NEW YORK, June 30, 2026, 17:04 (EDT)
- MARA ended its last session at $13.89, off 0.9%. Volume was close to 42 million shares.
- Bitcoin dropped 2.6%. MARA lost less than Hut 8, Riot and CleanSpark, but still trailed broad U.S. equity ETFs.
- MARA’s reported bitcoin holdings are worth about $2.07 billion at current prices, close to 39% of the company’s market cap.
- Nasdaq will be closed July 3 for the Independence Day observed holiday.
MARA Holdings, Inc. NASDAQ:MARA ended the U.S. cash session Tuesday at $13.89, down 0.9% as bitcoin extended losses and broad tech benchmarks gained. The stock swung between $13.285 and $14.02, a 5.2% range, with 42.0 million shares changing hands. That’s about 11% of the 381.27 million shares outstanding on Google Finance.
MARA dropped but held up better than bitcoin, Hut 8 Corp NASDAQ:HUT, Riot Platforms Inc. NASDAQ:RIOT, and CleanSpark Inc. NASDAQ:CLSK. Still, it lagged SPDR S&P 500 ETF Trust (NYSEARCA:SPY) and Invesco QQQ Trust NASDAQ:QQQ.
| Instrument | Google Finance ticker | Last | Day move |
|---|---|---|---|
| MARA Holdings, Inc. | NASDAQ:MARA | $13.89 | -0.9% |
| Bitcoin | BTC | $58,659 | -2.6% |
| Hut 8 Corp | NASDAQ:HUT | $115.45 | -2.4% |
| Riot Platforms Inc. | NASDAQ:RIOT | $27.38 | -1.4% |
| CleanSpark Inc. | NASDAQ:CLSK | $14.55 | -5.4% |
| CoinShares Bitcoin Mining ETF | NASDAQ:WGMI | $63.07 | -1.1% |
| SPDR S&P 500 ETF Trust | NYSEARCA:SPY | $746.77 | +0.7% |
| Invesco QQQ Trust | NASDAQ:QQQ | $736.40 | +1.6% |
Table shows market data taken from 20:45 to 20:49 UTC.
Another number to watch is the bitcoin coverage ratio. MARA’s latest 10-Q showed 35,303 bitcoin held as of March 31, with the company saying it could buy or sell bitcoin as it wants. Valued at Tuesday’s $58,659 bitcoin price, that haul comes to $2.07 billion, or around 39% of MARA’s $5.28 billion market cap.
| Valuation marker | Figure | Read-through |
|---|---|---|
| Market cap | $5.28 bln | Price at Tuesday close |
| Latest bitcoin count | 35,303 BTC | March 31 reported |
| BTC holding value | $2.07 bln | BTC spot quote from Tuesday |
| BTC holding as % of market cap | 39% | No change assumed since March 31 |
| Cash at March 31 | $513.7 mln | Does not count restricted cash |
| Total debt at March 31 | $2.45 bln | Figure from 10-Q |
| Long Ridge Q1 adj. EBITDA | $25.4 mln | June 25 slide deck |
| Deal value / simple run-rate Q1 adj. EBITDA | about 14.8x | Is not company guidance |
The gap matters since MARA shares now trade above the value of the bitcoin it holds. Using March 31 cash, debt, and the current bitcoin price, the enterprise-value residual lands near $5.14 billion. That’s what investors are paying for mining, debt, power assets and the company’s planned data-center build.
Marathon Digital’s June 25 filing put the Long Ridge Energy & Power deal back in focus for investors. The company said it agreed to acquire Long Ridge for a base price of $1.5 billion, making the Ohio power-plant operator an indirect wholly owned unit.
Reuters said in April that Long Ridge has a 505-megawatt combined-cycle gas plant in Hannibal, Ohio, plus over 1,600 acres that MARA plans to use for a data center campus. “It has all the key components for us, for the ideal data center campus,” MARA CEO Fred Thiel told Reuters. Reuters
The June 25 slide deck gave a clearer look at run-rate. Long Ridge posted $62.0 million of Q1 revenue and $25.4 million in adjusted EBITDA. MARA’s Q1 revenue was $174.6 million, but adjusted EBITDA went negative $1.04 billion, dragged by bitcoin marks and restructuring expenses.
MARA tapped its bitcoin reserves to shore up the balance sheet earlier this year. In March, Barron’s said the company sold $1.1 billion of bitcoin to boost its push into AI computing and repurchase $1 billion of its convertible bonds. Thiel called the move one that “enhances financial flexibility and increases strategic optionality as we expand beyond pure-play bitcoin mining into digital energy and AI/high-performance computing infrastructure.” Barron’s
Wall Street remains divided on the price to put on the move. Benzinga on Tuesday had a neutral consensus, with an average target price at $17.49, a high at $30 and a low at $7. The most recent was a June 24 call from Citizens, with a $24 target.
U.S. markets have a short week. Nasdaq will shut U.S. stocks and options on Friday, July 3, for the Independence Day holiday.
