NEW YORK, June 9, 2026, 15:05 EDT
- MARA shares dropped roughly 4.3% in afternoon trade. Bitcoin was near $61,768.
- Riot Platforms and CleanSpark fell too, adding to pressure on listed bitcoin miners.
- Investors trying to balance short-term crypto softness with MARA’s move into AI-focused power and data center assets.
MARA Holdings shares dropped Tuesday afternoon, tracking bitcoin as it slipped under $62,000. That pulled pressure back onto miners, with revenue and balance sheets still tied to bitcoin’s moves.
Shares fell about 4.3% to $13.19, after starting the session at $14.01. The stock swung from $12.65 to $14.40 on volume north of 40 million shares, leaving the company valued near $5.0 billion.
MARA is pitching a shift to investors, saying it wants to be seen less as a straight bitcoin miner and more as a digital infrastructure play built on power assets. The company is set to present Wednesday at the Macquarie AI Infrastructure Conference, where talk will stay on its artificial intelligence (AI) and high-performance computing (HPC) strategy. HPC refers to big computing jobs for things like AI training and data crunching.
Bitcoin dropped 2.7% to $61,768. Crypto stocks also moved down. Riot Platforms slipped around 1.5%, and CleanSpark gave up about 3.1%. The selling pressure wasn’t just on MARA.
S&P 500 and Nasdaq fell again as tech names slid, and the broader market trended down too. “When the bounce ran its course this morning, the tape came for sale more broadly,” JonesTrading’s Michael O’Rourke told Reuters. Reuters
Bitcoin remains the key driver for MARA, the latest quarterly filing shows. Revenue for the first quarter dropped to $174.6 million from $213.9 million. MARA posted a net loss attributable to common stockholders of $1.26 billion, or $3.31 per share.
MARA’s balance sheet looked very different. Total bitcoin holdings dropped to 35,303 as of March 31, now valued at $2.41 billion, down from 53,822 at the end of 2025. The company sold roughly 20,880 bitcoin last quarter, bringing in $1.5 billion. It said it might keep selling depending on the market and what capital is needed.
MARA’s pivot isn’t only about defense. The company has sold bitcoin and tapped debt markets to fund bigger bets on energy and data-center infrastructure, like its planned deal for Long Ridge Energy & Power.
MARA agreed in April to acquire Long Ridge from FTAI Infrastructure for $1.5 billion, Reuters reported, with the deal including a 505-megawatt gas-fired plant in Hannibal, Ohio and more than 1,600 acres. CEO Fred Thiel called it “the ideal data center campus” and said there’s already interest from hyperscaler tenants—big cloud customers looking to rent large amounts of capacity. Reuters
The risk now is that it might take time for the new strategy to deliver, while the old problems show up in earnings sooner. Bitcoin weakness could keep a lid on mining revenue and on the value of MARA’s bitcoin holdings. Big power and AI campus projects could need more money before they turn into reliable tenant revenue.
MARA traded Tuesday like a bitcoin stock again. The AI angle is still out there, but bitcoin’s price is in charge here for now.
