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.

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.

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 basket, so MARA sits alongside other stocks that express the same thesis.

Walnut takes the basket 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.

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?, 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?