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Marathon Digital Holdings Inc (MARA) Stock

Marathon Digital Holdings Inc Stock Details, Movements and Public Alerts

MARA Holdings (MARA): The Largest Public Bitcoin Miner With 53,000+ BTC and an AI Infrastructure Pivot

MARA Holdings (formerly Marathon Digital) is the largest publicly traded bitcoin miner by hash rate and bitcoin holdings. CEO Fred Thiel has built an operation spanning 60.4 exahash per second of mining capacity, accumulating over 53,000 BTC on the balance sheet worth more than $5.3 billion. Q3 2025 revenue reached $252 million (92% growth), with net income of $123 million after a year-ago loss of $124 million. The company mined 218 blocks in September alone. Beyond bitcoin mining, Thiel is expanding into AI computing infrastructure, converting excess energy capacity into GPU-powered data center services. The strategic thesis is that MARA's existing power procurement, cooling infrastructure, and data center expertise translate directly to AI workloads. The company holds the most bitcoin of any public miner, making it a leveraged proxy for BTC price appreciation while the AI pivot provides a second revenue stream independent of bitcoin's price cycle.

52-Week Range

$23.45 - $6.66

-66.01% from high · +19.67% from low

Avg Daily Volume

47,737,471

20-day average

100-day avg: 45,929,357

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

3.10

Below market average

Forward P/E

39.53

Earnings expected to decline

PEG Ratio

0.00

Potentially undervalued

Price to Book

0.58

EV/EBITDA

3.16

EPS (TTM)

$2.57

Price to Sales

3.27

Beta

5.53

More volatile than market

Q:How is MARA valued relative to its earnings and growth?
Marathon Digital Holdings Inc trades at a P/E ratio of 3.10, which is below the market average of approximately 20. This lower valuation could indicate the market has modest growth expectations, or it might represent an undervalued opportunity if the fundamentals are strong. Looking ahead, the forward P/E of 39.53 is higher than the current P/E, indicating analysts expect earnings to decline over the next year.0
Q:What is MARA's risk profile compared to the market?
With a beta of 5.53, Marathon Digital Holdings Inc is significantly more volatile than the market. For every 10% market move, this stock tends to move 55% in the same direction. Higher beta stocks offer greater potential returns but with increased risk. The price-to-book ratio of 0.58 indicates the stock trades below its accounting value, which could signal value or distress.

Performance & Growth

Profit Margin

100.80%

Operating Margin

31.50%

EBITDA

$1.13B

Return on Equity

23.10%

Return on Assets

4.96%

Revenue Growth (YoY)

91.70%

Earnings Growth (YoY)

86.70%

Q:How profitable and efficient is MARA's business model?
Marathon Digital Holdings Inc achieves a profit margin of 100.80%, meaning it retains $100.80 from every $100 in revenue after all expenses. This is an impressive margin, indicating strong pricing power and efficient cost management that allows the company to generate substantial profits. The operating margin of 31.50% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at 23.10% and ROA at 4.96%, the company generates strong returns on invested capital.
Q:What are MARA's recent growth trends?
Marathon Digital Holdings Inc's revenue grew by 91.70% year-over-year, representing robust expansion that significantly outpaces typical market growth rates. This strong top-line performance suggests the company is successfully capturing market share or benefiting from favorable industry trends. Earnings increased by 86.70% year-over-year, reflecting the bottom-line impact of business performance. These growth metrics should be evaluated against CAPITAL MARKETS industry averages for proper context.

Company Size & Market

Market Cap

$3.0B

Revenue (TTM)

$919.17M

Revenue/Share (TTM)

$2.66

Shares Outstanding

378.18M

Book Value/Share

$13.62

Asset Type

Common Stock

Q:What is MARA's market capitalization and position?
Marathon Digital Holdings Inc has a market capitalization of $3.0B, classifying it as a mid-cap stock ($2B-$10B). Mid-caps often represent companies in their growth phase, offering higher growth potential than large-caps but with more stability than small-caps. They can be attractive takeover targets and may become tomorrow's large-caps. With 378.18M shares outstanding, the company's ownership is relatively concentrated. As a participant in the CAPITAL MARKETS industry, it competes with other firms in this sector.
Q:How does MARA's price compare to its book value?
Marathon Digital Holdings Inc's book value per share is $13.62, while the current stock price is $7.97, resulting in a price-to-book (P/B) ratio of 0.59. Trading below book value can indicate the market perceives challenges ahead, or it might represent a value opportunity if the assets are quality and earnings can recover. Value investors often screen for P/B ratios below 1.0. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$19.60

145.92% upside potential

Analyst Recommendations

Strong Buy

2

Buy

7

Hold

4

Sell

0

Strong Sell

0

Q:How reliable are analyst predictions for MARA?
13 analysts cover MARA with 69% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The mixed views reflect uncertainty about the outlook. The consensus target of $19.60 implies 145.9% upside, but targets are often adjusted to follow price moves rather than predict them.
Q:What is the Wall Street consensus on MARA?
Current analyst recommendations:2 Strong Buy, 7 Buy, 4 Hold, 00The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Feb 21, 2026, 02:07 AM

Technical Indicators

RSI (14-day)

42.50

Neutral

50-Day Moving Average

$9.70

-17.84% below MA-50

200-Day Moving Average

$14.61

-45.45% below MA-200

MACD Line

-0.71

MACD Signal

-0.74

MACD Histogram

0.03

Bullish

Q:What does MARA's RSI value tell investors?
The RSI (Relative Strength Index) for MARA is currently 42.50, indicating the stock is in neutral territory (40-60 range). Neither buyers nor sellers have clear control, suggesting consolidation or balanced market forces. Combined with the price being below the 50-day moving average, this confirms bearish conditions.
Q:How should traders interpret MARA's MACD and moving average crossovers?
MACD analysis shows the MACD line at -0.71 above the signal line at -0.74, with histogram at 0.03. This bullish crossover suggests upward momentum is building. The narrow histogram suggests a potential trend change ahead. The 50-day MA ($9.70) is below the 200-day MA ($14.61), forming a death cross pattern that often warns of extended weakness. Price is currently below both MAs, confirming weakness.

Indicators last updated: Feb 22, 2026, 12:35 AM

Active Alerts

Alert Condition
Price rises above
Threshold
$26.00
Created
Feb 13, 2026, 06:13 PM

MARA Holdings (MARA) Stock Analysis 2025: Complete Investment Guide

The Largest Public Bitcoin Mining Operation

MARA Holdings operates one of the world's largest bitcoin mining fleets, with 60.4 exahash per second of energized capacity as of Q3 2025. That represents a 64% increase year-over-year and makes MARA the dominant publicly traded miner by hash rate. The company mines approximately 218 blocks per month, each containing the bitcoin block reward plus transaction fees.

CEO Fred Thiel has pursued a strategy of aggressive scaling: acquiring mining sites, deploying next-generation ASIC miners, and securing long-term power purchase agreements. The company operates across multiple sites to reduce concentration risk. After the April 2024 bitcoin halving cut the block reward from 6.25 to 3.125 BTC, scale became even more critical because only the most efficient, lowest-cost miners remain profitable at lower reward levels.

53,000 BTC: The Treasury Strategy

MARA holds over 53,000 BTC on its balance sheet, worth more than $5.3 billion at current prices. This reserve nearly doubled year-over-year. Rather than selling all mined bitcoin immediately, the company retains a significant portion, treating BTC as a treasury asset. This strategy amplifies shareholder exposure to bitcoin price appreciation: when BTC rises, MARA's treasury value increases directly.

The approach has trade-offs. Holding bitcoin means the company's market value swings with BTC price, often more dramatically than bitcoin itself due to operating leverage. During bull markets, MARA outperforms BTC. During corrections, the stock can decline faster than the underlying cryptocurrency. Thiel has argued that the treasury strategy gives shareholders leveraged bitcoin exposure while the mining operation provides a steady flow of new BTC at production cost.

Financial Performance

  • •Q3 2025 Revenue: $252.4 million, up 92% year-over-year
  • •Q3 2025 Net Income: $123 million ($0.27/share), versus a $124 million loss in Q3 2024
  • •Q2 2025 Net Income: $808.2 million (driven by bitcoin appreciation gains on treasury holdings)
  • •Energized Hash Rate: 60.4 EH/s, up 64% year-over-year
  • •Bitcoin Treasury: 53,250+ BTC ($5.3 billion+), nearly doubled year-over-year
  • •Block Production: 218 blocks mined in September 2025; 5% increase over August

Growth Catalysts

  • •Bitcoin Price Appreciation: 53,000+ BTC treasury provides direct exposure; every $10,000 increase in BTC price adds $530 million to treasury value
  • •AI Computing Revenue: Converting excess power and cooling infrastructure to GPU data centers for AI workloads; creates revenue stream independent of bitcoin price
  • •Hash Rate Expansion: Continued deployment of next-generation miners improves efficiency and output; larger hash rate share captures more block rewards
  • •Post-Halving Consolidation: Less efficient miners exit the market after halving; MARA's scale and low costs position it to gain hash rate share
  • •Institutional Bitcoin Demand: Bitcoin ETF inflows and corporate treasury adoption support long-term BTC price; MARA benefits as a leveraged proxy

Risks and Challenges

  • •Bitcoin Price Dependence: Revenue and profitability swing dramatically with BTC price; a sustained decline below mining cost would eliminate margins and pressure the treasury strategy
  • •Halving Impact: The April 2024 halving cut block rewards 50%; miners need higher BTC prices or lower costs to maintain profitability at reduced reward levels
  • •Energy Cost Volatility: Electricity is the largest operating expense; rising energy prices or loss of favorable power agreements would compress margins
  • •Dilution: MARA has historically funded expansion through equity issuance and convertible notes; share dilution reduces per-share exposure to bitcoin holdings
  • •Regulatory Risk: Bitcoin mining faces potential energy consumption regulations, environmental scrutiny, and cryptocurrency policy uncertainty in multiple jurisdictions

Competitive Landscape

MARA competes with CleanSpark, Riot Platforms, Core Scientific, and Bitfarms in public bitcoin mining. CleanSpark has grown rapidly through acquisitions and runs a low-cost operation. Riot Platforms operates the large Rockdale facility in Texas and has its own immersion cooling technology. Core Scientific pivoted to AI hosting alongside bitcoin mining. Bitfarms operates across multiple countries.

MARA's advantages are scale (largest hash rate), bitcoin treasury (largest BTC holdings among public miners), and the emerging AI infrastructure business. The disadvantage is cost: MARA's all-in mining costs have historically been higher than some peers, and the company has funded growth with dilutive capital raises. CEO Fred Thiel has emphasized that owning power assets, not just leasing them, is critical for long-term survival as mining economics tighten.

Who Is This Stock Suitable For?

Perfect For

  • ✓Bitcoin-bullish investors who want leveraged BTC exposure through the largest public miner with 53,000+ BTC on the balance sheet
  • ✓Those who believe bitcoin will appreciate significantly and want amplified returns compared to holding BTC directly
  • ✓Investors who see the AI infrastructure pivot as creating a valuable second business on top of existing mining assets
  • ✓Speculative growth investors comfortable with high volatility and bitcoin price correlation

Less Suitable For

  • ✗Income investors (no dividend; company retains bitcoin and reinvests in capacity)
  • ✗Risk-averse investors (stock volatility exceeds bitcoin volatility due to operating leverage)
  • ✗Those who believe bitcoin will decline or remain range-bound at current levels
  • ✗Investors concerned about dilution from ongoing equity and convertible note issuance

Investment Thesis

MARA Holdings is a leveraged bet on bitcoin. The 53,000+ BTC treasury, 60.4 EH/s mining operation, and 92% revenue growth make it the largest public proxy for BTC appreciation. CEO Fred Thiel's AI infrastructure pivot adds optionality: if AI computing demand for power and cooling grows as expected, MARA's existing assets could generate meaningful revenue independent of bitcoin's price.

The stock carries the risks inherent to bitcoin mining: BTC price volatility, halving economics, energy costs, and share dilution. MARA has turned profitable after years of losses, but that profitability depends on bitcoin trading well above mining costs. For investors who are bullish on bitcoin and want amplified exposure through a company that both mines and accumulates BTC, MARA offers the largest-scale option among public miners. The AI computing expansion could eventually de-risk the single-asset dependency, but today the stock trades primarily as a bitcoin derivative with higher beta.

Conclusion

MARA offers the most concentrated leveraged bitcoin exposure among public miners through its 53,000+ BTC treasury and leading hash rate. The stock suits bitcoin bulls who want amplified upside with the understanding that downside is equally amplified. The AI infrastructure pivot provides long-term optionality but does not yet contribute meaningful revenue.
Bull Case
$35 (70% upside) - BTC exceeds $150K, AI hosting generates $100M+ revenue, hash rate reaches 80 EH/s, treasury grows to 70K+ BTC
Base Case
$22 (5% upside) - BTC holds $80-100K range, mining remains profitable, AI pivot progresses gradually, moderate dilution continues
Bear Case
$8 (60% downside) - BTC falls below $50K, mining margins compress, treasury value declines $2.5B+, AI revenue fails to materialize

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