Marathon Digital Holdings, Inc.
- Open
- 11.07
- Day high
- 11.07
- Day low
- 10.54
- Prev close
- 11.42
- Volume
- 43.0M
- Mkt cap
- $4.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.8
- P/S
- 4.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.5M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions mixed (13F)
Marathon Digital Holdings, Inc. (MARA) is a Financial Services company listed on NASDAQ. The stock is down 45% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4). Drillr has 5 published research articles covering MARA.
Marathon Digital Holdings, Inc. (MARA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MARA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-0.46 | $-0.61 | -32.6% | $175M | -4.0% |
| Nov 4, 2025 | $-0.26 | $-0.32 | -23.1% | $252M | +0.4% |
| Jul 29, 2025 | $-0.53 | $-0.81 | -52.8% | $238M | -6.5% |
| May 8, 2025 | $-0.34 | $-0.40 | -17.6% | $214M | +1.3% |
| Feb 26, 2025 | $-0.32 | $1.24 | +487.5% | $214M | +16.6% |
| Aug 1, 2024 | $-0.23 | $-0.24 | -4.3% | $145M | -9.3% |
| May 9, 2024 | $-0.01 | $-0.06 | -483.7% | $165M | -9.3% |
| Feb 28, 2024 | $0.05 | $-0.02 | -140.0% | $157M | +8.8% |
| Mar 16, 2023 | $-0.19 | $-0.14 | +26.3% | $28M | -18.7% |
| May 4, 2022 | $0.11 | $-0.02 | -118.2% | $52M | +0.5% |
| Mar 1, 2022 | $0.35 | $0.36 | +2.9% | $69M | +13.4% |
| Nov 10, 2021 | $0.48 | $0.85 | +77.1% | $52M | +17.5% |
MARA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Nowaid Zabiofficer: General Counsel | Tax | 20,924 | $13.89 |
| Jul 2, 2026 | Thiel Frederick Gdirector, officer: Chief Executive Officer | Tax | 63,101 | $13.89 |
| Jul 2, 2026 | Khan Salman Hassanofficer: Chief Financial Officer | Tax | 61,515 | $13.89 |
| Jun 24, 2026 | MELLINGER DOUGLAS Kdirector | Sell | 7,000 | $16.00 |
| Jun 22, 2026 | Khan Salman Hassanofficer: Chief Financial Officer | Sell | 16,000 | $14.25 |
| Jun 22, 2026 | Thiel Frederick Gdirector, officer: Chief Executive Officer | Sell | 27,505 | $14.25 |
| Jun 22, 2026 | Nowaid Zabiofficer: General Counsel | Sell | 7,000 | $14.25 |
| May 20, 2026 | Thiel Frederick Gdirector, officer: Chief Executive Officer | Sell | 27,505 | $12.00 |
| May 20, 2026 | Nowaid Zabiofficer: General Counsel | Sell | 8,250 | $12.00 |
| May 20, 2026 | Nowaid Zabiofficer: General Counsel | Tax | 4,248 | $11.46 |
| May 20, 2026 | Khan Salman Hassanofficer: Chief Financial Officer | Sell | 16,000 | $12.00 |
| May 20, 2026 | Thiel Frederick Gdirector, officer: Chief Executive Officer | Tax | 27,316 | $11.46 |
| May 4, 2026 | Thiel Frederick Gdirector, officer: Chief Executive Officer | Tax | 80,884 | $11.99 |
| May 4, 2026 | Nowaid Zabiofficer: General Counsel | Tax | 23,781 | $11.99 |
| May 4, 2026 | Khan Salman Hassanofficer: Chief Financial Officer | Tax | 65,456 | $11.99 |
Source: MARA SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full MARA insider & 13F page →MARA research & analysis
BTC Whale Distribution $2.4B: COIN, MSTR, MARA Cycle Read
Long-term holders distributed $2.4B BTC in 48 hours. On-chain LTH-to-STH pattern as cycle inflection signal. COIN, MSTR, MARA, IBIT positioning.
COINMSTRBitcoin Hits $73K on 3.3% CPI: MSTR, COIN, MARA — Who Wins the Rally?
Bitcoin's rally to $73K on hot 3.3% CPI data highlights US-listed crypto winners like MSTR and COIN. Miners MARA, RIOT, and CLSK benefit from holdings and efficiency, with AI pivots adding upside. Ranked by conviction: MSTR leads.
COINMSTRRIOTIndia-Pakistan Ceasefire Watch: HAL, BEL, INFY Among Top Plays for De-Escalation
Malta's dispute with EU crypto regs spotlights MiCA risks, favoring US-listed winners like COIN and HOOD for volume gains while miners MARA/RIOT pivot. Diversified PYPL/SQ lag. Ranked: COIN > HOOD > MARA.
COINRIOTHOODChina-Taiwan PLA Drills: TSM, NVDA Face Supply Risk — LMT Outperforms Again
The CFTC's settlement with ex-FTX exec Nishad Singh highlights enduring regulatory risks for public crypto firms, with exchanges like COIN most exposed while miners pivoting to AI (MARA, CLSK) offer relative safety. Financials show robust revenue growth across the board but persistent losses and high valuations. Ranked conviction favors diversified miners over pure-play exchanges.
COINMSTRRIOTBitcoin at $66K: MSTR Holds Firm While MARA Faces the Real Risk
Bitcoin's drop to $66,000 tests corporate BTC treasuries, with MicroStrategy and low-leverage miners like RIOT and CLSK best positioned via strong growth and balance sheets. High-debt sellers like MARA face outsized risks. Ranked conviction favors HODLers with operational edges.
MSTRRIOTCLSK
Marathon Digital Holdings, Inc. company profile
Overview
Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a Las Vegas-based digital asset technology company that has transformed from a patent holding company into one of the largest Bitcoin mining operations in North America. Originally incorporated in 2010 as Marathon Patent Group, the company pivoted to cryptocurrency mining and rebranded to Marathon Digital Holdings in February 2021. Today, Marathon operates as a vertically integrated digital energy and infrastructure company, holding over 48,000 Bitcoin on its balance sheet while expanding into energy generation, AI infrastructure, and advanced cooling technologies.
Business
Marathon Digital Holdings operates in the cryptocurrency mining industry, specifically focusing on Bitcoin mining through large-scale data center operations. Bitcoin mining is the computational process that validates transactions on the Bitcoin blockchain network and creates new Bitcoin as rewards. This process requires specialized computer hardware called Application-Specific Integrated Circuits (ASICs) that solve complex mathematical puzzles, consuming significant amounts of electricity in the process. The company's core business involves deploying thousands of these mining machines across multiple data centers to compete for Bitcoin rewards. When a miner successfully validates a block of transactions, they receive newly minted Bitcoin plus transaction fees. The mining difficulty automatically adjusts to maintain a consistent 10-minute block time, making it a highly competitive industry where operational efficiency and low-cost energy access are critical success factors. Marathon has evolved beyond traditional Bitcoin mining into three main business segments: Utility Scale Mining (approximately 85% of revenue), which encompasses their large-scale Bitcoin mining operations across owned and hosted facilities; Energy Harvesting (approximately 10% of revenue), involving partnerships with energy companies to monetize stranded or excess energy through mining operations; and Technology Development (approximately 5% of revenue), including proprietary cooling solutions, custom mining hardware development, and emerging AI infrastructure services. The company operates mining facilities across multiple continents, with significant operations in Texas, Ohio, North Dakota, and international partnerships in Paraguay and the UAE.
Revenue model
Marathon generates revenue primarily through Bitcoin mining rewards, earning newly minted Bitcoin approximately every 10 minutes when their mining operations successfully validate transaction blocks on the Bitcoin network. The company also generates hosting revenue by providing data center services to third-party miners, charging fees for power, cooling, and maintenance services. The company's business model is heavily dependent on several key factors that directly impact profitability. Bitcoin price fluctuations represent the most significant revenue driver, as higher Bitcoin prices directly increase the dollar value of mining rewards. Network hash rate and mining difficulty affect the company's share of total Bitcoin rewards - as more miners join the network, Marathon's relative share decreases unless they expand their own operations. Energy costs represent the largest operational expense, typically accounting for 60-80% of mining costs, making access to low-cost electricity critical for maintaining positive margins. Marathon has adopted a "HODL" strategy, retaining all mined Bitcoin rather than selling immediately to cover operating expenses. This approach amplifies both upside and downside exposure to Bitcoin price movements. The company funds operations through cash reserves, equity raises, and convertible debt financing. Factors that could improve margins include securing cheaper energy sources through owned generation assets, improving mining efficiency through proprietary hardware and cooling technologies, and diversifying revenue through AI infrastructure services. Conversely, margins face pressure from rising energy costs, increasing network competition, regulatory restrictions, and Bitcoin price volatility.
Competitive moat
Marathon's competitive position relies on several defensive characteristics, though the company operates in a highly commoditized industry with limited traditional moats. The company's primary advantages include scale and operational efficiency, with over 54 exahash of mining capacity making it one of the largest public Bitcoin miners. This scale provides negotiating power with equipment suppliers, energy providers, and enables spreading fixed costs across a larger operation. The company's most significant moat-like quality is its energy strategy and vertical integration. Marathon has secured access to approximately 1.7 gigawatts of energy capacity through owned generation assets and long-term power purchase agreements, including wind farms, gas-to-power operations, and partnerships with energy companies. This energy portfolio, particularly their focus on stranded and underutilized energy sources, provides some insulation from energy market volatility and creates barriers for competitors without similar energy access. However, Marathon's moat is relatively weak compared to traditional businesses. Bitcoin mining is fundamentally commoditized - all miners compete for the same rewards using similar hardware and face identical network difficulty adjustments. The company's technological developments, including proprietary cooling solutions and custom ASIC development with Auradine, provide temporary advantages but face constant competitive pressure from equipment manufacturers and other miners. The primary competitive threats come from larger mining operations with cheaper energy access, potential regulatory restrictions on cryptocurrency mining, and the ongoing arms race in mining efficiency. Marathon's substantial Bitcoin holdings create additional volatility risk, as the company's value becomes highly correlated with Bitcoin price movements rather than operational performance alone.
Risks & safety
Marathon presents a mixed margin of safety profile with significant liquidity but substantial operational cash burn and high volatility exposure. • Liquidity position: Strong with $196 million in cash and short-term investments as of Q1 2025, though current ratio of 0.79 indicates potential short-term liquidity pressure • Cash burn: Significant negative free cash flow of -$254 million in Q1 2025, driven by aggressive capital deployment and Bitcoin accumulation strategy • Debt levels: Moderate debt-to-equity ratio of 0.71, manageable given the company's asset base and established $2 billion at-the-market equity facility • Solvency risk: Low immediate risk due to substantial Bitcoin holdings (48,000+ Bitcoin valued at approximately $2+ billion) providing asset backing • Valuation metrics: Trading at 1.06x book value and negative P/E due to recent losses, though EBITDA multiples vary significantly with Bitcoin price volatility • Other considerations: High operational leverage to Bitcoin price creates substantial earnings volatility; energy-intensive operations face regulatory and environmental risks; substantial capital requirements for maintaining competitive position in rapidly evolving industry
Recent development
Over the past two years, Marathon has undergone a strategic transformation from an asset-light Bitcoin mining company to a vertically integrated digital energy and infrastructure provider. The company significantly expanded its energy portfolio from 0.5 gigawatts to 1.7 gigawatts of capacity, with 65% now owned and operated rather than hosted by third parties. Key acquisitions include data centers in Ohio totaling 372 megawatts of capacity and the development of owned power generation assets including a 114-megawatt wind farm in Texas and gas-to-power operations in North Dakota. Marathon has diversified beyond pure Bitcoin mining by developing proprietary technologies including 2PIC immersion cooling systems for both Bitcoin mining and AI data centers, and partnering with Auradine to develop custom ASIC mining hardware. The company has also begun exploring AI infrastructure opportunities, planning to deploy 30 megawatts of inference AI compute capacity in 2025 and positioning itself as an infrastructure provider for edge computing applications. The company adopted a full "HODL" strategy in 2024, retaining all mined Bitcoin rather than selling to cover operational expenses, and has accumulated over 48,000 Bitcoin on its balance sheet. This strategy required establishing alternative funding sources including a $2 billion at-the-market equity facility and convertible debt issuances. Marathon has also expanded internationally with operations in Paraguay and the UAE, targeting 50% of capacity from international markets by 2028 to access lower-cost energy sources and diversify regulatory exposure.
MARA company profile · for informational purposes only — not investment advice.
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