NEW YORK, July 19, 2026, 18:10 EDT
- MARA declined 15.2% over the past week, while Bitcoin’s daily close edged down 0.4%.
- CleanSpark NASDAQ:CLSK rose 1.4% following the announcement of a 175-megawatt, 20-year AI lease agreement.
- MARA’s newest Texas statement reported tenant interest, though a lease has not been signed.
U.S. cash equities did not open on Sunday. MARA ended Friday at $10.69, marking a 6.4% decrease on the session. The stock declined 15.2% compared to the previous Friday’s close.
Between July 10 and July 17, Bitcoin’s daily close on UTC fell by just 0.4%. During the same timeframe, MARA underperformed the cryptocurrency by 14.8 percentage points. This decline was more pronounced than typical spot-price fluctuations.
CleanSpark rose 1.4% in the same timeframe, outperforming MARA by 16.6 percentage points in a week when it revealed an AI lease. The most clearly disclosed distinction was the contract status.
| Company or asset | July 17 close | July 10-17 | Disclosed AI or HPC position |
|---|---|---|---|
| MARA Holdings NASDAQ:MARA | $10.69 | -15.2% | Texas update mentioned interest from tenants; no leases reported. Possible total portfolio up to 4.8 GW |
| CleanSpark NASDAQ:CLSK | $13.03 | +1.4% | 175 MW agreed to for 20 years; contract initially valued at around $6.6 billion |
| Riot Platforms NASDAQ:RIOT | $18.26 | -12.9% | 50 MW deal signed with Advanced Micro Devices NASDAQ:AMD |
| Bitcoin | $63,899 | -0.4% | Not applicable |
Performance measured from close to close. Bitcoin applies UTC time for daily closing values. Capacity and contract numbers are based on figures reported by the companies.
CleanSpark has signed a 20-year lease for 175 MW, with deliveries slated to begin in the fourth quarter of 2027. CEO Matt Schultz described the agreement as “a transformational moment for CleanSpark.” CleanSpark Investor Relations
The $6.6 billion amount reflects the anticipated value of the contract, rather than immediate revenue. CleanSpark projects landlord expenses of $10 million to $12 million per MW. Based on these figures, the total prior to financing is calculated at $1.75 billion to $2.10 billion.
Riot secured 50 MW following AMD’s use of a 25-MW option. Despite this, Riot’s stock declined 12.9% last week. However, Riot performed roughly 2.2 points better than MARA.
MARA’s proposed Texas facility offers significantly greater scalability. Capacity could hit 1 GW by October 2027 and double to 2 GW by April 2028. If fully powered, MARA’s total potential portfolio would approach 4.8 GW.
The July 9 announcement noted interest from prospective high-performance computing tenants but did not mention any finalized tenant agreements. CEO Fred Thiel stated that reliable, scalable power locations “will become increasingly valuable.” MARA Holdings
MARA’s acquisition of Long Ridge provides a more immediate operating asset. The deal, valued at approximately $1.5 billion, includes no less than $785 million in debt. Completion is anticipated in the second half of 2026, pending federal regulatory clearance.
Long Ridge operates a 505-MW gas facility and holds over 1,600 acres of land. MARA reported $144 million in annualized adjusted EBITDA, according to company figures that are unaudited, illustrative and not intended as guidance.
Piper Sandler NYSE:PIPR reduced its price target for MARA to $13 from $16 on Friday, while maintaining its Overweight rating. The firm pointed to subdued news flow along with general market pressure impacting both crypto and AI sectors.
Risk appetite waned in broader markets on Friday. The Nasdaq Composite lost 1.4% amid declines in chip and AI stocks. Carson Group strategist Ryan Detrick described the mood as “chip fatigue.” Reuters
As of Sunday, MARA’s investor calendar showed no scheduled events. Bitcoin was valued around $64,429 in the early evening in New York. With no set events, updates on tenants, financing, or approvals remain as potential unscheduled catalysts.
Risks: The economics of mining remain influenced by Bitcoin pricing, network difficulty, and electricity expenses. Both Long Ridge and Texas projects need permits, financing, and secured tenants. Short interest was 28.7% of float as of June 30, potentially increasing volatility.
