NEW YORK, August 31, 2026, 07:28 ET – Marathon Digital Holdings (MARA) shares fell 10.1%, with market value down by $464 million after Bitcoin prices slipped below $80,000.
- MARA ended Friday at $10.67, falling 10.11% and wiping out about $464 million in equity value.
- The company’s 35,577 Bitcoin holdings were valued at approximately $2.84 billion based on Friday’s Bitcoin price of $79,741.
- MARA’s market capitalization of $4.12 billion is about 1.45 times its treasury value.
- Revenue for the second quarter declined 27% to $174.9 million, and adjusted EBITDA moved into negative territory.
MARA Holdings, Inc. (NASDAQ: MARA) dropped 10.11% on Friday after Bitcoin dipped under $80,000. The fall wiped around $464 million from the company’s market capitalization.
The stock finished trading at $10.67 with 41.86 million shares changing hands. Market capitalization was about $4.12 billion Yahoo Finance market data.
The decision intensified a valuation debate. As of June 30, MARA possessed 35,577 Bitcoin. With Bitcoin priced at $79,741 on Friday, that holding amounted to roughly $2.84 billion in value.
This results in about $1.29 billion of equity value in excess of the recorded Bitcoin holdings. The amount does not represent a straightforward premium, as MARA also holds cash, other operating assets, and liabilities.
| Investor measure | Latest figure | What it shows |
|---|---|---|
| MARA close | $10.67; -10.11% | Roughly $464 million in value erased |
| Market capitalization | $4.12 billion | Approximately 1.45× reported Bitcoin holdings |
| Bitcoin treasury | 35,577 BTC | Valued at nearly $2.84 billion with Bitcoin at $79,741 |
| Q2 revenue | $174.9 million; -27% YoY | Mining profitability declined |
| Q2 adjusted EBITDA | -$360.9 million | Marked-to-market losses widened deficits |
Operational execution saw gains even as economic conditions softened. Bitcoin production for the second quarter climbed 3% to 2,422. The energized hash rate rose 22% to reach 70.3 exahashes per second.
Revenue dropped 27% to $174.9 million. MARA posted a net loss of $611.3 million and negative adjusted EBITDA totaling $360.9 million, with the figures mainly reflecting digital-asset fair-value losses second-quarter results.
The balance sheet is now being used as a funding mechanism. MARA sold 2,213 Bitcoin over the quarter and subsequently used 18,750 Bitcoin as initial collateral for a pair of credit facilities.
The management team is allocating capital to power and artificial intelligence infrastructure. Through its partnership with Starwood, the company is aiming for roughly one gigawatt of short-term IT capacity, with the potential to surpass 2.5 gigawatts MARA announcement.
The acquisition of Long Ridge will bring a 505-megawatt power facility. MARA places the deal’s value at $1.5 billion with debt and anticipates $144 million in annualized adjusted earnings company announcement.
Wall Street forecasts continue to vary widely. Analysts monitored by The Wall Street Journal report a median target of $16, with predictions ranging from $6 to $30. This broad range highlights the uncertainty tied to both Bitcoin and the AI expansion.
Risks: Additional drops in Bitcoin could reduce both treasury value and mining income at the same time. Expanding with debt, facing collateral demands, and unused AI resources may also deplete cash reserves ahead of returns from upcoming projects.
The next bump in valuation relies on two key factors. Bitcoin needs to steady, and signed AI leases should convert MARA’s power assets into tangible cash flow.
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