NEW YORK, July 27, 2026, 09:05 EDT — U.S. premarket
- MARA rose 13.4% over the past week, outperforming bitcoin by 11.4 percentage points.
- Initial estimate: Unrestricted bitcoin represents roughly 36% of the market capitalisation as of Friday.
- The Federal Reserve will convene on July 28–29. MARA is set to report its second-quarter results on August 6.
At 9:00 a.m. ET, shares of MARA Holdings, Inc. NASDAQ:MARA were priced at $12.40 in premarket trade, up 2.3% from Friday’s closing level. The stock rose 13.4% over the past week.
Bitcoin hovered close to $65,000, showing little movement from Friday. The cryptocurrency gained just 2.0% over the past week, with MARA outpacing it by 11.4 percentage points.
The spread serves as an indicator for investors. It indicates that traders are placing value that goes further than just a leveraged bitcoin trade.
Similar movements were seen among other miners, though the extent differed.
| Friday-to-Friday move | July 17 close | July 24 close | Change |
|---|---|---|---|
| MARA Holdings | $10.69 | $12.12 | +13.4% |
| Riot Platforms, Inc. NASDAQ:RIOT | $18.26 | $22.53 | +23.4% |
| CleanSpark, Inc. NASDAQ:CLSK | $13.03 | $14.52 | +11.4% |
| Bitcoin | $63,789 | $65,044 | +2.0% |
Figures are based on closing prices from July 17 and July 24.
Peers are indicating a sector rerating, while MARA’s power plan serves as its own specific test case.
Initial estimate: MARA most recently reported holding 35,303 bitcoin as of March 31. Valued at Monday’s price, the company’s bitcoin are estimated at approximately $2.30 billion. That represents about half of the $4.61 billion market capitalization recorded on Friday.
Just 25,308 coins were available without restrictions, representing roughly $1.65 billion, or 36% of the total equity valuation.
This is not a straightforward sum-of-the-parts valuation. The number of coins may have shifted, and market capitalization does not factor in debt. MARA stated it anticipates ongoing opportunistic bitcoin sales.
The second element is electricity. MARA’s Texas facility may achieve 2 gigawatts capacity by April 2028. With Long Ridge awaiting completion, management estimates total portfolio potential at about 4.8 gigawatts.
Chief Executive Fred Thiel stated in April that “Power is the scarce input in AI.” The proposed $1.5 billion acquisition of Long Ridge features a 505-megawatt gas facility. MARA
Interest does not equate to revenue. The Texas release on July 9 referenced possible tenant interest, but did not report a finalized lease agreement. Long Ridge has received inquiries from potential investment-grade tenants.
Long Ridge introduces financing uncertainties. The deal involves the assumption of no less than $785 million in debt. Regulatory clearance is also required prior to the targeted close in the second half.
MARA has leveraged bitcoin to alter its balance sheet. First-quarter proceeds totaled nearly $1.5 billion. The company paid down more than $1 billion in note principal and reduced its credit facility by $200 million.
The Federal Reserve will convene July 28–29, serving as the primary crypto event this week. MARA’s following update is set for its second-quarter call on August 6.
Investors are set to focus on two factors: updated bitcoin holdings and any agreements for power supply or tenant commitments.
Risks: Bitcoin price volatility continues to impact mining income and treasury values. Long Ridge faces risks from financing and permitting. The AI initiatives depend on securing tenants, funding, and prompt grid connectivity.
Related articles: NASDAQ:MARA
