BTDR vs MARA: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BTDR and MARA share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BTDR and MARA exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Bitdeer Technologies Group, listed on Nasdaq as BTDR, is a Singapore-headquartered digital-asset and high-performance-computing company founded by Bitmain co-founder Jihan Wu. Its core business is self-mining bitcoin at scale, and it is unusual among miners in that it designs its own proprietary SEALMINER ASIC mining hardware rather than only buying rigs from third parties. Alongside self-mining, Bitdeer runs cloud hosting and mining-tool services, and it is redirecting part of its global data center fleet toward an AI cloud (GPU compute) business, which reached roughly $69 million of annualized recurring revenue by April 2026.

Full BTDR guide

MARA Holdings, formerly Marathon Digital, is a vertically integrated bitcoin mining and digital-energy company headquartered in Florida. It runs a large fleet of mining data centers (roughly 1.9 GW of power capacity across 18 sites as of the end of 2025) and produced about 8,799 bitcoin during 2025 at an energized hashrate that reached roughly 72 EH/s by early 2026. The company also holds a large bitcoin treasury, lends some of its coins to third parties for interest income, and has begun diversifying into AI-inference compute and hyperscaler data-center capacity through moves like its majority stake in Exaion and a partnership with Starwood Capital.

Full MARA guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BTDR drivers: Proprietary SEALMINER hardware; Self-mining scale.
• MARA drivers: Leveraged bitcoin exposure; Scale and hashrate growth.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Bitdeer is deeply unprofitable, posting a net loss of about $159.5 million in Q1 2026 even as revenue grew, and it has funded growth with more than $1.5 billion of convertible notes plus equity raises, creating meaningful dilution risk (a $325 million 2032 convertible offering in February 2026 triggered a double-digit stock drop on dilution fears). For MARA, mARA is one of the more volatile large-cap ways to hold bitcoin exposure, and its share price can fall far faster than the coin during downturns.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BTDR if you believe its drivers more; MARA if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BTDR and MARA guides.

BTDR. BTDR trades at roughly 5 times trailing revenue while running large net losses and negative free cash flow, so conventional earnings multiples do not apply and the market is pricing growth and optionality. The company held about $297.7 million of cash and restricted cash at quarter end but sold its bitcoin treasury and carries substantial convertible debt. Figures are approximate and as of June 2026.

MARA. MARA's headline financials are dominated by bitcoin. Revenue growth in recent years tracks the coin's price rather than operating leverage, and the large Q1 2026 net loss came mostly from mark-to-market declines on its bitcoin holdings and receivables. Treasury size has been shrinking through 2026 as the company shifted to selling coins for operating flexibility.

Headline figures (approximate, JUNE 2026): BTDR shows revenue (ttm) ~$620M, revenue (q1 2026) ~$188.9M, revenue growth (yoy, q1) ~+169%, net loss (q1 2026) ~-$159.5M; MARA shows revenue (fy2025) ~$907M, revenue (q1 2026) ~$174.6M (-18% YoY), net loss (q1 2026) ~$1.26B (fair-value driven), bitcoin produced (fy2025) ~8,799 BTC.

BTDR and MARA are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BTDR and MARA exposure against your real portfolio. It is not an investment adviser.