MARA Holdings, Inc. (MARA) Stock Price & How to Invest

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.

The investment picture is dominated by bitcoin. Revenue rose to roughly $907 million in 2025, but that growth tracks the price of bitcoin far more than operational efficiency, and quarterly results swing violently with crypto markdowns. In Q1 2026 revenue fell about 18% year over year to ~$174.6 million and the company reported a net loss of ~$1.26 billion, driven largely by a roughly $1.0 billion negative fair-value change on its bitcoin holdings and receivables when the coin price dropped during the quarter. That makes MARA a high-volatility name whose reported earnings are heavily influenced by mark-to-market accounting on its treasury rather than mining cash flow alone.

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. Reported earnings are heavily distorted by fair-value swings on its treasury, so a single quarter can show a billion-dollar loss driven by accounting rather than cash burn. Mining economics face pressure from rising network difficulty, the post-halving reduction in block rewards, and high electricity and equipment costs. The company has raised capital through convertible debt and equity, which can dilute shareholders, and its newer energy and AI-compute ventures may not scale as hoped. Regulatory and tax treatment of bitcoin mining also remains uncertain.

11 analysts publish price targets on MARA, averaging $18.13 against a $11.32 price as of August 2026, or +60.2%. The published targets run from $5.50 to $30.00, a wide spread, and the ratings split 8 buy, 4 hold, 1 sell. Over the last six months there has been 1 raise and 8 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full MARA forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on MARA Holdings, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Leveraged bitcoin exposure. MARA's revenue, treasury value, and reported earnings all move with the price of bitcoin, often more sharply than the coin itself. The most optimistic published target, $30.00, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $5.50, is roughly what MARA is worth if this bites instead.

Read the full bull and bear case on MARA, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see MARA Holdings, Inc.'s investor relations page or your broker.

• 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
• Energized hashrate: ~72 EH/s (early 2026)
• Bitcoin treasury: ~35,000-54,000 BTC (falling on sales)

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.

These are the investment theses MARA naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to MARA: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MARA exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MARA sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MARA fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

MARA offers amplified exposure to bitcoin's price alongside an emerging power-and-compute story, which means outsized swings in both directions rather than a steady operating business.

Whether MARA is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MARA a buy or a sell?, and where the stock could go from here in the MARA stock forecast.

For income investors, whether MARA pays a dividend and how the payout looks is covered in does MARA pay a dividend? And to weigh MARA against a peer, read the full side-by-side comparisons: MARA vs CLSK and MARA vs COIN.