FORT LAUDERDALE, Florida, September 3, 2026, 06:00 EDT —
- MARA Holdings, Inc. NASDAQ:MARA finished Wednesday at $10.47, a rise of 2.35%. The stock last changed hands at $10.46 as of 05:54:58 EDT on Thursday.
- At 05:54:45 EDT, Bitcoin was priced at $77,609.98, putting the estimated value of MARA’s June bitcoin holdings at $2.76 billion.
- Revenue in the second quarter declined by 27%, and the cost of purchased energy per bitcoin increased 14.7% to $38,690.
MARA gained 2.35% on Wednesday, though the increase trailed behind three leading rivals in bitcoin mining. Trading volume reached approximately 29.95 million shares, Yahoo Finance data showed.
The difference is significant. MARA provides substantial bitcoin exposure, but investors also face risks related to power, debt and execution.
At 05:54:45 EDT, Bitcoin gained 0.39% from its previous close. The price stayed under $78,000 while traders considered risks related to regulation and interest rates. CoinDesk reported $236 million in outflows from spot bitcoin ETFs.
The stock stayed 11.5% lower than its August 25 closing price. On Wednesday, trading volume reached only 53.5% of MARA’s 10-day average.
Riot Platforms, Inc. NASDAQ:RIOT rose 4.75%. CleanSpark, Inc. NASDAQ:CLSK increased 2.44%. IREN Limited NASDAQ:IREN surged 7.55%.
MARA’s operating leverage has a dual effect. Revenue for the second quarter declined 27% to $174.9 million. Despite this, bitcoin production rose 3% to 2,422 coins, the company reported.
Owned facilities paid $0.04 for each kilowatt-hour. However, the company’s purchased energy cost per bitcoin increased by 14.7% to $38,690. Despite MARA expanding its fleet, greater network difficulty and weather conditions counterbalanced the gains.
Based on Thursday’s bitcoin price, that energy amount resulted in approximately $38,920 per coin. This calculation does not include hosting, labor, depreciation, administrative, or financing expenses.
As of June 30, MARA’s bitcoin holdings totaled 35,577. At a value of $77,609.98 per bitcoin, the estimated worth of this holding reaches approximately $2.76 billion, accounting for 68.3% of MARA’s equity value, which stands at $4.04 billion. The number of bitcoins held may have varied after quarter-end.
As of June 30, cash increased by $421.3 million. Gross debt totaled $2.45 billion, based on MARA’s quarterly filing. That level of liabilities rules out using the bitcoin balance to cover equity.
Following the end of the quarter, MARA secured $600 million in bitcoin-backed loans at a weighted average interest rate of 7.56%. The company also refinanced a $150 million credit line. This additional debt supports funding for Long Ridge and increases focus on execution.
Chairman and CEO Fred Thiel presented the challenge directly. He told shareholders to assess MARA “not by our vision, but by our execution,” he wrote in the second-quarter letter.
Analysts are divided. On August 31, an S&P Global survey of 13 analysts showed a consensus rating of Buy. The average price target was $17.99, with estimates spanning from $6 to $30.
Risks: Bitcoin’s price volatility can swiftly impact MARA’s assets and earnings. Shifts in network difficulty, fluctuations in power costs, dilution, collateral requirements, and construction setbacks may intensify these effects.
The upcoming major macroeconomic update is set for Friday. According to the Labor Department calendar, the U.S. August jobs report will be released at 08:30 EDT. A shift in rate expectations could rapidly impact bitcoin and MARA.
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