NEW YORK, July 24, 2026, 14:05 EDT
- Nasdaq remained open, with MARA dropping 1.6% to $12.57 at around 1:50 p.m. EDT.
- MARA is up 39.6% in 2026, while Bitcoin is down 26.9%.
- An initial estimate places the worth of MARA’s reported coin holdings at 47% of its equity value.
MARA’s surge in 2026 has diverged notably from the performance of the cryptocurrency it produces. The widening disconnect is now a key issue for investors.
MARA shares were changing hands at $12.57 on Friday afternoon, giving the company a market capitalization of roughly $4.78 billion. Bitcoin slipped 0.9% to around $64,115.
MARA reported holding 35,303 bitcoin as of March 31, according to its latest filing. At Friday’s price, the value of those holdings is approximately $2.26 billion.
An initial estimate indicates $2.51 billion in equity value above that reserve. This does not represent a straightforward operating valuation, as cash and debt are factors.
Including debt as of the end of March and deducting cash, the remainder totals about $4.40 billion. This figure accounts for mining, energy initiatives and other holdings.
| Market gauge | Price | Friday move | 2026 YTD |
|---|---|---|---|
| MARA Holdings NASDAQ:MARA | $12.57 | fell 1.6% | up 39.6% |
| Riot Platforms NASDAQ:RIOT | $23.01 | dropped 3.6% | climbed 84.5% |
| CleanSpark NASDAQ:CLSK | $15.14 | slipped 3.0% | rose 49.8% |
| Bitcoin | $64,115 | eased 0.9% | down 26.9% |
Prices reflect intraday data as of around 1:50 p.m. EDT. Equity performance figures are current through July 24.
The revaluation extends past MARA, with both Riot and CleanSpark outperforming bitcoin so far this year.
MARA funded its transition by offloading 20,880 bitcoin for $1.5 billion in the first quarter. It bought back roughly $1 billion in convertible notes, reducing its debt to $2.4 billion.
The subsequent test concerns contract validation. MARA’s Texas agreement dated July 9 allows for the use of 2 gigawatts in power. According to the release, there is potential tenant interest, but no lease has yet been signed.
The location may boost total portfolio capacity to as much as 4.8 gigawatts, factoring in Long Ridge. Chairman and CEO Fred Thiel stated that dependable, scalable energy is set to be “increasingly valuable.” MARA
Long Ridge features a gas plant with a capacity of 505 megawatts. MARA projects $144 million in annualized adjusted EBITDA. The $1.5 billion acquisition awaits regulatory clearance.
CleanSpark sets a tougher standard. The company entered into a 20-year lease valued at $6.6 billion for 175 megawatts. Deliveries are anticipated to begin in late 2027.
MARA announced on Wednesday that it will release its second-quarter results ahead of a conference call scheduled for 5 p.m. EDT on August 6. Investors are expected to focus on the latest coin holdings, financing strategies, and tenant agreements.
A signed tenant may aid the residual valuation. A further quarter of potential interest would result in additional work required.
Risks are still elevated. Bitcoin prices have room to decline, mining difficulty could increase, and major projects might require additional funding. As of March 31, MARA still had $1.5 billion in unused share-sale authorization.
Currently, MARA does not behave merely as a basic bitcoin proxy. The August report needs to reveal what addresses this discrepancy.
Related articles: NASDAQ:MARA
