MIAMI, August 29, 2026, 21:04 EDT – MARA shares slipped 10.2%, erasing $466 million from the company’s value as Bitcoin-backed borrowing showed further growth.
- MARA ended Friday at $10.67, falling 10.15%, with 41.93 million shares traded.
- The drop wiped out roughly $466 million in equity value.
- As of June 30, cash and bitcoin amounted to $2.5 billion, representing 61% of the company’s market value on Friday.
- Additional bitcoin-backed loans total $600 million, with a weighted interest rate of 7.56%.
MARA Holdings, Inc. (NASDAQ: MARA) dropped 10.15% on Friday, with a dip in bitcoin reviving worries over the miner’s exposure to balance-sheet shifts.
The stock fell $1.21 to close at $10.67, with 41.93 million shares changing hands. The drop wiped about $466 million from the market value, based on 386.3 million outstanding shares.
Bitcoin was last quoted around $78,166 late Saturday, gaining 0.6% compared with its previous close. MARA’s Friday decline surpassed the cryptocurrency’s weekend change and corresponded with widespread selling among listed mining firms.
| Friday comparison | Close | Move | Market value |
|---|---|---|---|
| MARA | $10.67 | -10.15% | $4.07 billion |
| Riot Platforms | $18.99 | -9.05% | $6.60 billion |
| Cipher Digital | $15.17 | -9.54% | $6.21 billion |
| TeraWulf | $15.35 | -6.82% | $7.46 billion |
MARA’s Q2 results highlight the stock’s reputation as a leveraged play on bitcoin. The company reported a 27% drop in revenue to $174.9 million. Net loss reached $611.3 million, with a $343 million digital-asset mark-to-market loss a significant factor.
Adjusted EBITDA stood at negative $360.9 million, compared with positive $1.2 billion in the same period a year before, when higher bitcoin values led to significant accounting gains.
The asset buffer is still significant. As of June 30, MARA possessed 35,577 bitcoin valued at roughly $2.1 billion. With cash and equivalents contributing an additional $421.3 million, the total combined holdings reached nearly $2.5 billion.
The pool amounts to roughly 61% of Friday’s $4.07 billion market capitalization. However, 9,270 bitcoin—accounting for 26% of the total holdings—were either loaned out or used as collateral.
Leverage rose following the quarter’s end. MARA secured $600 million in additional bitcoin-backed loans at an average cost of 7.56%. The company also refinanced a $150 million facility.
The capital will back MARA’s planned acquisition of the Long Ridge power facility. The project is expected to deliver an initial 200 megawatts for AI and critical computing by mid-2028, with potential to scale up to 600 megawatts.
MARA has also partnered with Starwood Digital Ventures. The collaboration aims for roughly one gigawatt of AI capacity in the near term, with plans to surpass 2.5 gigawatts in the future.
The shift provides another method for valuation. It also demands upfront capital ahead of realized AI revenue under contract.
Mining activities grew even as profitability softened. Energized hashrate climbed by 22% to 70.3 exahashes per second. MARA mined 2,422 bitcoin, with the energy cost per coin up 15% to $38,690.
Analyst opinions are split. According to a recent third-party consensus, there are eight buy ratings, two holds, and two sells. The mean price target stands at $18.78, with projections spanning from $6 up to $30.
Risks: A further drop in bitcoin would lower collateral values and impact reported earnings. AI initiatives are exposed to risks from delays involving permits, construction, and tenants. Increased borrowing costs may impact returns ahead of revenue from new campuses.
Following Friday’s selloff, MARA trades at about six times its annualized revenue for the second quarter. The gap to analyst targets remains large, and the next valuation shift will hinge on new AI contracts or improved bitcoin fundamentals.
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