NEW YORK, July 30, 2026, 19:02 EDT
- MARA Holdings, Inc. NASDAQ:MARA closed at $11.82, rising 17.4%. Bitcoin increased 1.5% to roughly $64,780.
- Shares of AI-related mining peers climbed between 20% and 31%. MARA’s return was almost four percentage points below the group median.
- MARA is scheduled to disclose its second-quarter earnings on August 6. Early estimates indicate expected revenue of approximately $209 million.
MARA Holdings, Inc. NASDAQ:MARA jumped 17.4% on Thursday as investors reevaluated the company’s power assets for potential use in artificial-intelligence data centers. Bitcoin increased 1.5%. Regular U.S. markets have closed, but after-hours trading is still ongoing.
The difference is significant. MARA saw its equity value rise by about $666 million. The increase in bitcoin contributed approximately $33 million to the company’s latest reported coin holdings. Based solely on that unchanged balance, bitcoin accounts for just 5% of Thursday’s increase.
| Asset or company | Latest price | Thursday move | Market value |
|---|---|---|---|
| MARA Holdings NASDAQ:MARA | $11.82 | up 17.4% | $4.49 billion |
| IREN Limited NASDAQ:IREN | $38.26 | rallied 30.7% | $12.77 billion |
| Riot Platforms NASDAQ:RIOT | $22.12 | rose 21.2% | $7.69 billion |
| CleanSpark NASDAQ:CLSK | $14.54 | advanced 21.1% | $3.31 billion |
| Core Scientific NASDAQ:CORZ | $21.81 | climbed 20.4% | $7.10 billion |
| Bitcoin | $64,780 | gained 1.5% | — |
Market data reflect the most recent figures as of the dateline. Percentage movements compare to the previous close.
Companies with more direct AI involvement saw larger movements. MARA underperformed the four-company peer median by roughly 3.8 percentage points. This trend indicates investors showed preference for firms with more immediate contracted AI revenue.
Microsoft NASDAQ:MSFT provided the main boost, with shares jumping over 15% after an upbeat cloud outlook reduced worries about returns on AI investments. The Nasdaq Composite rose 2.78%.
Advanced Micro Devices NASDAQ:AMD reached a deal for Core Scientific capacity two days prior. The arrangement will begin with over 500 megawatts in 2027, with potential to increase to 2.5 gigawatts. No financial details were revealed.
| MARA trading window | Starting reference | Ending price | Change |
|---|---|---|---|
| Previous full week, July 20–24 | $10.69 as of July 17 | $12.12 | +13.4% |
| Ongoing week through Thursday | $12.12 as of July 24 | $11.82 | -2.5% |
| Thursday trading day | Earlier close | $11.82 | +17.4% |
Reported closing prices are used to determine returns.
The gains seen on Thursday failed to reverse the latest drop. MARA was still down 2.5% versus its July 24 closing price. In contrast, the previous full week saw the stock rise by 13.4%.
| Sample one-day valuation reconciliation | Amount |
|---|---|
| Recent MARA market capitalization | $4.49 billion |
| Estimated previous market capitalization | $3.83 billion |
| Increase in equity value on Thursday | $666 million |
| Most recent reported bitcoin holdings | 35,303 BTC |
| Daily bitcoin price increase | $932 |
| Mark-to-market profit on holdings | $32.9 million |
| BTC holding gain as proportion of equity increase | 4.9% |
MARA’s bitcoin balance as of March 31 is the basis for these calculations. They are intended for illustration and do not represent a present holdings figure or imply causation.
The holdings disclaimer remains crucial. MARA has indicated it might choose to sell bitcoin when opportunities arise. Any resulting funds could bolster liquidity, ongoing operations, or capital investments.
Nonetheless, the gap in scale remains significant. This suggests that Thursday’s investors primarily valued power availability and potential for AI conversion. The fundamentals of core mining provide a less convincing rationale.
| MARA operating measure | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $174.6 million | $213.9 million | -18.4% |
| Energized hashrate | 72.2 EH/s | 54.3 EH/s | +33.0% |
| Bitcoin produced | 2,247 | 2,286 | -1.7% |
| Purchased energy cost per bitcoin | $40,047 | $35,728 | +12.1% |
EH/s refers to exahashes per second, which quantifies the computational power used in mining.
The table illustrates the strategic change. MARA increased its hashrate by 33%, but mined marginally fewer coins. Energy cost per coin purchased rose by 12%. Additional computing power did not yield higher bitcoin output.
MARA’s Texas deal spans over 1,200 acres. The firm anticipates reaching one gigawatt of access by October 2027 and two gigawatts by April 2028. Once sites like Long Ridge are fully energized, the overall portfolio could reach a capacity of 4.8 gigawatts.
Chairman and CEO Fred Thiel stated that facilities offering “reliable, scalable power will become increasingly valuable.” MARA mentioned it has received interest from possible tenants but has not identified any or revealed the lease amount for its Texas development. MARA
Long Ridge is set to deliver a 505-megawatt gas facility and over 1,600 acres. The deal, valued at $1.5 billion, factors in assumed debt. According to MARA, the assets produce approximately $144 million in annualized adjusted earnings. The transaction awaits regulatory clearance.
MARA is scheduled to provide its next update on August 6, when it publishes its shareholder letter ahead of a conference call set for 5 p.m. EDT. Early projections point to revenue of around $209.4 million and earnings of $0.17 per share. These consensus numbers are subject to revision.
The projected revenue implies around 20% growth from the prior quarter. However, it is still approximately 12% lower than the second quarter of 2025. Investors are also monitoring tenant commitments, energization timelines, project funding, and bitcoin sales.
Risks: MARA continues to face risks from bitcoin price swings, competitive pressure on the network, and fluctuations in electricity expenses. The 4.8-gigawatt number refers to possible capacity, not current AI usage. Any setbacks, increased financing costs or new share issuance could put the rerating at risk.
On Thursday, MARA reflected increased AI infrastructure optionality in its pricing. August 6 will be key to see if that optionality translates into contracted revenue.
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