MARA Holdings, Inc.

What they do

MARA owns and operates a portfolio of energy assets and data centers, using Bitcoin mining to monetize power. It is developing AI inference and HPC capabilities within its existing footprint and operates 19 data centers across four continents with approximately 1.9 GW of total capacity. The company also holds a large bitcoin treasury, which it selectively lends or pledges for income and financing.

Revenue drivers

• Bitcoin mining — Primary revenue source; mined 2,422 BTC in Q2 2026, with purchased energy cost per BTC of $38,690 at owned sites. Energized hashrate reached 70.3 EH/s.
• AI and HPC infrastructure — In development; includes majority-owned Exaion and a joint venture with Starwood for hyperscale AI/HPC data centers, expected to provide over 1 GW initial IT capacity.
• Bitcoin holdings and related activities — Holds 35,577 BTC as of June 30, 2026 (about $2.1B), with 9,270 BTC loaned or pledged as collateral; generates incremental income via lending, structured trades, and collateralized financing.

Recent performance

In Q2 2026, revenue decreased 27% to $174.9 million from $238.5 million in Q2 2025. Net loss widened to ($611.3 million) from a net income of $808.2 million a year earlier. Adjusted EBITDA was ($360.9 million), compared to $1.2 billion in Q2 2025. Cost per petahash per day decreased 4% from Q2 2025, and bitcoin holdings fell 29% to 35,577 BTC. Total blocks won increased 1% to 700.

Strategy

MARA is pivoting from an asset-light model to owning and controlling energy and digital infrastructure, with approximately 70% of its portfolio owned. The company plans to allocate capacity across Bitcoin mining, AI, and HPC based on economics and demand. It aims to expand its power portfolio to up to 4.8 GW, including a new 2 GW site in Matagorda County, Texas, subject to approvals. The Starwood joint venture and Exaion acquisition are key to scaling AI and HPC infrastructure. Bitcoin mining remains the foundation, while the company seeks to grow higher-value compute workloads.

Risks

• Bitcoin price volatility — Fluctuations in bitcoin prices can affect profitability, liquidity, and the value of bitcoin holdings.
• Liquidity and capital needs — The company may face liquidity constraints and may need additional capital, which might not be available on favorable terms or at all.
• Credit and market risks from bitcoin lending — A material portion of bitcoin holdings is loaned or pledged, exposing MARA to credit, market, and operational risks, especially during market stress.
• Regulatory and technical uncertainty in AI/HPC expansion — Building AI/HPC infrastructure faces regulatory approvals (e.g., FERC, ERCOT) and execution risks, such as securing hyperscale tenants and managing complex development.

Outlook

Management expects to advance the Long Ridge transaction and the Matagorda County site, pending regulatory approvals, which would more than double powered land portfolio. The Starwood joint venture is planned to provide over 1 GW of initial IT capacity with a pathway to over 2.5 GW. Management believes the company is positioned to benefit from growing demand for power-ready sites for AI and HPC workloads.