NEW YORK, July 28, 2026, 17:58 EDT
- MARA finished the session at $11.38, as Bitcoin hovered around $63,940.
- A sample valuation gives MARA’s operating and development platform an estimated worth of approximately $4 billion.
- The upcoming Federal Reserve decision and MARA’s results on August 6 are the next key events.
MARA Holdings NASDAQ:MARA finished Tuesday down 3.3% at $11.38. Bitcoin dropped 1.3%, trading near $63,940. U.S. cash markets remained shut during the session.
The wider market provided few clues. The S&P 500 edged up 0.2%, as the Nasdaq Composite fell 0.2%. MARA’s drop once more highlighted its heightened sensitivity to shifts in cryptocurrency prices.
The stock declined by 6.1% across Monday and Tuesday, reversing part of last week’s advance of 13.4%. Nearly half of those gains have now been wiped out.
At Tuesday’s close, or late Bitcoin spot, the sector performed as follows:
| Asset or company | Price | Daily move |
|---|---|---|
| Bitcoin | $63,940 | down 1.3% |
| MARA Holdings NASDAQ:MARA | $11.38 | lower by 3.3% |
| Riot Platforms NASDAQ:RIOT | $21.24 | down 3.4% |
| CleanSpark NASDAQ:CLSK | $13.48 | fell 4.0% |
| IREN NASDAQ:IREN | $33.93 | dropped 6.6% |
MARA outperformed CleanSpark and IREN, but its drop was still more than double the percentage fall of Bitcoin. The stock remains closely tied to crypto volatility.
Valuation is the key indicator. Based on current equity value and the most recent balance-sheet figures for MARA, the implied value for its operating assets and development projects is around $4 billion.
| Sample MARA valuation breakdown | Value |
|---|---|
| Market capitalization | $4.33 billion |
| Plus: total debt as of March 31 | $2.45 billion |
| Minus: cash as of March 31 | $0.51 billion |
| Minus: 35,303 BTC at Tuesday’s market rate | $2.26 billion |
| Indicative net value of operations and projects | $4.00 billion |
The figures are based on holdings and debt as of March 31. These amounts could have shifted during the second quarter. Working-capital adjustments and any potential tax implications are not included.
To put it in perspective, $4 billion is nearly 28 times the $144 million in annualized adjusted EBITDA reported by Long Ridge Energy. This figure does not represent a direct acquisition multiple, as MARA’s broader mining and infrastructure operations are also factored in.
MARA has struck a deal to acquire Long Ridge for approximately $1.5 billion, with the purchase price factoring in no less than $785 million in debt to be taken on. The property in Ohio features a 505-megawatt gas facility and spans over 1,600 acres.
Chief Executive Fred Thiel stated, “Power is the scarce input in AI,” while presenting the deal. MARA anticipates over one gigawatt of possible capacity at the site. The $144 million figure is a non-GAAP measure, calculated from projected annualized results for the second half of 2025. MARA
The Texas project introduces an additional long-term choice. MARA anticipates achieving one gigawatt of grid capacity by October 2027, with the potential to expand to two gigawatts by April 2028. The company reported interest from prospective tenants, but not yet secured revenue.
First-quarter results were uneven. Revenue dropped 18% to $174.6 million. Energized hashrate climbed 33% to 72.2 exahashes per second. Bought power cost reached $40,047 for each Bitcoin.
MARA disposed of 20,880 Bitcoin in the quarter at an average price of $70,137 per coin. By the end of March, the company held 35,303 Bitcoin, $513.7 million in cash, and had $2.45 billion in outstanding debt.
The next key macro event comes on Wednesday, when the Federal Reserve is set to announce its rate decision at 2 p.m. EDT. MARA will disclose its second-quarter earnings on August 6 at 5 p.m. EDT.
Investors are set to focus on three key figures: Bitcoin reserves, mining power expenses, and confirmed AI rental agreements. Collectively, these will indicate if MARA is able to sustain its platform valuation of about $4 billion.
Risks are still focused. If Bitcoin prices fall, treasury value and mining margins could decline. Infrastructure premiums could be undermined by postponed approvals, expensive financing, or absence of tenant contracts.
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