NEW YORK, July 17, 2026, 4:06 p.m. EDT
MARA Holdings, Inc. NASDAQ:MARA closed at $10.69 on Friday, down 6.4%. The stock lost 15.2% over five sessions. U.S. markets are closed.
The fall was more than five times the Nasdaq Composite’s weekly decline. Bitcoin gained 0.5% over seven days. Price action points beyond Bitcoin.
The clearest peer contrast came from CleanSpark Inc. NASDAQ:CLSK. Its shares gained 1.4% this week after a signed data-center lease. The five-day return gap reached 16.6 percentage points.
CleanSpark committed 175 megawatts to a global technology tenant for 20 years. MARA’s Texas release cited tenant interest, not a signed contract. The spread offers a live test of contracted economics versus potential power.
| Metric | MARA | CleanSpark |
|---|---|---|
| Friday close | $10.69, down 6.4% | $13.03, up 1.0% |
| Five-day return | Down 15.2% | Up 1.4% |
| Data-center position | Up to 4.8 GW of portfolio potential; tenant interest | 175 MW under a 20-year lease |
| Disclosed tenant economics | None for the Texas site | $6.6 billion expected value; about $330 million average annual NOI, company estimates |
The comparison is commercial, not physical. MARA’s figure covers potential portfolio capacity. CleanSpark’s 175 megawatts cover one contracted site.
CleanSpark’s annual NOI estimate equals about 10% of its $3.31 billion market value. It is not free cash flow. Company-estimated landlord costs total $1.75 billion to $2.10 billion. That equals 53% to 63% of Friday’s market value.
Piper Sandler Companies NYSE:PIPR analyst Patrick Moley cut his MARA target on Friday. The new target is $13, down from $16. He kept an Overweight rating.
The revised target still implies about 22% upside. Piper said “underlying demand for AI data center tenancy remains largely unchanged.” It blamed weaker crypto and AI-linked stock sentiment for part of the decline. TipRanks
MARA expects its Texas site to provide up to 1 gigawatt by October 2027. The company projects up to 2 gigawatts by April 2028. Full energization could lift potential portfolio capacity to about 4.8 gigawatts.
That figure includes the anticipated Long Ridge acquisition. Chief Executive Fred Thiel said “sites with access to reliable, scalable power will become increasingly valuable.” MARA still must build and lease the Texas campus. MARA
Friday also brought a broad technology selloff. The Nasdaq fell 1.4% as chip stocks slid and oil rose. Investors questioned rich valuations and sustained AI spending growth.
Next week, Alphabet Inc. NASDAQ:GOOGL reports on Wednesday, July 22. Its prior 2026 capital-spending plan was $175 billion to $185 billion. Any change could reset data-center demand expectations.
Bitcoin remains the nearer catalyst. It traded near $64,100 after the stock market closed. Weekend swings could quickly change sentiment toward miners.
Risks: MARA’s 4.8-gigawatt figure is potential capacity, not operating load. Texas construction needs regulatory approvals. Tenant interest is not contracted revenue.
The week’s divergence leaves one valuation test: turn power access into signed revenue.
Related articles: NASDAQ:MARA
