New York, June 2, 2026, 16:05 EDT
- MARA shares changed hands at $14.23, off roughly 4.2%. Bitcoin was near $67,071.
- Riot Platforms and CleanSpark shares also dropped as bitcoin miners sold off with the wider crypto market.
- BTIG kept its Buy call and $27 target on MARA a day ago, but other analysts are still divided on the company’s move into power and AI infrastructure. The pressure remains.
MARA Holdings stock dropped Tuesday with bitcoin sinking below $70,000. The move adds pressure to the miner, which has been telling investors it is now more than just a leveraged play on bitcoin.
MARA shares changed hands at $14.23, off 4.2%. Trading volume topped 33 million. Bitcoin, which MARA both mines and keeps on its books, hovered around $67,071, down over 6%.
MARA’s stock now sits between a recent bitcoin drop and its push to use power assets for AI data centers. Bitcoin mining uses special computers to process transactions and collect new coins. When bitcoin’s price drops, miners can feel the squeeze in both earnings and asset values.
Peers dropped too. Riot Platforms slid around 3.3%. CleanSpark gave up about 6.5%. The selling pressure hit the group, not just MARA.
Crypto dropped again after Strategy Inc, the company once called MicroStrategy, made a rare and small bitcoin sale, MarketWatch said. The sale was minor compared to Strategy’s total holdings but put pressure on the idea that big corporate holders wouldn’t sell on a dip.
MARA didn’t post a new operating update to its investor-relations site on Tuesday. The most recent press release was from May 15, about consent results on Long Ridge Energy notes. MARA’s latest quarterly filing is dated May 11.
MARA’s first-quarter numbers put bitcoin’s importance in the spotlight. The company’s filing showed revenue of $174.6 million, which is down roughly 18% from the same period last year. The net loss to common shareholders was about $1.26 billion, or $3.31 per share.
MARA reported it mined 2,247 bitcoin for the quarter, a 2% drop from last year. It blamed higher global hashrate, which boosted network difficulty and meant fewer blocks, though increased operating capacity offset some of the decline.
The balance sheet got attention too. As of March 31, MARA reported 35,303 bitcoin on hand, valued at $2.4 billion. That figure includes bitcoin tied to its digital asset management plans. The company also said it sold roughly 20,880 bitcoin last quarter for $1.5 billion in proceeds.
MARA is moving to cut that reliance. In April, the company said it would buy Long Ridge Energy & Power for roughly $1.5 billion, including debt. The deal brings a 505-megawatt gas plant in Hannibal, Ohio, along with land for a planned digital infrastructure campus. Hyperscalers—big cloud and computing firms—are the main customers for these sites.
Marathon Digital CEO Fred Thiel described the Long Ridge property as having “all the key components” for a top data-center campus, telling Reuters the site includes a power plant, land with industrial permits, and tenant demand. Reuters
Analysts are divided over just how important the shift is. BTIG Research kept its Buy rating on MARA on Monday, sticking with a $27 price target. MarketBeat said most analysts are at Hold for the stock, with an average target of $18.38.
Cantor Fitzgerald’s Brett Knoblauch called MARA’s Starwood data-center deal “the most meaningful step” the company has taken on AI so far this year. Guggenheim’s Jonathan Lee said investors still want “more clarity” on tenant contracts and timelines. Barron’s
The worry is bitcoin could drop more before MARA’s AI and power plan brings in steady cash. The Long Ridge deal also isn’t done yet—MARA flagged possible changes in closing terms, financing and execution risks. Regulatory sign-off is still pending.
MARA traded like a mining stock again today. The AI angle could shape where it goes in the years ahead, but bitcoin still calls the shots on a rough crypto day, as Tuesday’s action showed.
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