NEW YORK, July 31, 2026, 14:12 EDT — U.S. regular trading underway.
- MARA slipped 2.7% to $11.50 after bitcoin dropped 2.5%.
- Initial estimate: Bitcoin held during the March quarter accounts for around 51% of MARA’s present market valuation.
- Second-quarter earnings will be released on Thursday, August 6, following the market close.
MARA Holdings, Inc. NASDAQ:MARA declined 2.7% on Friday afternoon. Bitcoin dropped 2.5%, and two leading mining peers posted larger losses. The smaller drop comes after a significant balance-sheet adjustment in the first quarter.
MARA offloaded roughly a third of its bitcoin in the quarter, deploying a significant portion of the proceeds to pay down convertible debt. The move helped lower leverage and lessened the stock’s direct exposure to treasury holdings.
Cryptocurrency markets were also reacting to Thursday’s earnings from Strategy Inc. NASDAQ:MSTR. Strategy reported a quarterly loss of $8.22 billion and year-to-date bitcoin sales totaling $218.4 million. Bitcoin subsequently dropped to $62,426, while Strategy shares slipped 3.2%.
| Asset or company | Latest price | Day change | Intraday range |
|---|---|---|---|
| MARA | $11.50 | -2.7% | $11.09-$12.07 |
| Riot Platforms, Inc. NASDAQ:RIOT | $20.75 | -6.2% | $20.34-$23.12 |
| CleanSpark, Inc. NASDAQ:CLSK | $14.02 | -3.6% | $13.57-$15.08 |
| IREN Limited NASDAQ:IREN | $37.67 | -1.5% | $35.18-$41.25 |
| Bitcoin | $63,129 | -2.5% | $62,426-$65,266 |
Most recent prices as of approximately 13:57 EDT.
MARA’s percentage change tracked bitcoin closely. Riot trailed MARA by around 3.5 percentage points. CleanSpark’s performance was behind by approximately 0.9 point, and IREN saw a smaller drop.
The firm’s disclosures provide clearer confirmation of reduced treasury beta. MARA concluded March holding 35,303 bitcoin, a decrease of 34.4% from 53,822 at the end of the previous year.
| Constant-price balance-sheet scenario | Dec. 31, 2025 basis | March 31, 2026 basis |
|---|---|---|
| Bitcoin held | 53,822 BTC | 35,303 BTC |
| Assumed value at $63,129 per BTC | $3.40 billion | $2.23 billion |
| Outstanding notes and credit line | $3.60 billion | $2.42 billion |
| Net value after debt and credit | -$202 million | -$188 million |
| Bitcoin worth as % of market value | 77.7% | 51.0% |
| Treasury value change from 1% BTC shift | $34.0 million | $22.3 million |
Initial scenario based on Friday’s bitcoin value and previous balances. Leases are not included in notes and credit. The March column presumes no later bitcoin activity and should not be viewed as reflecting MARA’s current holdings.
The constant-price method yields a significant outcome. MARA’s shortfall in bitcoin value compared to notes and credit showed little movement, narrowing from roughly $202 million to $188 million.
Gross exposure saw a significantly larger shift. Currently, for every 1% move in bitcoin, the treasury value on a March basis shifts by roughly $22.3 million. This represents 0.51% of MARA’s present market capitalization, compared with 0.78% when calculated with December holdings.
MARA reduced its bitcoin exposure in favor of decreasing debt. The company’s long-term notes dropped by nearly $984 million in the quarter, while its credit facility was reduced by an additional $200 million. Cash balances were down by just $33.5 million.
| Reported balance-sheet item | Dec. 31, 2025 | March 31, 2026 | Change |
|---|---|---|---|
| Cash and equivalents | $547.1 million | $513.7 million | -6.1% |
| Bitcoin holdings, reported fair value | $4.71 billion | $2.41 billion | -48.8% |
| Long-term notes payable | $3.20 billion | $2.22 billion | -30.7% |
| Credit line | $350.0 million | $150.0 million | -57.1% |
| Total assets | $7.29 billion | $4.95 billion | -32.1% |
Reported balances; changes in bitcoin fair value reflect combined effects of sales and price fluctuations.
The tradeoff is straightforward. A bitcoin recovery now adds less significant value compared to prior periods. Meanwhile, reduced debt means there are fewer fixed claims on upcoming cash flows and assets.
Mining economics will continue to play a significant role in second-quarter results. Hashrate rose 33% in the first quarter, but bitcoin output dropped 1.7%. At owned facilities, energy cost per bitcoin mined climbed 12%.
| Operating measure | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $174.6 million | $213.9 million | -18.4% |
| Bitcoin produced | 2,247 | 2,286 | -1.7% |
| Energized hashrate | 72.2 EH/s | 54.3 EH/s | +33.0% |
| Purchased energy cost per BTC, owned sites | $40,047 | $35,728 | +12.1% |
| Miner efficiency | 17.6 J/TH | 19.3 J/TH | -8.8% |
| Average price of bitcoin mined | $76,288 | $93,317 | -18.2% |
A machine is more efficient when it uses fewer joules per terahash.
Increased computing capacity failed to yield equivalent growth in bitcoin output. This, coupled with decreased bitcoin prices, led to an 18% decline in quarterly revenue. The upcoming August report will indicate if the gap between operations and results has lessened.
The next assessment concerns MARA’s high-performance computing initiative. The company’s planned facility in Texas may secure access to one gigawatt by October 2027, with potential to expand to two gigawatts by April 2028. Its broader assets might ultimately supply approximately 4.8 gigawatts.
Chief Executive Fred Thiel stated that locations offering stable, scalable power are set to become “increasingly valuable.” Still, the assets are long-dated. Investors continue to look for tenant agreements, construction costs, and financing conditions. SEC
Risks: Bitcoin’s price may decline further, electricity expenses could increase, or MARA could liquidate additional coins. Data-center initiatives are subject to risks in permitting, securing financing, and tenant execution. The treasury estimate referenced from March is subject to significant revision upon release of second-quarter asset disclosures.
The most straightforward indicators on August 6 will be the closure of bitcoin holdings and mining expenditure. Figures on production increases and contracted computing power follow in importance. GAAP earnings could be less informative, as fluctuations in digital-asset fair value often dictate headline results.
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