MARA Holdings (MARA): Stock, Financials, Earnings & Company Overview

Figures such as bitcoin holdings, hashrate, and market cap change frequently. See the Stock Information section below for the latest trading data referenced in this article.

MARA Holdings, Inc. is a digital asset technology company that mines bitcoin at industrial scale and increasingly describes itself as a digital energy and infrastructure company. MARA operates and co-locates large bitcoin mining data centers across North America and in select international markets, using specialized computers called application specific integrated circuit miners to validate bitcoin transactions and earn newly created bitcoin as a reward.

Beyond mining, MARA has been repositioning itself around the idea of monetizing excess or underutilized electricity, whether by mining bitcoin, selling power back to the grid, or, increasingly, repurposing its power and infrastructure sites to support artificial intelligence and high performance computing workloads. Management has framed this as a natural evolution, arguing that the same power intensive infrastructure used for bitcoin mining can be redirected toward AI compute as demand for that capacity grows.

MARA is regularly ranked among the largest corporate holders of bitcoin in the world, though the size of its treasury has fluctuated as the company has, at times, sold portions of its bitcoin holdings to fund debt repayment and new infrastructure investments rather than holding all mined bitcoin indefinitely.

MARA Holdings has one of the more unusual corporate histories among major bitcoin mining companies. The entity was originally incorporated on February 23, 2010, as Verve Ventures, Inc., and went through several unrelated business identities in its early years, including a stint as American Strategic Minerals Corporation focused on mineral exploration.

By around 2012, the company had discontinued its minerals business and rebranded as Marathon Patent Group, Inc., shifting into the business of acquiring patents and pursuing infringement litigation against other companies, a practice sometimes referred to as being a patent holding entity. Its Uniloc subsidiary became a well known filer of patent lawsuits against major technology companies during this period, drawing criticism from parts of the technology industry.

Marathon began pivoting toward bitcoin mining in the late 2010s, formally rebranding as Marathon Digital Holdings as it built out mining operations and grew its bitcoin treasury. Fred Thiel, who had joined the company’s board in 2018, became Chief Executive Officer in April 2021 and has led the company’s transformation into one of the largest publicly traded bitcoin miners. The company later adopted its current name, MARA Holdings, Inc., to reflect its broader ambitions beyond pure bitcoin mining into digital energy infrastructure.

Along the way, MARA has faced legal and community disputes tied to its rapid growth, including a 2024 jury verdict finding the company liable for damages related to a breached non-circumvention agreement, as well as noise and community concerns near some of its Texas mining sites. In 2025 and 2026, the company began a notable strategic pivot, announcing plans to convert some of its power infrastructure toward artificial intelligence and high performance computing use, including a planned acquisition of the Long Ridge Energy and Power campus in Ohio and a partnership with Starwood Digital Ventures to convert existing mining sites into AI and high performance computing data centers.

Because MARA Holdings has changed names and business models multiple times since its original 2010 incorporation as Verve Ventures, Inc., the company does not have a single, widely documented founder in the way that many technology companies do. Public records do not extensively detail the original founders of the 2010 shell entity.

The person most closely associated with building MARA into its current form as a major bitcoin mining company is Fred Thiel, who joined the board of what was then Marathon Patent Group in April 2018 and became Chief Executive Officer in April 2021. While not a founder in the traditional sense, Thiel has led the strategic transformation of the company from a patent holding entity into one of the world’s largest publicly traded bitcoin miners and, more recently, into a broader digital energy infrastructure company.

Fred Thiel has served as Chairman and Chief Executive Officer of MARA Holdings since April 2021. Before joining MARA, Thiel held chief executive roles at Lantronix and Local Corporation, and headed GameSpy earlier in his career, giving him a long background in technology company leadership before moving into bitcoin mining.

Under Thiel’s leadership, MARA has grown its bitcoin mining hashrate substantially, built one of the largest corporate bitcoin treasuries in the world, and more recently begun pursuing a strategic pivot toward using its power infrastructure for artificial intelligence and high performance computing workloads. Thiel has been a vocal public advocate for U.S. based bitcoin mining, framing it as important for national energy flexibility and for accelerating infrastructure that can also support AI development.

MARA Holdings is headquartered in Hallandale Beach, Florida, in the Miami metropolitan area, with the company having previously listed addresses in nearby Fort Lauderdale and Miami as it has grown. MARA’s actual bitcoin mining operations are spread across numerous physical sites in the United States and select international locations, including large scale facilities in states such as Texas, North Dakota, and Montana, reflecting the company’s strategy of locating power intensive mining infrastructure near low cost or otherwise underutilized electricity sources.

MARA’s business centers on a few closely related activities built around its energy and computing infrastructure.

Management has described this approach as placing new infrastructure adjacent to existing mining sites, which it says gives the company flexibility to generate revenue today through bitcoin mining while retaining the option to redirect power capacity toward AI and information technology workloads as that opportunity develops.

MARA’s core activity is not a consumer facing product in the traditional sense, but rather large scale industrial bitcoin mining and related infrastructure services. Key elements of its business include:

• Owned and operated bitcoin mining facilities, where MARA runs specialized mining hardware at scale to earn bitcoin block rewards.
• Energy monetization services, including using excess or underutilized power, renewable energy sources, and methane gas capture projects to generate electricity for mining operations.
• Proprietary software and technology that MARA has, at times, sold or licensed to third parties operating in the bitcoin ecosystem.
• Advisory and consulting services supporting other bitcoin mining ventures in domestic and international markets.
• Emerging AI and high performance computing infrastructure, including planned data center conversions and partnerships intended to serve hyperscale artificial intelligence customers using the same power infrastructure historically dedicated to bitcoin mining.

Recent strategic moves supporting this diversification include a planned roughly 1.5 billion dollar acquisition of the Long Ridge Energy and Power campus in Ohio, and a partnership with Starwood Digital Ventures aimed at converting some existing bitcoin mining sites into AI and high performance computing data centers.

MARA’s revenue is generated almost entirely from bitcoin mining, meaning it is heavily influenced both by how much bitcoin the company mines and by the market price of bitcoin during the period. In its most recent quarter, MARA reported revenue of approximately 174.6 million dollars, an 18 percent decline from the prior year period, driven primarily by a lower average bitcoin price during the quarter, even as the company’s mining hashrate continued to grow.

For the full year 2025, MARA generated revenues of approximately 907.1 million dollars, up about 38 percent from 656.4 million dollars in the prior year, an increase driven primarily by a higher average bitcoin price during 2025, partially offset by lower bitcoin production and reduced revenue from hosting services compared to the prior year.

MARA’s profitability is dominated by non-cash accounting swings tied to the market value of its bitcoin holdings, which can produce very large reported net income or net loss figures even when the underlying mining business is relatively stable.

The large net loss in the first quarter of 2026 was driven mainly by unrealized, non-cash losses as the price of bitcoin declined during the quarter, which reduces the reported fair value of MARA’s bitcoin holdings under current accounting rules, even though the company did not necessarily sell all of that bitcoin. MARA’s average cost basis on its remaining bitcoin holdings is approximately 58,635 dollars per coin, a level that serves as an informal breakeven reference point for the value of its remaining treasury.

A significant development in the quarter was MARA’s decision to sell a substantial portion of its bitcoin holdings, roughly 1.5 billion dollars worth, including a 1.1 billion dollar sale used to repurchase convertible senior notes maturing in 2030 and 2031. This marked a notable shift away from the company’s earlier, widely publicized policy of holding essentially all the bitcoin it mined, with management now explicitly permitting bitcoin sales for broader capital allocation purposes, including debt reduction and funding new AI infrastructure investments. Even after this reduction, MARA remained the fourth largest publicly traded corporate holder of bitcoin.

For the full year 2025, MARA’s results were also affected by large swings in bitcoin’s fair value, including a sharp fourth quarter 2025 net loss driven by a decline in bitcoin’s price late in the year, accelerated depreciation charges, and a goodwill impairment, on top of otherwise growing underlying mining revenue for the full year.

MARA trades on the Nasdaq exchange under the ticker symbol MARA. As a bitcoin mining company with a large bitcoin treasury, MARA’s stock price tends to be highly correlated with the price of bitcoin itself, and it typically trades with much higher volatility than the broader stock market.

Analyst opinion on MARA is mixed, reflecting ongoing debate about how the market should value a bitcoin mining company that is also trying to become an AI infrastructure provider. Some analysts have cut price targets following recent earnings, citing the large reported net loss and bitcoin price weakness, while others have highlighted the company’s growing hashrate, reduced debt load, and AI infrastructure pipeline as reasons for a more constructive long term view. Because MARA’s fortunes are so closely tied to bitcoin, many analysts frame their MARA price targets explicitly around their own bitcoin price assumptions.

MARA Holdings does not pay a dividend, and its dividend yield is listed as zero or not applicable across major financial data platforms. This is standard for bitcoin mining companies, which typically reinvest cash flow into expanding mining capacity, building new infrastructure, and, in MARA’s case, funding an emerging AI and high performance computing business, rather than returning cash to shareholders.

Given MARA’s history of large swings between profit and loss driven by bitcoin price movements, and its continued heavy capital spending on mining and data center infrastructure, a dividend is not a realistic near term expectation. Investors in MARA are generally seeking exposure to bitcoin price appreciation and the company’s infrastructure growth story rather than income.

MARA competes with a group of publicly traded bitcoin mining companies, several of which are also exploring similar pivots toward AI and high performance computing infrastructure.

Because bitcoin mining economics depend heavily on electricity costs, the efficiency of mining hardware, and the price of bitcoin itself, investors often compare MARA to these peers on metrics such as hashrate growth, cost per bitcoin mined, and the size and cost basis of each company’s bitcoin treasury.

• Long Ridge Energy and Power acquisition: MARA advanced plans for a roughly 1.5 billion dollar acquisition of the Long Ridge Energy and Power campus in Ohio, a key step in its pivot toward AI and high performance computing infrastructure, supported by committed bridge financing.
• Starwood Digital Ventures partnership: MARA announced a partnership with Starwood Digital Ventures aimed at converting some existing bitcoin mining sites into AI and high performance computing data centers.
• Large bitcoin sales to reduce debt: MARA sold approximately 1.5 billion dollars worth of bitcoin in the first quarter of 2026, including a 1.1 billion dollar sale used to repurchase convertible senior notes, reducing its outstanding debt by roughly a third.
• Bernstein price target cut: Bernstein lowered its price target on MARA from 23 dollars to 17 dollars while maintaining a Market Perform rating, citing an updated financial model following recent results.
• Bitcoin holdings rebuilt slightly: After reducing its treasury to around 35,303 BTC at the end of the first quarter of 2026, MARA subsequently added to its holdings, bringing total bitcoin holdings back up to roughly 36,303 BTC as of a later update.
• Citizens initiation with an Outperform rating: Investment bank Citizens initiated coverage of MARA with an Outperform rating, reflecting a more constructive view on the company’s infrastructure pivot.
• MARA Foundation launch: MARA launched a nonprofit organization, the MARA Foundation, aimed at supporting bitcoin related education and development initiatives.

Because MARA’s business and stock price are closely tied to bitcoin’s price and to fast moving developments in AI infrastructure deals, always check a live financial news source for the most current MARA headlines before making investment decisions.