MARA Holdings

The company pivoted to Bitcoin mining in 2018 and has since assembled one of the largest publicly traded mining fleets. According to BitcoinMiningStock.io data as of December 31, 2025, MARA's operating hashrate stands at 61.70 EH/s across approximately 490,000 mining rigs. Full-year 2025 production totaled 8,799 BTC, with monthly output of 703 BTC in July, 705 BTC in August, and 736 BTC in September. MARA holds 38,689 BTC in treasury as of March 26, 2026 and carries an enterprise value of $4.85 billion as of May 8, 2026.

MARA's power footprint spans PJM, ERCOT, and SPP markets domestically. Internationally, the company operates a 250 MW immersion-cooled joint venture in Abu Dhabi and a 27 MW hydroelectric project near Paraguay's Itaipu Dam, energized in late 2023. A European regional headquarters in Paris supports operations across that region. Total controlled capacity reached 1.8 GW at year-end 2025, across a broader portfolio of 1.9 GW.

Beyond hosting mining rigs, MARA develops and sells its own mining technology. MARA Pool is the company's self-operated Bitcoin mining pool, which routes block rewards directly in-house rather than through external pool operators. MARAFW is MARA's proprietary miner firmware, delivered preloaded on the MARA UCB 2100 in-house control board, compatible with major hardware families. MARATools provides a fleet-wide management interface for remote firmware updates and miner configuration. Third-quarter 2025 revenue reached $252.4 million, with net income of $123.1 million and adjusted EBITDA of $395.6 million.

In April 2026, MARA entered into a definitive agreement to acquire Long Ridge Energy & Power LLC for approximately $1.5 billion, inclusive of assumed debt. The deal encompasses a 505 MW combined-cycle gas plant in Hannibal, Ohio and over 1,600 contiguous acres with more than 1 GW of total potential on-site power capacity. MARA plans an initial 200 MW AI/HPC data center buildout beginning in the first half of 2027, targeting service readiness by mid-2028, with capacity expandable to 600 gross MW over time. The transaction, pending HSR and FERC regulatory approvals and expected to close in the second half of 2026, would lift MARA's total controlled capacity to approximately 2.2 GW across PJM, ERCOT, SPP, and international markets. A separate partnership with MPLX opens a pathway to scale toward 3.3 GW anchored by natural gas infrastructure in the Delaware Basin.