New York, June 26, 2026, 14:01 EDT
- MARA climbed 6.6% to $14.79 in early afternoon trading, with bitcoin adding 0.5% to $59,959.
- The gain in the stock added about $347 million to the company’s equity value, based on the April 30 share count. That’s close to the $353 million pre-tax move MARA said a $10,000 bitcoin change would have made as of March 31. MARA
- MARA’s June 25 filing put Long Ridge’s Q1 adjusted EBITDA at $25.4 million. For the same stretch, MARA reported an adjusted EBITDA loss of $1.04 billion. MARA
- Greg Miller at Citizens launched coverage on MARA with an Outperform rating and a $24 target, citing demand for “powered capacity.” Stocktwits
MARA Holdings, Inc. NASDAQ:MARA jumped more than 6% Friday, beating bitcoin and the Nasdaq. Investors got a closer look at the company’s targeted energy asset from a Thursday night filing, as the bitcoin miner eyes a move into AI infrastructure. The stock was last at $14.79, up $0.91. Bitcoin traded at about $59,959, up $327.
Stock split changes the numbers. MARA had 381.27 million shares out as of April 30. The $0.91 gain in the share price tacked on about $347 million to its market cap. MARA said a $10,000 change in bitcoin would have moved pre-tax loss by $353 million at March 31—pretty close. On Friday, bitcoin moved just $327. MARA
Friday’s market action mostly traced back to Long Ridge, not bitcoin. Using the 35,303 bitcoin MARA held on March 31, the move in bitcoin price translates to around $11.5 million higher mark-to-market, assuming the holdings were steady. MARA has said its coin balance shifts with business and capital needs. MARA
MARA reported Q1 revenue of $174.6 million in a June 25 financial slide, with adjusted EBITDA showing a loss of $1.04 billion. The same presentation listed Long Ridge Energy & Power at $62.0 million in revenue and $25.4 million adjusted EBITDA. MARA
MARA said in April it is set to buy Long Ridge from FTAI Infrastructure Inc. NASDAQ:FIP in a deal worth about $1.5 billion, counting debt. The transaction includes a 505-megawatt gas plant in Hannibal, Ohio, and land slated for a data center campus. MARA said it expects the acquisition to lift its total owned and operated power by about 65% and bring in around $144 million in annualized adjusted EBITDA, using performance in the back half of 2025. MARA
MARA CEO Fred Thiel called power “the scarce input in AI” at the deal announcement. Thiel told Reuters the site has “all the key components” needed for a data center campus. MARA has heard from potential tenants, including hyperscalers. MARA
MARA’s filing shows why bitcoin stays on the radar for investors. The company said it held 35,303 bitcoin at the end of March, putting the value at $2.4 billion, or $68,222 per coin. In the first quarter, MARA sold 20,880 bitcoin for $1.5 billion. The company said future sales will depend on the market and its capital needs. MARA
MARA cut some of its bitcoin holdings this year to pay down debt. In March, it sold 15,133 bitcoin for around $1.1 billion, planning to use the proceeds to buy back its convertible notes maturing in 2030 and 2031. Thiel called it a “strategic capital allocation move.” MARA
Citizens started coverage June 24 with a Market Outperform rating and a $24 target. Analyst Miller said miners are moving power from bitcoin mining into high-performance computing for hyperscale clients, and sees more demand for “powered capacity.” Stocktwits
MARA still needs to wrap up the Long Ridge acquisition and land signed contracts. The company says it plans to finish the buyout in the second half of 2026, if it gets the green light. Building out new AI and IT infrastructure in Ohio should kick off in early 2027, with plans to bring the first capacity online by mid-2028. MARA
