MARA (MARA)
Operates energy-linked Bitcoin mining and develops AI and high-performance computing infrastructure.
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Mines bitcoin through owned and hosted data centers, earning block rewards and transaction fees, while operating hosting and mining-technology businesses. Bitcoin mining supplies nearly all operating revenue; private-cloud, AI, and high-performance computing expansion remains early and depends on customer development, power access, and infrastructure approvals.
Mines bitcoin at owned and third-party-hosted data centers and earns block rewards and transaction fees. Smaller activities include hosting, other digital-asset mining, and MARA Technology Solutions products spanning firmware, transaction-submission tools, control boards, and immersion cooling.
Operates across North America, the Middle East, Europe, and Latin America, with most capacity now owned rather than hosted. The operating model combines power procurement, fleet deployment, site operation, grid participation, and management of a substantial bitcoin treasury. Exaion adds private-cloud and high-performance-computing capabilities, while the Starwood partnership and planned Long Ridge acquisition expand an AI-oriented infrastructure pipeline.
Bitcoin mining still generates nearly all operating revenue. Economics depend on bitcoin prices, network difficulty, block rewards, electricity availability and cost, equipment uptime, digital-asset custody and financing, and regulatory approvals for energy and data-center projects.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 18, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $6 | Target: $11 |
| Sep 14, 2026 | JP Morgan | Downgrade | ||
| Aug 13, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $5.50 | Target: $6 |
| Aug 7, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $10 | Target: $12 |
| Jul 31, 2026 | UBS | Downgrade | Rating: — |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $421.3M · Total debt $2.47B · Total assets $4.35B · Shareholders' equity $1.66B
- Revenue
- $174.9M
- Operating income
- −$268.0M
- Net income
- −$609.7M
No dividends on record.
| Institutions | 73.73% | 284.82M shares | |
|---|---|---|---|
| 485 holders · as of Jun 30, 2026 | |||
| Insiders | 1.79% | 6.91M shares | |
| 9 holders · as of Sep 18, 2026 | |||
| Other | 24.48% | 94.57M shares | |
| remainder | |||
386.30M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.59% | 64.10M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 7.09% | 27.40M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.28% | 16.54M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.12% | 15.90M | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.81% | 10.87M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 18, 2026 | Zabi Nowaid | officer: General Counsel | −8,376 | $12.10 |
| Sep 17, 2026 | Salman Hassan Khan | officer: Chief Financial Officer | −16,000 | $11.45 |
| Sep 17, 2026 | Frederick G. Thiel | director, officer: Chief Executive Officer | −27,505 | $11.45 |
| Aug 21, 2026 | Zabi Nowaid | officer: General Counsel | −8,376 | $12.00 |
| Aug 17, 2026 | Salman Hassan Khan | officer: Chief Financial Officer | −16,000 | $9.21 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MARA | $13.38 | +0.72% | $5.06B | — | — | 6.3 | −26.7% |
| CleanSpark | $14.80 | +0.27% | $3.79B | — | — | 5.6 | −30.5% |
| Riot Platforms | $24.63 | +1.86% | $9.14B | — | — | 13.6 | +13.9% |
| Bitdeer | $13.15 | +0.08% | $3.07B | — | — | 3.8 | +47.1% |
| IREN | $48.22 | +2.09% | $16.85B | — | — | 23.8 | −26.8% |
| Cipher Digital | $19.09 | +0.98% | $7.73B | — | — | 40.5 | −43.0% |
| Core Scientific | $18.51 | +0.82% | $5.90B | — | 805.0 | 13.4 | +108.8% |
| TeraWulf | $17.63 | +1.00% | $8.65B | — | — | 52.3 | −6.0% |
| Hut 8 | $106.70 | +3.17% | $11.64B | — | — | — | +81.4% |
| Median | — | 805.0 | 13.6 | +3.9% |