MARA Holdings, Inc. gained 22.4% over the past week, but still lagged behind bitcoin, which climbed 24.4%. This divergence is rare for the miner, which is frequently seen as a leveraged play on cryptocurrency. As a result, MARA's capital structure, as well as bitcoin, becomes the main focus in Monday's session.
MARA Holdings · Bitcoin mining, power and AI-ready digital infrastructure
| Firm | Rating | Target | Upside / downside |
|---|---|---|---|
| BTIG | Buy | $27 | +139.8% |
| Bernstein | Hold | $17 | +51.0% |
| Cantor Fitzgerald | Buy | $12 | +6.6% |
| Clear Street | Hold | $10 | -11.2% |
| Morgan Stanley | Sell | $6 | -46.7% |
1. Bitcoin holds the $78,335 Friday close.
2. MARA signs its first targeted AI lease by year-end.
3. Long Ridge clears regulatory review.
4. Power cost per bitcoin stops rising.
The bitcoin treasury gained about $705 million in mark-to-market value, yet the shares still trailed bitcoin. The market is rewarding the rebound while withholding a full AI-infrastructure premium until MARA converts powered land into contracted revenue.
MARA reached $12.465, up 11.8% from Thursday. It closed at $11.26. The 9.7% retreat from the high came on 101.1 million shares.
| Two-session bridge | Estimate |
|---|---|
| MARA equity value added | $722M |
| Gain on June BTC balance | $279M |
| Value above BTC mark | $443M |
| Equity gain / BTC mark | 2.6× |
| Metric | Q2 2026 | YoY |
|---|---|---|
| Revenue | $174.9M | −27% |
| Energized hashrate | 70.3 EH/s | +22% |
| BTC produced | 2,422 | +3% |
| Energy cost / BTC | $38,690 | +15% |
Investor read: only about 39% of MARA’s estimated two-day value gain is explained by marking its June Bitcoin balance higher. The rest is a provisional premium for power, AI/HPC leases and operating leverage. A signed tenant would validate it. A delay would expose it.
| Measure | Q2 2026 | Change |
|---|---|---|
| Revenue | $174.9M | -27% YoY |
| Net loss | ($611.3M) | vs. $808.2M profit |
| BTC produced | 2,422 | +3% YoY |
| BTC sold | 2,213 | 91% of production |
| Energized hashrate | 70.3 EH/s | +22% YoY |
| Energy cost / BTC | $38,690 | +15% YoY |
| Company | Ticker | Move |
|---|---|---|
| MARA Holdings | MARA | +13.9% |
| Hut 8 | HUT | +8.2% |
| Riot Platforms | RIOT | +7.6% |
| Coinbase | COIN | +7.0% |
| CleanSpark | CLSK | +6.8% |
