New York, June 12, 2026, 13:17 EDT
- MARA Holdings was up roughly 3% at $14 on the Nasdaq in midday trading, as Bitcoin climbed during the session.
- This is key for MARA, since it still has big Bitcoin exposure. The company held 35,303 BTC as of March 31. Its loss in the first quarter was tied to swings in Bitcoin fair value.
- Investors are eyeing more than Bitcoin now. The June 18 annual meeting and updates on the Long Ridge power-and-data-center deal are next up.
MARA Holdings, Inc. climbed in midday trading Friday, outpacing gains in the Nasdaq Composite as traders bought up Bitcoin-linked stocks and some risk names. Shares last traded at $14.02, up $0.41. MARA moved between $13.35 and $14.72 through midday. Market cap stood at roughly $5.33 billion, based on outstanding shares and the current price. Around 12:15 p.m. ET, the Nasdaq Composite was up 0.27%, Reuters said, with U.S. stocks moving higher on broad risk appetite.
MARA is still seen as one of the most direct ways to play Bitcoin in equities, even as it pushes into energy and AI infrastructure. Bitcoin was last up 2.3% on the day near $63,867. That’s key for MARA. In its newest 10-Q, the company reported 35,303 Bitcoin as of March 31 and said the fair value of its holdings fell by roughly $1.0 billion last quarter after Bitcoin’s price dropped. Fair value is the current market price.
MARA didn’t post any new company-specific press releases Friday. Its investor relations page still lists May 15 as the latest news, with the next investor event set for June 18, 2026—the annual meeting at 11:30 a.m. PDT. MARA That puts Friday’s stock action down to moves in Bitcoin, the Nasdaq, and traders adjusting positions before MARA’s next investor events, not a fresh company operating update.
Volatility is still in the picture. MARA posted Q1 revenue of $174.6 million, off from $213.9 million last year. Net loss attributable to common stockholders widened to $1.26 billion, or $3.31 a share. MARA The company said it sold about 20,880 Bitcoin, getting $1.5 billion in proceeds in the first quarter, and could keep selling Bitcoin depending on the market and how it allocates capital. MARA With losses, MARA’s price-to-earnings ratio doesn’t provide much to go on now.
Long Ridge is still the main catalyst for MARA. MARA said it will buy Long Ridge Energy & Power for about $1.5 billion including debt, picking up a 505-megawatt natural-gas plant in Ohio and over 1,600 acres that could hold a digital infrastructure campus. MARA CEO Fred Thiel put it bluntly: “Power is the scarce input in AI,” as MARA works to turn locked-in energy into AI and high-performance computing. MARA The company expects a closing in the back half of 2026 if regulators sign off, and wants to have its first AI/Critical IT capacity live by mid-2028. MARA
MARA bulls say there’s more here than just a rebound in Bitcoin. The company expects its Long Ridge deal will add about $144 million in annualized Adjusted EBITDA, a non-GAAP metric that strips out interest, taxes, depreciation, and other adjustments. MARA MARA also slashed debt, buying back over $1 billion face value of convertibles at a discount. Management said that grabbed around $88 million in value while cutting future dilution. MARA Analyst views are mixed, but the consensus target in Benzinga’s data is $17.05. The latest BTIG call marked MARA at Buy with a $27 target.
Bears point to MARA’s big swings with Bitcoin, shaky execution, and a tricky balance sheet. Its latest 10-Q lists big Bitcoin holdings, but also posts losses tied to fair-value marks on crypto, hits from restructuring, and risks from crypto lending, collateral, and trading. MARA Analyst views are all over. Benzinga tracks price targets anywhere from $7 up to $30, a wide spread that shows just how split the street is on what MARA is worth and how risky it is.
MARA is looking risky at current levels, not outright cheap. The stock could appeal to investors who are after high-volatility bets on a Bitcoin bounce and maybe a later shift into AI power-infrastructure. But right now, the bull case needs Bitcoin to steady, the Long Ridge deal to close, visible tenant demand, and shrinking losses. If those pieces don’t come together, MARA’s recent move near $14 puts it at risk if Bitcoin drops again or if there are setbacks converting power assets into real AI infrastructure income.
