New York, June 28, 2026, 16:01 (EDT)
- MARA closed Friday at $14.54, up roughly 4.5%. Bitcoin traded near $59,399 Sunday afternoon in New York.
- MARA reported 35,303 BTC as of March 31. At Sunday’s bitcoin price, that stash is valued around $2.10 billion, about 38% of the company’s equity as of Friday.
- Long Ridge posted new numbers in a June 25 filing: first-quarter revenue came in at $62.0 million with adjusted EBITDA of $25.4 million. For comparison, MARA booked $174.6 million revenue and recorded a $1.04 billion adjusted EBITDA loss.
- Nasdaq shuts for Independence Day on July 3, so there are four normal sessions in the coming week.
MARA Holdings, Inc. NASDAQ:MARA heads into a shortened U.S. trading week with a clearer issue for investors: is the stock mostly a bitcoin play, or has it started to trade more on its power assets?
The shares finished Friday at $14.54, up 63 cents. About 56.8 million shares traded, putting the market cap close to $5.53 billion. Riot Platforms Inc. NASDAQ:RIOT and CleanSpark Inc. NASDAQ:CLSK also moved higher, but now MARA’s action has another catalyst after last week’s Long Ridge filing.
| Company | Last price | Day move | Market value | Volume |
|---|---|---|---|---|
| MARA Holdings, Inc. NASDAQ:MARA | $14.54 | up 4.5% | $5.53 bln | 56.8 mln |
| Riot Platforms Inc. NASDAQ:RIOT | $28.57 | up 2.5% | $9.93 bln | 28.3 mln |
| CleanSpark Inc. NASDAQ:CLSK | $16.33 | up 2.5% | $3.72 bln | 20.0 mln |
Bitcoin was at $59,399 Sunday afternoon, below the $68,222 fair value per bitcoin recorded by MARA at March 31. If MARA’s 35,303 BTC holdings haven’t changed, the total would be worth around $2.10 billion, about $311 million less than the March 31 fair-value calculation. MARA said in its quarterly filing that swings in the bitcoin market could have a material impact on bitcoin fair value.
The stock faces more pressure ahead of the June 30 quarter close. Implied bitcoin value now makes up around 38% of MARA’s market cap as of Friday, falling from the $2.41 billion that MARA listed for its total bitcoin holdings at March 31.
| MARA bitcoin math | Figure |
|---|---|
| Friday’s market cap | $5.53 bln |
| Most recent bitcoin stash | 35,303 BTC |
| Worth at Sunday bitcoin price | $2.10 bln |
| Bitcoin as % of equity | 38% |
| Change from March 31 BTC fair value | -$311 mln |
Long Ridge Energy & Power is the other company involved. MARA put out an investor presentation on June 25 with some Q1 financials for both itself and Long Ridge. Long Ridge’s revenue came in below MARA’s, but it posted a positive adjusted EBITDA. MARA, on the other hand, saw its adjusted EBITDA weighed down by bitcoin fair-value losses.
| Q1 2026, $ mln | MARA | Long Ridge |
|---|---|---|
| Revenue | 174.6 | 62.0 |
| Net loss to common holders/members | (1,259.6) | (6.5) |
| Adjusted EBITDA | (1,037.7) | 25.4 |
| Cash | 513.7 | 8.3 |
| Property, plant and equipment | 1,406.1 | 1,524.5 |
MARA put the base price of the Long Ridge deal near $1.5 billion and said Long Ridge will become an indirect unit fully owned by MARA. In its June 25 filing, the company said it posted the presentation to give investors more details on the deal.
MARA’s latest quarterly filing says the Long Ridge assets feature a 505-megawatt combined-cycle gas plant based in Hannibal, Ohio. The site covers over 1,600 acres with water, fiber, and rail access. The company said this could be used for AI, high-performance computing, bitcoin mining or selling power in the wholesale market.
“It has all the key components for us, for the ideal data center campus,” MARA CEO Fred Thiel told Reuters in April. Thiel said MARA had seen interest from possible tenants, like hyperscalers, and expects a tenant will be lined up about when the deal closes. Reuters
Wall Street is pushing the same story right now. Citizens analyst Greg Miller wrote that bitcoin miners are shifting power to high-performance computing. “The need for powered capacity continues to grow,” Miller said in a note, cited by Stocktwits on TradingView. Citizens started coverage of MARA, CleanSpark and Bitdeer Technologies Group NASDAQ:BTDR at Outperform. It set a $24 target for MARA. TradingView
This week is a short one. The second quarter ends on June 30, and Nasdaq is closed July 3 for the Independence Day holiday. That gives MARA four regular trading days for the quarter’s final bitcoin price and to see where the Long Ridge financing goes next.
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