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
5 Things to Know Before the Stock Market Opens on Thursday
investopedia.com · Aug 20
Bitcoin, crypto shares climb after Trump pushes Clarity Act
reuters.com · Aug 20
MARA Holdings Falls 5%, Riot Platforms Sinks 4% as Rates Outweigh a 35,577 Bitcoin Treasury
247wallst.com · Aug 18
Is It Worth Investing in Marathon Digital (MARA) Based on Wall Street's Bullish Views?
zacks.com · Aug 17
What's Going On With the Fall in MARA Shares?
benzinga.com · Aug 13
Crypto Stocks Suffer as Investors Send AI Soaring
pymnts.com · Aug 10
Riot Platforms and MARA Drop 6%, CleanSpark Sinks 5% as Strategy Sells Bitcoin, Shares
247wallst.com · Aug 10
California State Teachers Retirement System Purchases 78,842 Shares of Marathon Digital Holdings, Inc. $MARA
defenseworld.net · Aug 9
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.