MARA Holdings, Inc. (MARA)

MARA Holdings ("MARA") is an energy and digital infrastructure company that acquires, manages, and allocates energy to its highest-value uses, using Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power while developing artificial intelligence (AI) inference and high-performance computing (HPC) capabilities. The company operates across four continents and 18 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts of total capacity, and has shifted from an asset-light model to owning approximately 70% of its operating capacity to enhance control, margins, and capital efficiency. As part of its AI/HPC expansion, MARA acquired a majority interest in Exaion SaS, a French HPC and secure cloud/AI infrastructure provider, and entered a Strategic Agreement with Starwood Digital Ventures to jointly develop, finance, and operate AI/HPC infrastructure on select sites, retaining up to 50% ownership in a joint venture targeting over 1 GW of initial IT capacity with potential expansion to 2.5 GW.

Bitcoin mining remains the company's foundation: as of December 31, 2025, MARA operated approximately 490,000 mining rigs (including its share via the ADGM equity investee) with an energized hashrate of 66.4 EH/s, mining 8,799 bitcoin during 2025 and holding total bitcoin (including under its digital asset management strategy) of 53,822 BTC, valued at approximately $4.7 billion at a $87,498 spot price. The company treats bitcoin as a productive asset, generating $32.1 million in interest income from lending 9,377 BTC and pledging 5,938 BTC as collateral, while also opportunistically selling bitcoin since mid-2025 to fund operations and capital projects; combined cash and digital assets totaled $5.3 billion at year-end. Key 2025 milestones included increasing hashrate to 66.4 EH/s, acquiring a Texas wind farm (240 MW interconnection/114 MW nameplate capacity) for a behind-the-meter data center, signing a letter of intent with MPLX LP for natural gas and power capacity, expanding its Nebraska campus by ~40% via a 42 MW acquisition (closed post-year-end), and completing the Exaion acquisition (closed post-year-end).

Major owned sites include Central Texas (550 MW total capacity, including the 300 MW Granbury immersion-cooled facility, its top-performing site and first inference integration location), East Ohio (225 MW), North Texas (180 MW wind farm), Central Ohio (150 MW), Central Nebraska (142 MW), and international operations (77 MW) across three countries, plus hosted sites in North Dakota, West Texas, and elsewhere totaling 537 MW and 29.2 EH/s. The company competes with other digital asset miners and, increasingly, with established AI/HPC data center operators for land, power, hardware, and customers. MARA holds six U.S. patents and 18 pending patent applications related to mining efficiency and cooling systems, and relies on trade secrets and other IP protections, while also using open-source technology common in both mining and AI.

The company operates in a complex regulatory environment overseen by the SEC, CFTC, FTC, and FinCEN, with favorable state-level conditions in Texas and North Dakota, and is monitoring emerging federal legislation such as the GENIUS Act (governing stablecoins) and the proposed CLARITY Act (which would grant CFTC authority over digital commodities), as well as evolving AI-related regulatory frameworks that could affect its infrastructure expansion.