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MARA Holdings, Inc.

MARA

Financial Services · 11.97 +4.8% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

Market read

MARA Holdings, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 26 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.

Company+4.8% todayVolume comparison unavailable
Market group0 of 26 activeHigh-Beta Risk-On · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Purchased energy costs per bitcoin at MARA's owned mining sites rose to $39,328, while production declined 3% as network difficulty increased.
  • Stock-based compensation expense decreased $19.8M, primarily due to reversal for forfeitures related to the 2026 Restructuring Plan, partially offset by new LTIP awards.

Invalidation: The isolated read changes if MARA's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Financial Services · Capital Markets

No new filing conclusion is available. 0 of 26 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Purchased energy costs per bitcoin at MARA's owned mining sites rose to $39,328, while production declined 3% as network difficulty increased.
  • Stock-based compensation expense decreased $19.8M, primarily due to reversal for forfeitures related to the 2026 Restructuring Plan, partially offset by new LTIP awards.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Brokerage and capital-markets earnings model

For brokers and capital-markets platforms, the key question is how client activity, interest rates, customer balances, margin lending and market conditions translate into earnings and capital needs.

Key research questions
  • Can client and activity growth offset pressure from lower rates or weaker trading volumes?
  • Are customer balances, margin lending and credit conditions changing the risk profile?
  • Does the valuation reflect a durable earnings model or unusually favorable market conditions?
Annual periods9
Price observations328
Usable filing statements207
Verified relationships13
Evidence supporting the case
  • Credit and interest rates has repeated favorable evidence across 5 filings.
  • Energy and commodity prices has repeated favorable evidence across 5 filings.
Evidence challenging the case
  • Latest annual revenue changed -39.2% year over year.
  • Operating margin changed -2402.6 percentage points in the latest annual period.
  • Net margin changed -2794.8 percentage points in the latest annual period.
  • Diluted shares increased 13.9% in the latest annual period.
  • Restructuring and cost reductions has repeated adverse evidence across 5 filings.
  • Data center and AI demand has repeated adverse evidence across 3 filings.
Questions before a position
  • EV/sales is 5218% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

11.97
6m+36.6%12m-24.5%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$24.2M+455.9%$-0.30+22.0%
2022-12-31$9.9M-59.2%$-6.12+14.2%
2023-12-31$57.7M+483.8%$1.06
2024-12-31$96.5M+67.3%$1.72
2025-12-31$58.7M-39.2%$-3.69+13.9%

What management says matters

Persistent and emerging business drivers

Credit and interest ratespositive · 5 filings
Interest expense decreased for the six months ended June 30, 2026 primarily due to the eliminated interest expense related to our prior credit facilities, partially offset by interest expense associated with our interest bearing Convertible Notes and the 2026…
10-Q · Aug 6, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 72.4× · EV/sales 117.6×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.

Price action

How the market is pricing the story

11.97+4.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for MARA. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for MARA. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind MARA

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

MPLXMPLX LPpartnerMar 2, 2026

MPLX : In November 2025, we announced a letter of intent with MPLX LP aimed at expanding our access to lower-cost natural gas and scalable power capacity to support the development of on-site power generation and compute infrastructure.

CLSKCleanSpark, Inc.partnerMar 2, 2026

Our self-constructed Peer Group Index consists of members of our peer group with available publicly traded market data as of, and subsequent to, December 31, 2020, and consists of: Bitfarms Ltd.

Depended on by

IRENIREN LimitedpartnerAug 28, 2025

Our self-constructed Peer Group Index consists of members of our peer group with available publicly traded market data as of, and subsequent to, November 16, 2021, and consists of: Bitdeer Technologies Group (BTDR), Bitfarms Ltd.

Filing peers

No filing peers are available for this name yet.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 7 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

MARA is currently a Follower in the organic co-movement group High-Beta Risk-On. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.