MARA Holdings, Inc. (MARA)

MARA is an energy and digital infrastructure company focused on acquiring, managing, and allocating energy to its highest-value uses. It uses Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power, and it is developing artificial intelligence (AI) inference and high-performance computing (HPC) capabilities in parallel. The company operates 18 data centers across North America, the Middle East, Europe, and Latin America, with about 1.9 GW of total capacity, and has shifted from an asset-light model to one where owned sites make up roughly 70% of its capacity.

Bitcoin mining remains the foundation of the platform. As of December 31, 2025, MARA operated about 490,000 mining rigs with an energized hashrate of roughly 66.4 EH/s, and it mined 8,799 bitcoin during 2025. It held 53,822 bitcoin at year end, and it activates part of its holdings through lending, structured trading, and collateralized financing; about 15,315 bitcoin were deployed this way, generating roughly $32.1 million of interest income. It began selling bitcoin in the second half of 2025 to fund operations. On the AI side, it has deployed initial inference infrastructure and sells tokens to the marketplace, but has not generated material revenue from these activities. It acquired a majority interest in Exaion, a French developer and operator of HPC data centers and secure cloud and AI infrastructure. It also entered a Strategic Agreement with Starwood Digital Ventures to develop AI and HPC infrastructure on select sites through a joint venture in which MARA keeps up to 50%. Starwood would lead construction, secure hyperscale tenants, and operate the assets, with more than 1 GW of initial IT capacity and a possible path to over 2.5 GW. MARA also takes part in Bitcoin-related projects in hardware, firmware, mining pools, and side chains, and owns six U.S. patents with 18 applications pending.

MARA earns bitcoin rewards, made up of block subsidies and transaction fees, by contributing computing power to the Bitcoin network. For AI and HPC, it expects revenue from offering inference compute capacity and private, dedicated cloud solutions to third-party customers, priced on usage or capacity commitments. It targets secure and private use cases for enterprises and the public sector, including edge deployments. Profitability depends on the bitcoin price, network hashrate and difficulty, the April 2028 halving, energy costs, and utilization of AI capacity.

Owned sites provide about 1,324 MW of total capacity and 37.2 EH/s. They include Central Texas (including the roughly 300 MW Granbury liquid immersion-cooled site), East Ohio, North Texas (a wind farm), Central Ohio, Central Nebraska, and five international facilities in three countries. Five third-party hosted sites in North Dakota, West Texas, and other locations add about 537 MW and 29.2 EH/s. MARA competes with other miners and mining pools on hashrate and efficiency. In AI and HPC it competes with hyperscale cloud providers and data-center operators for land, power, hardware, talent, and customers.