MARA Holdings (NASDAQ:MARA) Edges Near $11 in Premarket on Bitcoin Recovery and Strategy Shift

Shares of MARA ended Tuesday at $11.38, falling 3.3%, with the company’s market capitalization around $4.3 billion. Bitcoin hovered near $64,400 early Wednesday, rebounding about 1.6% from the prior session. Investors await the Federal Reserve’s policy decision at 2:00 p.m. Eastern today. Any significant swing in Bitcoin could move MARA shares ahead of any new company developments. The next key event is the August 6 earnings release at 5:00 p.m. Eastern. MarketBeat

MARA’s first-quarter results remain the clearest operating benchmark. The company mined 2,247 BTC, secured 653 blocks, and recorded 72.2 EH/s. Revenue totaled $174.6 million, down 18% year-on-year. Energy costs per bitcoin purchased totaled $40,047. Investors want to see greater production, stable costs per unit, and refreshed liquid-asset figures. Confirmed AI capacity would weigh more than further development-pipeline news. SEC

A significant loss appears possible, though the exact figure is still unclear. By the end of June, Bitcoin settled around $58,559, down roughly 14% from MARA’s end-of-March benchmark. With 35,303 BTC unchanged, the reduction translates to an estimated $341 million loss in value. This is simply a snapshot; MARA continued mining throughout Q2 and may have disposed of more coins as well. The fair-value loss in Q1 stood at about $1.0 billion. July’s recovery will be reflected in third-quarter results, not in the June filing. SEC

The average energy expense per bitcoin mined at company-owned facilities in Q1 was $40,047. With bitcoin’s current spot price at $64,413, this creates a simple gross difference of approximately $24,400, though this does not reflect operating profit. Additional Q1 expenses included $30.6 million for maintenance and $70.0 million for hosting, with depreciation and amortization contributing a further $191.6 million for the quarter. Higher network difficulty or increasing power costs could quickly eliminate this margin. SEC

As of March 31, MARA had 35,303 BTC in total, spanning both unrestricted and managed holdings. Of these, 25,308 were unrestricted, 5,742 were loaned, and 4,253 were pledged. At a BTC price of $64,413, the combined holdings are valued near $2.27 billion—representing around 53% of MARA’s $4.33 billion market capitalisation. The company also held $513.7 million in cash at quarter’s end. The present balance is not disclosed, and MARA anticipates making opportunistic Bitcoin sales. Calculations of asset backing are significantly affected by debt and collateral arrangements. SEC

MARA disposed of 20,880 BTC in Q1 at an average price of $70,137. The funds were used to buy back more than $1 billion in convertible debt. The buybacks were made approximately 9% below par, unlocking about $88 million in value. MARA lowered its credit facility by $200 million. It also refinanced $150 million at a 7% interest rate, compared to the previous 10.5%. Roughly $2.30 billion in convertible principal remained outstanding following these actions. Long Ridge has the potential to add nearly $900 million in project debt. MARA

MARA’s proposed Long Ridge acquisition involves a total transaction value of about $1.5 billion. The purchase covers a 505-megawatt gas power facility and more than 1,600 acres of land. Management projects annualized adjusted EBITDA of $144 million after the deal closes. The company reports operating expenses below $15 per megawatt-hour. The closing is anticipated in the second half of 2026, potentially in the third quarter. While there is interest from tenants, MARA has not announced a finalized AI lease. Key risks include securing funding, obtaining approvals, construction costs, and converting customers. MARA

Starwood’s platform aims for around one gigawatt of near-term IT capacity, outlining a roadmap for more than 2.5 gigawatts spread across certain MARA properties. The Texas initiative seeks to secure one gigawatt of grid connectivity by October 2027, potentially reaching two gigawatts by April 2028. These numbers reflect possible development, not current contracted customer revenues. As a result, Bitcoin continues to be MARA’s main earnings source for the next quarter. Finalized leases and definitive financing would be necessary to make MARA’s diversification significantly credible. MARA

As of July 15, reported short interest stood at 110.28 million shares, accounting for 29.21% of the public float and equating to 2.5 days to cover. Elevated short interest can intensify upward moves if covering is triggered but does not promise a squeeze. Weighted-average shares in Q1 climbed 10.5% from a year earlier, reaching 380.2 million. MARA has not conducted at-the-market issuances since September 2025. Still, outstanding convertible notes leave significant risk for future dilution. MarketBeat