At a glance
Marathon Digital Holdings Inc is worth $2.84B. Revenue grew 38.2% to $907.1M in fiscal 2025, at a loss; over 5 years it has grown 190.9% a year. It pays no dividend; it spent $84.7M buying back its shares over FY2021–FY2025. The stock returned −61.1% over the past year with dividends reinvested and −32.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.0% in the 2020 crash (S&P 500: 33.7%) and 84.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
MARA Holdings, formerly Marathon Digital Holdings, calls itself an energy and digital infrastructure company. Its core business is Bitcoin mining. It runs specialized computers that compete to verify transactions on the Bitcoin network, and the winners earn newly issued bitcoin plus fees. As of December 31, 2025, MARA ran about 490,000 mining machines with about 66.4 exahashes per second of computing power, a measure of mining capacity. It mined 8,799 bitcoin in 2025.
This income comes from network rewards rather than ordinary customers. So it rises and falls with bitcoin's price, the computing power rivals add and the "halving." The halving in April 2024 cut the reward per block from 6.25 to 3.125 bitcoin. MARA says it is one of the largest bitcoin holders among public companies. It lends part of those holdings and uses part in trading and as loan collateral to earn extra income. Revenue was $907.1 million in 2025, up 38.2%.
MARA runs 18 data centers across North America, the Middle East, Europe and Latin America. Together they have about 1.9 gigawatts of capacity, and MARA owns about 70% of it. The company is moving part of that power to AI inference (running trained AI models) and high-performance computing. It bought a majority stake in Exaion, a data center and cloud operator, and formed a joint venture with Starwood Digital Ventures. The 10-K treats AI revenue as potential rather than established.
Price history
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MARA -61.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $174.9M, down 26.7% from a year earlier, and net income was $-609.7M (-175.4%).
- For fiscal 2025, revenue was $907.1M (+38.2% year over year; +190.9% a year from FY2020 to FY2025) with a -144.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +190.9% good |
|---|---|
| Return on equity | -37.8% weak |
| Net income / revenue | -144.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.4M | $-10.4M | — |
| FY2021 | $159.2M | $-29.8M | — |
| FY2022 | $117.8M | $-694.0M | — |
| FY2023 | $387.5M | $261.2M | — |
| FY2024 | $656.4M | $541.3M | — |
| FY2025 | $907.1M | $-1.31B | — |
Valuation snapshot
| Market value | $2.84B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Marathon Digital Holdings’s market value went from $3.37B at the end of 2021 to $2.84B on Oct 28, 2026, down 16%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.84B | -16.4% |
| 2025 | $3.40B | -37.1% |
| 2024 | $5.40B | +3.2% |
| 2023 | $5.23B | +1208.7% |
| 2022 | $399.6M | -88.2% |
| 2021 | $3.37B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MARA price data to Oct 28, 2026 | -18.2% | -61.1% | -6.0% | -32.0% | -14.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.1% |
| 2025 | -46.5% |
| 2024 | -28.6% |
| 2023 | +586.8% |
| 2022 | -89.6% |
| 2021 | +214.8% |
| 2020 | +1084.5% |
| 2019 | -39.2% |
| 2018 | -91.2% |
| 2017 | -40.4% |
| 2016 | +7.5% |
| 2015 | -81.0% |
| 2014 | +167.3% |
| 2013 | -49.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.9% over that stretch · deepest drop along the way 63%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 68.3% over that stretch · deepest drop along the way 84.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($2.5M), 13 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 17, 2026 | Frederick G Thiel Chief Executive Officer, Director | sell (plan) | $315K |
| Oct 1, 2026 | Frederick G Thiel Chief Executive Officer, Director | sell (plan) | $309K |
| Jul 17, 2026 | Frederick G Thiel Chief Executive Officer, Director | sell (plan) | $300K |
| Aug 17, 2026 | Frederick G Thiel Chief Executive Officer, Director | sell (plan) | $253K |
| Jun 17, 2026 | Salman Hassan Khan Chief Financial Officer | sell (plan) | $228K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 6.99% | Mar 31, 2026 |
| Vanguard Capital Management | 5.05% | Mar 31, 2026 |
| G1 Execution Services, LLC | 4.9% | Sep 30, 2025 |
ETFs with the most weight in MARA
| BKCH Global X Blockchain ETF | 12.25% |
| IBLC iShares Blockchain and Tech ETF | 10.54% |
| BITQ Bitwise Crypto Industry Innovators ETF | 9.01% |
| FDIG Fidelity Crypto Industry and Digital Payments ETF | 6.98% |
| DAPP VanEck Digital Transformation ETF | 6.42% |
| WGMI CoinShares Valkyrie Bitcoin Miners ETF | 4.85% |
| CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF | 4.22% |
| STCE Schwab Crypto Thematic ETF | 4.1% |
What could go wrong
- Results depend on bitcoin's price. MARA's revenue and the value of its bitcoin rise and fall with bitcoin's price, which swings sharply. Long stretches of low prices could force it to switch off machines and could cut the value of its mining equipment.
- Bitcoin lending and trading add risk. A large share of MARA's bitcoin is lent out, used in trading or pledged as loan collateral. Borrowers could fail to pay it back. In a crash, MARA may not be able to sell or hedge in time.
- AI expansion is costly and unproven. Moving into AI and high-performance computing takes heavy spending and may take power away from mining. It also depends partly on the Starwood joint venture working out. MARA warns the strategy may not perform as planned.
- Heavy debt and need for capital. As of June 30, 2026, MARA had about $2.75 billion of debt and $421 million of cash and investments. It warns that new funding may not be available on favorable terms, or at all.
- New shares keep diluting owners. MARA sells new shares straight into the market and has issued convertible notes, which are loans that can turn into stock. Shares outstanding rose about 288% from August 2021 to July 2026.
- Halvings and rivals squeeze mining rewards. The bitcoin reward per block halves about every four years, and the next cut is expected around April 2028. MARA also has to keep adding computing power, or rivals will win a bigger share of rewards.
Recent events
- Major agreement signed
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
MARA does not pay a dividend and paid none from 2021 through 2025. An income investor would get no cash from holding it and would have to sell shares to raise money, perhaps at a low price. MARA bought back about $84.7 million of stock over those five years, mostly in 2024 and 2025. New shares far outpaced that: shares outstanding rose from about 99.6 million in August 2021 to about 386.3 million in July 2026. MARA lost $1.31 billion in 2025, so it had no earnings to pay out.
The stock has fallen hard in market downturns. In the 2020 COVID crash it dropped 63% between February 19 and March 18, 2020, then recovered by June 4, 2020. In the 2022 bear market it fell 84.4% from January to June 2022. It had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does MARA Holdings make money?
Mainly by mining bitcoin. MARA runs specialized computers that verify transactions on the Bitcoin network, and it earns newly issued bitcoin plus transaction fees. It mined 8,799 bitcoin in 2025, and revenue for the year was $907.1 million. It also seeks extra income by lending some of its bitcoin and using some in trading and as loan collateral. It is building AI inference (running trained AI models for customers) and high-performance computing services, but its 10-K describes that revenue as potential.
Does MARA pay a dividend?
No. MARA does not pay a dividend and paid none from 2021 through 2025, so owning the stock produces no cash income. It bought back about $84.7 million of its own shares over those years. Even so, the share count rose from about 99.6 million in August 2021 to about 386.3 million in July 2026. For investors who rely on portfolio income, any cash from MARA would have to come from selling shares.
Is MARA profitable?
Not in its latest full year. MARA lost $1.31 billion in 2025 on revenue of $907.1 million, a loss of $3.69 per diluted share. Its results swing widely. It earned $261.2 million in 2023 and $541.3 million in 2024, but lost $694.0 million in 2022. In the quarter ended June 30, 2026, it lost $609.7 million on revenue of $174.9 million, and revenue was down 26.7% from a year earlier.
How risky is MARA stock?
Very risky, by the usual measures. MARA's business depends heavily on bitcoin's price, which swings sharply. As of October 28, 2026, the stock's one-year beta was 3.38, meaning it tended to move more than three times as much as the overall market. Its annualized volatility, a measure of how widely its price swings, was 83.7%. It fell 61.1% over the year to that date. Its worst drop from a peak to a low across its price history was 99.7%, and it was down 85% over five years.
Is MARA getting into AI?
Yes. MARA is moving part of its power capacity toward AI inference and high-performance computing (HPC). It bought a majority stake in Exaion, which runs HPC data centers and provides secure cloud and AI infrastructure. It also signed an agreement with Starwood Digital Ventures to form a joint venture on some power-rich MARA sites, and MARA keeps up to 50% of it. Starwood will lead construction and find large cloud tenants. The venture is expected to start with more than 1 gigawatt of computing capacity, with potential to exceed 2.5 gigawatts.