Track market-moving stories before they get noisy

In the latest trading session, Marathon Digital Holdings, Inc. (MARA - Free Report) closed at $12.12, marking a -5.09% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.05%. At the same time, the Dow added 0.46%, and the tech-heavy Nasdaq lost 0.64%.

The company's shares have seen a decrease of 8% over the last month, not keeping up with the Finance sector's gain of 1.74% and the S&P 500's gain of 0.61%.

The investment community will be paying close attention to the earnings performance of Marathon Digital Holdings, Inc. in its upcoming release. The company is slated to reveal its earnings on August 6, 2026. The company is expected to report EPS of -$0.56, up 30.86% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $208.49 million, indicating a 12.58% downward movement from the same quarter last year.

MARA's full-year Zacks Consensus Estimates are calling for earnings of -$4.98 per share and revenue of $797.06 million. These results would represent year-over-year changes of -34.96% and -12.13%, respectively.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Marathon Digital Holdings, Inc. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Marathon Digital Holdings, Inc. is currently a Zacks Rank #3 (Hold).

The Financial - Miscellaneous Services industry is part of the Finance sector. With its current Zacks Industry Rank of 182, this industry ranks in the bottom 27% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Earnings Webcast and Conference Call Set for Thursday, August 6, 2026 at 5:00 p.m. Eastern Time

Miami, FL, July 22, 2026 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a leading digital energy and infrastructure company, will hold a webcast and conference call on Thursday, August 6, 2026 at 5:00 p.m. Eastern Time to discuss its financial results for the quarter ended June 30, 2026. Financial results will be published in a shareholder letter prior to the call on the investor relations section of the Company’s website.

To register to participate in the conference call or to listen to the live audio webcast, please use this link. The webcast will also be broadcast live and available for replay via the investor relations section of the Company’s website.

Earnings Webcast and Conference Call Details

Date: Thursday, August 6, 2026
Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)
Registration link: LINK

If you have any difficulty joining the conference call, please contact MARA’s investor relations team at [email protected].

About MARA

MARA (NASDAQ: MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

For more information, visit www.mara.com, or follow us on:

Twitter: @MARA
LinkedIn: www.linkedin.com/company/maraholdings
Facebook: www.facebook.com/MARAHoldings
Instagram: @maraholdingsinc

MARA Company Contact:

Telephone: 800-804-1690
Email: [email protected]

MARA Media Contact:

Email: [email protected]

Frederick G. Thiel, the chief executive officer of MARA Holdings, Inc. (MARA +4.97%), reported a sale of 27,505 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$300,000Shares sold27,505Post-transaction shares (directly held)4,471,403Post-transaction value$47.8 millionTransaction value based on SEC Form 4 weighted average sale price ($10.90); post-transaction value based on July 17, 2026 market close ($10.69).

Key questionsWhat was the structural context of this transaction?
The sale was executed under a Rule 10b5-1 trading plan established on May 28, 2025, a mechanism that allows corporate insiders to schedule trades in advance to mitigate potential concerns regarding non-public information.How does this impact the CEO's total equity position?
Frederick G. Thiel continues to hold a substantial direct interest in the company, with the current disposition reducing his direct holdings by less than 1% to a total of 4,471,403 shares.What is the current valuation of the remaining holdings?
Using the July 17, 2026, market close price of $10.69, the executive's remaining direct equity position is valued at $47.8 million.What is the recent performance of the equity?
Shares of the digital asset technology company have experienced a one-year decline of about 35%.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$12.25Market Capitalization$4.7 billionRevenue (TTM)$867.8 millionNet Income (TTM)-$2.0 billionCompany SnapshotMARA Holdings operates as a digital asset technology company focused on Bitcoin mining, generating revenue through the ownership and operation of Bitcoin mining facilities and data centers, the sale of proprietary software and technology to third parties within the Bitcoin ecosystem, and the provision of advisory and consulting services to support Bitcoin mining ventures across domestic and international jurisdictions.The company's business model centers on leveraging proprietary mining infrastructure and technology to extract Bitcoin while optimizing operational efficiency through renewable energy generation and resource management.MARA's primary customers include institutional and retail investors seeking Bitcoin exposure, third-party Bitcoin mining operators requiring technology solutions and consulting services, and enterprises evaluating Bitcoin mining ventures in various jurisdictions.MARA Holdings, Inc. operates as a significant participant in the digital asset and cryptocurrency mining sector. The company maintains a focused strategy on Bitcoin ecosystem development, combining mining operations with technology licensing and advisory services to capture value across multiple segments of the Bitcoin infrastructure market. Despite current net losses, MARA's diversified revenue streams and proprietary technology position it as a vertically integrated player in the evolving digital asset infrastructure landscape.

What this transaction means for investorsThe plan governing this sale dates to May 2025, roughly fourteen months before it executed, with MARA trading at slightly higher levels then, at around $14 to $16, effectively meaning shares haven’t delivered consistent gains since. With this sale, he collected about $300,000 while holding onto 4,471,403 shares worth $47.8 million, so less than 1% of his position moved. That’s a scale that says he remains tied to the outcome far more than any single sale suggests.

That outcome now hinges on Bitcoin's price more than mining itself. First-quarter revenue fell 18% to $174.6 million as the cryptocurrency’s average price dropped, and the company posted a $1.26 billion net loss. CFO Salman Khan attributed roughly $1 billion of it to "the unrealized mark-to-market fair value adjustment for digital assets." MARA also sold about $1.5 billion of Bitcoin during the quarter, using proceeds to retire roughly $1 billion in convertible notes, a sharp break from its old refusal to sell. That’s what long-term investors should be mindful of. MARA's reported results can swing on Bitcoin's quarterly price move, which makes the shares effectively a bet on the asset rather than on the mining business underneath.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

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Shares of Hut 8 (NASDAQ:HUT) are surging in Monday morning trading, with the stock up 10% to $100.58 after the energy infrastructure operator announced a second hyperscale AI data center lease that fully commercializes its flagship Texas campus. The move extends a volatile stretch for the name, which had fallen 23% over the past month heading into the announcement.

The rally is dragging peer miners higher in sympathy. Marathon Digital (NASDAQ:MARA | MARA Price Prediction) shares are up 8% to $11.57, and Riot Platforms (NASDAQ:RIOT) shares are trading 4% higher at $19.03. The CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is along for the ride, with the ETF up 8% to $51.58.

Notably, the sector is rallying while Bitcoin (CRYPTO:BTC) trades slightly lower over the past 24 hours at $64,317. That divergence signals the move is idiosyncratic to the AI infrastructure theme rather than a crypto beta trade.

Beacon Point Deal Fully Commercializes Texas Campus Hut 8 signed a second 15-year, $9.8 billion lease that fully commercializes its 1-gigawatt Beacon Point AI data center campus in Nueces County, Texas. The existing high-investment-grade tenant doubled its contracted footprint to 704 MW, and the campus base-term contract value now stands at $19.6 billion, rising to as much as $50.2 billion if all renewal options are exercised.

The total contracted portfolio value across Beacon Point and River Bend now reaches $26.6 billion, with expected average annual net operating income above $1.75 billion. The Phase 2 data hall spans 352 MW and is designed to NVIDIA‘s (NASDAQ:NVDA) DSX reference architecture, tying Hut 8 directly to the NVIDIA AI factory buildout that CEO Jensen Huang has called “the largest infrastructure expansion in human history.”

Campus energization is on track for Q1 2027, with first Phase 2 delivery expected in Q2 2028. Beacon Point was originally developed on a speed-to-power basis for affiliated miner American Bitcoin before being converted to AI leases.

KBW Reiterates Outperform Keefe, Bruyette & Woods (KBW) maintained an Outperform rating with a $138 price target on Hut 8 shares following the announcement. That target sits above the current print and reinforces the analyst community’s read that Hut 8’s shift toward contracted, investment-grade cash flow is worth a premium to the mining peer set.

The setup echoes prior notes. Benchmark’s Mark Palmer had already lifted his Hut 8 price target to $165 from $85, and Lucid Capital Markets initiated the stock at Buy with a $226 price target.

Hut 8’s Peers Ride the Theme To be clear, the concrete news belongs to Hut 8 alone. Marathon Digital and Riot Platforms shares are moving on renewed enthusiasm for the Bitcoin-miner-to-AI-infrastructure pivot rather than company-specific catalysts.

Marathon Digital is pursuing its own transition through a Starwood partnership converting roughly 90% of non-hosted mining capacity to AI and critical IT compute sites, plus a pending acquisition of the 505 MW Long Ridge Energy plant expected to close in H2 2026. Riot Platforms has already booked debut data center revenue from its $636 million, 10-year Advanced Micro Devices (NASDAQ:AMD) lease at Rockdale and is targeting portfolio NOI of $1.6 billion to $2.1 billion on full development.

The WGMI ETF offers a basket way to play the cohort. However, the fund is narrow and volatile, with meaningful concentration risk.

What to Watch Now Traders can watch for whether today’s crypto-stock gains hold into the close. The next anticipated catalyst is Hut 8’s Q2 2026 earnings release on August 4, before the open, which management has flagged may look messy on mark-to-market accounting.

For Marathon Digital and Riot Platforms, the read-through is simpler. If hyperscale tenants keep signing 15-year and 20-year deals at gigawatt scale, the miner-to-AI pivot narrative likely has room to run, even if Bitcoin drifts sideways.

Contact [email protected] for any questions or corrections.

Marathon Digital Holdings, Inc. (MARA - Free Report) closed the most recent trading day at $11.42, moving -7.08% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.51%. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 1.47%.

Shares of the company have depreciated by 11.71% over the course of the past month, underperforming the Finance sector's gain of 3.25%, and the S&P 500's gain of 0.53%.

Analysts and investors alike will be keeping a close eye on the performance of Marathon Digital Holdings, Inc. in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.56, signifying a 30.86% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $204.62 million, down 14.2% from the year-ago period.

For the full year, the Zacks Consensus Estimates project earnings of -$4.98 per share and a revenue of $811.39 million, demonstrating changes of -34.96% and -10.55%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Marathon Digital Holdings, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Marathon Digital Holdings, Inc. presently features a Zacks Rank of #3 (Hold).

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 161, finds itself in the bottom 35% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow MARA in the coming trading sessions, be sure to utilize Zacks.com.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Let's take a look at what these Wall Street heavyweights have to say about Marathon Digital Holdings, Inc. (MARA - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Marathon Digital currently has an average brokerage recommendation (ABR) of 1.91, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 14 brokerage firms. An ABR of 1.91 approximates between Strong Buy and Buy.

Of the 14 recommendations that derive the current ABR, eight are Strong Buy, representing 57.1% of all recommendations.

Brokerage Recommendation Trends for MARA

Check price target & stock forecast for Marathon Digital here>>>

The ABR suggests buying Marathon Digital, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABRIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is MARA a Good Investment?Looking at the earnings estimate revisions for Marathon Digital, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$4.98.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Marathon Digital. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Marathon Digital.

Marathon Digital Holdings, Inc. (MARA - Free Report) ended the recent trading session at $12.60, demonstrating a -4.69% change from the preceding day's closing price. This change lagged the S&P 500's 0.42% gain on the day. Meanwhile, the Dow gained 0.29%, and the Nasdaq, a tech-heavy index, added 0.29%.

Heading into today, shares of the company had lost 2.87% over the past month, lagging the Finance sector's gain of 4.33% and the S&P 500's gain of 2.2%.

Market participants will be closely following the financial results of Marathon Digital Holdings, Inc. in its upcoming release. The company's upcoming EPS is projected at -$0.03, signifying a 96.30% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $204.62 million, indicating a 14.2% decline compared to the corresponding quarter of the prior year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$3.14 per share and a revenue of $811.39 million, representing changes of +14.91% and -10.55%, respectively, from the prior year.

Investors should also take note of any recent adjustments to analyst estimates for Marathon Digital Holdings, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Marathon Digital Holdings, Inc. currently has a Zacks Rank of #3 (Hold).

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 153, which puts it in the bottom 38% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Shares of Mara Holdings (MARA +9.98%) popped on Thursday after the digital infrastructure developer announced a major new project.

Image source: Getty Images.

Land, power, and compute Mara agreed to purchase powered land from sustainable fuels company HIF USA for an aggregate purchase price of up to $600 million.

The more than 1,200-acre site is located roughly 90 miles southwest of Houston, Texas. It's projected to provide access to up to 2 gigawatts (GW) of grid capacity by April 2028.

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Mara plans to build a digital infrastructure campus in collaboration with Starwood Digital Ventures that can run artificial intelligence (AI) and other high-performance computing workloads, including Bitcoin mining operations.

Mara said prospective computing clients have already demonstrated interest in becoming tenants.

Construction is slated to start this year, subject to regulatory approval.

Shifting from Bitcoin to AI The project is expected to more than double Mara's total power capacity to about 4.8 GW, thereby bolstering its standing as a provider of large-scale computing services.

"As demand for digital infrastructure continues to grow, we believe sites with access to reliable, scalable power will become increasingly valuable," Mara CEO Fred Thiel said. "This acquisition meaningfully expands our long-term development pipeline and strengthens our ability to support high-performance compute and maximize the value of that power over time."

Investors clearly approve of the strategy, which has the potential to be far more lucrative than Mara's prior focus on Bitcoin mining operations.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

MARA Holdings (MARA) shares are ripping higher on Thursday after the company announced a major acquisition that meaningfully accelerates its pivot into the AI and data center infrastructure space.

Before the market opened on July 9th, MARA said it has agreed to acquire a “1,200-acre” powered land site in Matagorda County from HIF USA.

This landmark deal, structured with post-closing milestone payments that could reach up to $600 million, hands MARA the crucial rights to a massive 2 gigawatt (GW) power capacity pipeline.

Including today’s gains, MARA stock is up more than 35% versus the start of this year (2026).

MARA shares rallied this morning primarily because the Matagorda County acquisition addresses the scarcest commodity in the tech sector: scalable, highly reliable grid power.

Under the terms of the transaction, MARA is securing a site projected to bring an initial 1 gigawatt of grid capacity online by October 2027, with an increase to its full 2 GW capacity scheduled for April 2028.

By locking down this tremendous energy pipeline, MARA is positioning itself as a key partner for data-hungry enterprise clients.

In short, the announced transaction enables the Nasdaq-listed firm to capture the immense premium tech giants are willing to pay for ready-to-use power.

The Matagorda County agreement is largely bullish for MARA stock, particularly because the site is specifically optimized for High-Performance Computing (HPC) and AI workloads.

MARA Holdings Inc intends to develop this expansive Texas asset alongside its strategic partner, Starwood Digital Ventures, to construct a premier multi-tenant digital infrastructure campus.

In its press release, management said it has already received initial inbound interest from potential HPC tenants looking to lease space.

The ability to deploy flexible compute operations – where the campus can dynamically alternate between mining BTC and powering intensive AI training models – presents a lucrative, diversified business model that shields MARA from the cyclical downturns of the traditional crypto mining ecosystem.

This blockbuster Texas transaction effectively reshapes MARA shares’ long-term valuation model by elevating its total development pipeline to an industrial scale.

When combined with the firm's pending $1.5 billion acquisition of Long Ridge Energy & Power in Ohio, the addition of the Matagorda site will more than double MARA's total potential portfolio capacity to an astonishing 4.8 gigawatts.

While lingering bearish headwinds remain, including a steep Q1 net loss and recent analyst price target cuts, today’s bold infrastructure expansion proves that MARA is aggressively executing its transformation.

For a market that is continuously starved for AI data center capacity, MARA’s massive energy land grab represents a pivotal moment that solidifies its status as a core player in the global technology infrastructure race.

Coinbase (NASDAQ:COIN | COIN Price Prediction) Head of Institutional Strategy John D’Agostino used a recent CNBC Squawk Box appearance to push back on the wave of skepticism that has followed a brutal stretch for crypto prices. His core argument is that Bitcoin has already survived six major boom-and-bust cycles, making today’s downturn look more like history repeating than a fundamentally new problem.

Why D’Agostino Thinks This Cycle Is Different From the Headlines According to D’Agostino, over the past 15 years, Bitcoin has gone through roughly six major cycles, and in each one the asset has carved out a new higher low before eventually reaching a new higher high once “retail panic” subsides. He told viewers that skeptics are “recycling the same arguments” they have made for years, and that Bitcoin currently trades at roughly 2.5 times the level where bears declared victory in the previous cycle.

His message to investors who bought near recent peaks was patience, on the view that history shows panic-sellers at cyclical lows have tended to lose out. His view is that the current selloff resembles previous Bitcoin cycles that eventually gave way to new highs.

Why He Compares Bitcoin to Gold, Rather Than Cash-Flowing Assets D’Agostino argued that bitcoin meets the classic characteristics of money, listing it as scarce, durable, portable, verifiable, and accepted. He compared it to gold as a store of value that defies traditional discounted cash flow valuation, a key reason, in his view, that conventional equity-style price targets miss the point. D’Agostino’s framework differs from the way investors typically value stocks, as he views Bitcoin instead as a store of value.

Signs Bitcoin Is Going Mainstream D’Agostino pointed to several examples of Bitcoin’s growing adoption:

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coinbase didn't make the cut. Grab the names FREE today.

Coinbase recently facilitated the first stablecoin-based payment for independent journalists, condensing settlement from 90 days to 1 day. He claimed over 40 countries have committed to buying Bitcoin “in some fashion” for their national balance sheets. He said the “virality of that compute network” makes Bitcoin difficult to unwind in the short term. The Coinbase Connection D’Agostino did not make a specific call on Coinbase shares. The company is, however, the most direct US-listed proxy for crypto activity. Coinbase carries a market cap of roughly $32.2B and reported Q1 2026 revenue of $1.41B, down 30.5% year over year, with a GAAP loss of $1.49 per share driven largely by $482.4M in losses on crypto held for investment. Subscription and services revenue reached $583.5M, or 44% of net revenue, which acts as a buffer when trading slows.

Coinbase also disclosed a 14% headcount reduction targeting roughly $500M in annualized savings, held $10.2B in cash, and posted a 13th consecutive quarter of positive adjusted EBITDA at $303.3M. CEO Brian Armstrong framed the backdrop bluntly: “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems.”

What to Watch D’Agostino’s thesis ultimately comes down to whether Bitcoin will continue to follow the long-term pattern he describes. Investors will be watching for continued stablecoin adoption, sovereign and institutional demand, and Coinbase’s growing subscription business, all of which could indicate the crypto ecosystem is maturing beyond its traditional boom-and-bust cycles.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coinbase didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

In the latest close session, Marathon Digital Holdings, Inc. (MARA - Free Report) was down 3.51% at $14.03. This move lagged the S&P 500's daily gain of 1.18%. Elsewhere, the Dow gained 0.59%, while the tech-heavy Nasdaq added 2.07%.

Heading into today, shares of the company had gained 1.11% over the past month, lagging the Finance sector's gain of 1.96% and outpacing the S&P 500's loss of 2.9%.

Market participants will be closely following the financial results of Marathon Digital Holdings, Inc. in its upcoming release. The company is predicted to post an EPS of -$0.44, indicating a 45.68% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $203.96 million, indicating a 14.48% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$1.67 per share and revenue of $822.82 million, which would represent changes of +54.74% and -9.29%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Marathon Digital Holdings, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Marathon Digital Holdings, Inc. holds a Zacks Rank of #3 (Hold).

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 92, finds itself in the top 38% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

When most tech sector investors think of neocloud businesses, the ones that come to mind are Nebius (NBIS 2.79%) and Iren (IREN 3.78%). And both of them have performed well for those who have held their shares over the last year and a half, delivering multibagger returns.

However, at this point, the AI data center operators offering investors the best chances for high returns may be a couple that aren't on most people's radars.

Mara Holdings (MARA 1.01%) and Soluna Holdings (SLNH 3.59%) don't receive as much attention in this industry. They are smaller than Nebius and Iren, but both have pivoted away from crypto mining and now have multigigawatt pipelines of AI data center projects under development. These projects should produce tremendous recurring revenues once they are complete. Here are some key details to consider when comparing these two growth stocks.

Image source: Getty Images.

Soluna Holdings has a larger gigawatt pipeline If you're looking just at their development pipelines, Soluna Holdings is the winner. It closed out the first quarter with 4.3 gigawatts (GW) of data centers in the works. Mara Holdings only said it had 2.2 gigawatts of combined operational and development capacity in a recent press release.

For data center operators, securing gigawatts of power and development capacity puts them on course for higher annual recurring revenues in the future. Soluna Holdings has more potential, especially since it has added gigawatts quickly. The company's pipeline exceeded 1 gigawatt in Q3 2025 and reached 4.3 gigawatts in Q4 2025. Management cited "new curtailment assessments, active term sheet discussions, and six new development-stage projects" as the catalysts that resulted in that elevated power pipeline.

Soluna Holdings is following a similar playbook to Iren's: Get the gigawatts now and figure out the monetization later. For now, Soluna Holdings continues to burn through cash, but that's a problem across the entire industry.

Mara Holdings is closer to monetizing its sites Although Soluna Holdings has a more impressive development pipeline, most of its sites are still in the early stages of construction. Mara Holdings is closer to artificial intelligence (AI) monetization, and the company recently outlined a near-term goal of delivering more than 1 gigawatt of IT capacity. Most of Soluna Holdings' 4.3 gigawatt pipeline is multiple years away from energization.

The longer it takes for neocloud providers to build and monetize AI data centers, the more they will have to rely on financing. Higher interest rates will take a toll on these companies' finances, but since Mara Holdings is closer to the finish line with its projects, it won't be affected as much.

Right now, neither of these companies is making much money. Soluna Holdings made $9.4 million in Q1, which was a 58% year-over-year increase, from a mix of data center hosting and crypto mining. Mara Holdings reported $174.6 million in revenue. Although it's a much higher figure, it represents an 18% year-over-year decline and is from crypto mining. Both companies reported heavy net losses as they work to break free from their unprofitable crypto mining business models.

Mara Holdings is making more progress in that regard. The company recently entered a partnership with Starwood Capital Group to jointly develop, finance, and operate digital infrastructure projects across Mara Holdings' existing energy capacity. That deal reduces Mara Holdings' financial burden as it seeks to capitalize on the AI build-out. Soluna Holdings also uses joint ventures to minimize its total costs.

These arrangements are good in the short run, but they involve giving up a percentage of the total revenue that these sites can generate. Since Mara Holdings is closer to monetization, it benefits from the present returns of joint ventures while maintaining greater near-term financial flexibility to build AI data centers without partners in the future.

The final verdict There's no clear-cut answer as to which of these two picks is the better investment; your conclusion will depend largely on your risk tolerance. Soluna Holdings has greater potential due to its larger development pipeline. It can make substantially more money than Mara Holdings once it gets its new data centers energized and online.

However, Mara Holdings will likely make big tech deals with hyperscalers sooner and generate high annual recurring revenue. The fact that Mara Holdings is closer to monetization also reduces the execution and financial risks for its shareholders.

Both companies are well positioned to benefit from the rising demand for AI, which should continue for some time. Grand View Research projects that the AI market as a whole will grow at a 30.6% compound annual rate from now until 2033, and intensifying public activism in communities across the country against AI data center projects could make existing facilities more valuable.

Goldman Sachs recently released a report projecting that AI data center power demand in 2027 would be twice as much as it was in 2025. It's important to understand the tailwinds driving Mara Holdings' and Soluna Holdings' stock. It just comes down to how long investors are willing to wait for secured gigawatts to turn into dollars.

Yet while Bitcoin continues to trade far below its highs, two closely watched crypto stocks are starting to send a very different message.

The divergence is raising an interesting question: Are crypto stocks seeing a recovery before Bitcoin itself?

Bitcoin Is Still Deep In A DrawdownThe scale of Bitcoin’s decline remains significant.

A drop from roughly $123,641 to $62,533 represents a loss of more than $61,000 per coin and places Bitcoin nearly 50% below its October high.

The cryptocurrency is also down about 29% year-to-date and nearly 38% over the past year, according to TradingView data.

Historically, moves of this magnitude have weighed heavily on crypto-linked equities, particularly miners whose revenues are tied to Bitcoin prices.

That’s what makes the recent technical developments in MARA and HIVE noteworthy.

MARA And HIVE Are Flashing A Different SignalChart created using Benzinga Pro

MARA shares are trading near $14.43 and recently formed a golden cross as the stock’s 50-day moving average climbed above its 200-day moving average.

A similar pattern has emerged at HIVE, where shares are trading around $4.51.

Chart created using Benzinga Pro

For technical traders, golden crosses are often interpreted as evidence that momentum is improving and that investors are beginning to position for a potential recovery.

The signals don’t guarantee higher prices. But they do suggest the market may be becoming more optimistic about the outlook for crypto-related equities despite Bitcoin’s ongoing weakness.

What Are Investors Seeing?One possibility is that investors believe much of Bitcoin’s bad news has already been priced into mining stocks.

Another is that equity investors are looking beyond current cryptocurrency prices and focusing on future catalysts, including improving industry economics, lower competition and the possibility of a broader recovery in digital assets.

HIVE also brings an additional dimension to the conversation. In recent years, the company has expanded into high-performance computing and AI-focused infrastructure, giving investors exposure to themes beyond cryptocurrency mining alone.

A Leading Indicator Or A False Start?Markets often move ahead of fundamentals.

Homebuilders can rally before housing data improves. Semiconductor stocks frequently bottom before chip demand recovers. The same dynamic can sometimes play out in crypto-related equities.

That doesn’t mean Bitcoin has found its bottom.

But with the cryptocurrency still down nearly 50% from its peak and both MARA and HIVE flashing bullish technical signals, investors are left with a question worth watching:

Are crypto miners getting ahead of themselves—or are they seeing a recovery that Bitcoin hasn’t yet priced in?

Image via Shutterstock

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MARA Holdings, Inc. (MARA) Q1 2026 Earnings Call Transcript

Mara Holdings (MARA +3.45%), one of a clutch of cryptocurrency mining businesses pushing deeper into data center operations, picked the wrong Tuesday to release its first-quarter earnings. The company missed on both the top and bottom lines, which was compounded by declines in leading coins and tokens.

Crypto crush Those results were made public after market close on Monday. They revealed that Mara Holdings suffered a 18% year-over-year decline in revenue to $174.6 million.

Its net loss under generally accepted accounting principles (GAAP) deepened considerably -- thanks to a significant non-cash write-down of its digital assets -- to $1.3 billion ($3.31 per share), compared with the first quarter 2025's $533 million shortfall.

Image source: Getty Images.

The bottom-line result was particularly problematic, as it was much deeper in the red than the consensus analyst estimate of only $1.41 per share. But Mara Holdings missed on the top line, too, falling short of the average pundit projection of nearly $182 million.

Although Mara Holdings is assertive in building out its data center business (and has inarguably demonstrated progress), it remains largely a Bitcoin mining business. That's a reason why the company's 26% decrease in Bitcoin holdings wasn't met with great investor enthusiasm. On top of that, the holdings it does possess took a hit on Tuesday, as the popular coin's price slumped.

Today's Change

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A new bargain play? I wouldn't give up on Mara Holdings, though, as I think it's further along than some peers with its diversification efforts. For those who believe companies like this can transform into successful data center players, Mara Holdings might be an attractive post-earnings bargain buy now.

Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

CUSIP Nos. 54288CAA1 / U5423CAA6

Miami, FL, May 15, 2026 (GLOBE NEWSWIRE) -- MARA Holdings, Inc. (NASDAQ: MARA) (“MARA”) today announced the expiration and results of the previously announced consent solicitation (the “Consent Solicitation”) by MARA USA Corporation, its wholly owned subsidiary (the “Offeror”), relating to the outstanding 8.750% Senior Secured Notes due 2032 (the “Notes”) of Long Ridge Energy LLC (the “Issuer”).

The Consent Solicitation expired at 5:00 p.m., New York City time, on May 15, 2026 (the “Expiration Time”). On May 14, 2026, prior to the Expiration Time, the Offeror received the requisite consents from registered holders (“Holders”) of at least a majority of the aggregate principal amount of the Notes outstanding (the “Requisite Consents”) to approve the proposed amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”), as described in the consent solicitation statement dated as of May 7, 2026 (as amended or supplemented from time to time, the “Consent Solicitation Statement”). Accordingly, on May 14, 2026, the Issuer and the subsidiary guarantors party to the Indenture entered into a supplemental indenture to the Indenture with U.S. Bank Trust Company, National Association, as trustee, reflecting the Proposed Amendments.

The Proposed Amendments will become operative only upon the consummation of the Transaction (as defined below), the payment of the Consent Fee (as defined below) to the Depository Trust Company for the benefit of Consenting Holders (as defined below) and the satisfaction of certain other conditions, in each case as described in the Consent Solicitation Statement. The Consent Fee is expected to be paid substantially concurrently with the Transaction closing, which, if consummated, is currently expected to be in the second half of 2026, and could be as soon as the third quarter of 2026, subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval, as well as satisfaction of other customary closing conditions.

Subject to the terms and conditions of the Consent Solicitation, the Offeror offered each Holder of the Notes who validly delivered (and did not validly revoke) its consents to the Proposed Amendments prior to the Expiration Time (each such Holder a “Consenting Holder”) a consent consideration equal to $2.50 per $1,000 in principal amount of the Notes held by such Consenting Holder (the “Consent Fee”). If the Transaction is not consummated or the other conditions to the Consent Solicitation are not satisfied or waived, no Consent Fee will be paid, the Proposed Amendments will not become operative, and the Notes will continue to be subject to the current terms and conditions of the Indenture.

Amendment & Consent

As described in the Consent Solicitation Statement, on April 29, 2026, the Offeror and MARA entered into an Equity Purchase Agreement with Ohio River Partners Holdco LLC, Ohio River Partners Finance LLC (collectively, the “Sellers”) and (solely for the purposes of Articles V, IX and X and Sections 2.5, 6.10, 6.16 and 6.20 of the Equity Purchase Agreement) FTAI Infrastructure Inc. Pursuant to the Equity Purchase Agreement, the Offeror will acquire 100% of the issued and outstanding limited liability company membership interests in Long Ridge Energy & Power LLC (“Long Ridge” and, such transaction, the “Transaction”). The Issuer is a wholly owned subsidiary of Long Ridge. At the closing of the Transaction, Long Ridge will become an indirect wholly owned subsidiary of MARA.

The consummation of the Transaction would constitute a “Change of Control” under the Indenture, absent the Proposed Amendments becoming operative. Following a “Change of Control” (as defined in the Indenture) the Indenture requires the Issuer to make an offer to purchase for cash all of the Notes then outstanding at a price equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase.

Subject to the conditions described in the Consent Solicitation Statement, the Offeror sought consents from Holders of the Notes to amend the Indenture to (i) provide that the Transaction will not constitute a “Change of Control,” (ii) provide that MARA and its affiliates will each be a Permitted Holder (as defined in the Indenture), and (iii) add to, amend, supplement or change certain other defined terms contained in the Indenture and the Notes related to the foregoing (collectively, the “Proposed Amendments”). As a result of receiving the Requisite Consents, the Issuer will not be required to make a “Change of Control” offer for the Notes if the Transaction is consummated and the Proposed Amendments become operative.

Solicitation Agents and Information

Barclays Capital Inc. is serving as solicitation agent (the “Solicitation Agent”) in connection with the Consent Solicitation. Global Bondholder Services Corporation is serving as the information agent and tabulation agent in connection with the Consent Solicitation (“GBSC” or the “Information and Tabulation Agent”).

Questions regarding the terms of the Consent Solicitation may be directed to the Solicitation Agent at (212) 528 7581 or (800) 438 3242 (toll-free) or by email to [email protected]. Questions or requests for assistance in completing and delivering a consent or requests for copies of the Consent Solicitation Statement may be directed to GBSC at (212) 430-3774 or (855) 654-2015 (toll-free) or by email to [email protected].

This press release does not constitute an offer to sell, or an offer to purchase, or a solicitation of an offer to purchase or sell, any security. The Consent Solicitation was made solely pursuant to the terms of the Consent Solicitation Statement. No recommendation was made as to whether Holders should consent to the Proposed Amendments. The Consent Solicitation was not made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or “blue sky” laws.

About MARA and the Offeror

MARA (NASDAQ: MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge. MARA’s common stock is listed on the Nasdaq Capital Market under the symbol “MARA.”

The Offeror is a wholly owned subsidiary of MARA.

Important Information

This communication is provided solely for informational purposes in connection with the Consent Solicitation described herein. The Consent Solicitation was made only pursuant to the Consent Solicitation Statement and the information contained therein. This communication does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities, nor does it constitute a recommendation as to whether any Holder should have consented to the Proposed Amendments.

MARA has not filed this communication or the Consent Solicitation Statement with, and neither has been reviewed by, any federal, state or foreign securities commission or other regulatory authority. No authority has passed upon the accuracy or adequacy of this communication or the Consent Solicitation Statement, and it is unlawful and may be a criminal offense to make any representation to the contrary.

No person has been authorized to give any information or to make any representations in connection with the Consent Solicitation other than those contained in the Consent Solicitation Statement and, if given or made, such information or representations should not be relied upon as having been authorized.

None of the Offeror, MARA, the Sellers, Long Ridge, the Issuer, the subsidiary guarantors, the Solicitation Agent, the Information and Tabulation Agent or the Trustee have made any recommendation as to whether Holders should have consented or refrained from consenting to the Proposed Amendments.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the parties’ ability to consummate the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary third-party approvals, or the satisfaction of other closing conditions to consummate the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement or any unanticipated difficulties or expenditures relating to the transaction; MARA’s planned development of digital infrastructure projects, including the Hannibal, Ohio campus; the expected capacity, scalability and performance of the acquired facilities; the anticipated ability to shift between hyperscale and AI workloads and Bitcoin mining at the acquired facilities; MARA’s ability to finance the transaction on acceptable terms, or at all; the anticipated benefits of the proposed transaction, including MARA’s expansion into high-performance computing; MARA’s ability to advance and execute its digital energy infrastructure strategy; the expected earnings and cash flows from Long Ridge and the impact on the Issuer’s capital structure. These forward-looking statements are only predictions. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties and other important factors that may cause actual results, levels of activity, performance or achievements to materially differ from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should read the factors disclosed under “Certain Significant Considerations” in the Consent Solicitation Statement in conjunction with the forward-looking statements included in this press release. New factors could emerge from time to time and it is not possible to predict all such factors. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as guarantees of future events. These forward-looking statements speak only as of the date made and are not guarantees of future performance of results. MARA and the Offeror expressly disclaim any obligation or undertaking to release any updates or revisions to any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Because actual results could differ materially from intentions, plans, expectations, assumptions and beliefs about the future, you are urged not to rely on forward-looking statements included in this press release and to view all forward-looking statements made in this press release with caution.

MARA Company Contact:
Telephone: 800-804-1690
Email: [email protected]

MARA Media Contact:
Email: [email protected]

On May 21, 2026, MARA Holdings Inc MARA shares rose 3.0%, reflecting a positive sentiment in the market. The stock is currently trading at $13.55, within a 52-week range of $6.66 to $23.45.

GF Value™ verdict: Current price is $13.55, which is 19.1% undervalued compared to the GF Value™ of $16.75.GF Score™ of 64/100 indicates that the stock is above average relative to its peers.Notable signal: Insiders sold $2.0M worth of stock in the last three months, indicating a lack of buying interest. Is MARA Overvalued or Undervalued? The current trading price of MARA Holdings Inc at $13.55 suggests that the stock is undervalued when compared to its GF Value™ of $16.75. This presents a margin of safety of approximately 19.1%, indicating a potential upside for investors. The GF Valuation label categorizes the stock as modestly undervalued, suggesting that there is an opportunity for appreciation, but it is essential to consider the associated caveats, particularly given the stock's recent performance and insider selling.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the undervaluation might be appealing, investors should consider the inherent risks, including the company's financial stability and the overall market conditions.

How Does MARA's Valuation Compare to Its History? Metric Current Historical P/E (TTM) Not available 14.8x (5-Year Median) Forward P/E 278.8x N/A As the P/E (TTM) is not available, we cannot make a direct comparison regarding MARA's current valuation relative to its historical averages. However, the forward P/E of 278.8x indicates that the stock is trading significantly above its historical valuation, suggesting a potential disconnect between current trading levels and expected future earnings. This analysis seems to disagree with the GF Value™ verdict, indicating a more complex valuation landscape.

What Does MARA's GF Score™ Tell Us? Metric Rating GF Score™ 64 Financial Strength 3/10 Profitability 4/10 Growth 3/10 Valuation 8/10 Momentum 7/10 The GF Score™ of 64/100 indicates that MARA Holdings Inc is positioned above average compared to its peers. However, the financial strength score of 3/10 is concerning, highlighting vulnerabilities in the company's financial health. In contrast, the valuation score of 8/10 suggests that the stock may be more appealing based on value metrics, while the momentum rank of 7/10 indicates positive price movement in the near term. Overall, while there are areas of strength, such as valuation, the weak financial strength and growth scores may pose challenges ahead.

What Are Insiders Doing with MARA Stock? Recent insider activity reveals that insiders have sold $2.0 million in stock over the last three months, with no recorded buying. This trend may suggest a lack of confidence from those within the company regarding its future performance. The absence of insider buying could be interpreted as a cautious stance on the stock's future prospects, which may warrant further scrutiny from potential investors.

What This Means for Investors Based on the GF Value™ assessment, MARA Holdings Inc is currently undervalued, with a potential upside of 19.1%. However, the overall financial strength and insider selling activity raise concerns about the company's stability moving forward. Investors may find opportunities, but should proceed with caution given the mixed signals from the valuation metrics and insider actions.

For the complete analysis, visit the MARA Holdings Inc MARA stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is MARA's GF Score™?

The GF Score™ for MARA is 64/100, indicating that the stock is above average compared to its peers based on key performance metrics.

Is MARA overvalued or undervalued?

MARA is currently undervalued, with a GF Value™ of $16.75 compared to its current price of $13.55, suggesting a potential upside of 19.1%.

What is MARA's P/E ratio?

The P/E TTM is not available, but the forward P/E is 278.8x, indicating that the stock is trading significantly above its historical valuation metrics.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

MARA Holdings maintains sector-leading energy costs at $0.04/kWh for owned sites, critical for Bitcoin mining competitiveness. MARA's total cost per acquired Bitcoin rose to $40,047 in Q1 2026, reflecting global hashrate growth, but energy cost discipline remains strong. MARA is pivoting towards AI infrastructure by acquiring Long Ridge Energy & Power, securing a 505 MW gas asset with expansion potential beyond 1GW.

A month has gone by since the last earnings report for Marathon Digital Holdings, Inc. (MARA - Free Report) . Shares have added about 4.6% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Marathon Digital due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

MARA Holdings Reports Q1 LossMarathon Digital Holdings reported unimpressive first-quarter 2026 results, with both earnings and revenues missing the Zacks Consensus Estimate.

MARA’s first-quarter 2026 loss per share was 61 cents, wider than the Zacks Consensus Estimate of a loss of 46 cents and the year-ago loss of 40 cents per share. Revenues of $174.6 million missed the consensus mark of $192.7 million and declined 18.4% year over year.

The weaker results reflected lower bitcoin prices, higher operating expenses and unfavorable mark-to-market adjustments on digital assets. During the quarter, MARA increased its energized hashrate (EH) 33% year over year to 72.2 EH/s and mined 2,247 bitcoins (BTC).

MARA Expands Hashrate Amid Mining PressureMARA continued scaling its mining platform despite a tougher pricing environment. Energized hashrate rose to 72.2 EH/s from 54.3 EH/s in the year-ago quarter, while average daily bitcoin production reached 25 BTC.

The company won 653 blocks in the quarter, down 2% year over year. Higher global network difficulty offset gains from fleet expansion and reduced bitcoin mined per unit of energy consumed. MARA deployed roughly 5,000 new miners and acquired 2.4 EH of next-generation used Application-Specific Integrated Circuit miners to improve fleet efficiency at lower capital costs.

Marathon Revenues Fall on Bitcoin WeaknessMarathon’s revenues decreased to $174.6 million from $213.9 million in the prior-year quarter. Management attributed most of the decline to an 18% drop in average bitcoin prices, which reduced revenues by approximately $33.1 million.

Bitcoin production declined modestly from the year-ago period, contributing additional pressure on sales. Other revenues fell $3.7 million, primarily due to lower contributions from digital asset hosting services and other digital assets. Bitcoin holdings were 35,303 BTC at quarter-end, down from 47,531 BTC a year earlier.

MARA Costs Rise Despite Efficiency GainsMARA’s purchased energy costs increased to $44.7 million from $43.5 million in the prior-year quarter, reflecting expanded owned mining operations and higher power usage. Purchased energy cost per bitcoin increased to $40,047 from $35,728 a year ago due to growth in network difficulty outpacing hashrate expansion.

Operating and maintenance expenses climbed to $30.6 million from $19.8 million due to higher miner repair costs, maintenance spending and labor expenses tied to a larger operational footprint. Third-party hosting and other energy costs rose to $70 million.

Despite these pressures, cost per petahash per day improved 3% year over year to $27.6. Management noted that the metric has improved 42% over the last 11 quarters, supported by operational efficiencies and hardware optimization.

Marathon Pursues AI Infrastructure ExpansionMarathon accelerated its transition toward digital infrastructure and AI-focused operations during the quarter. The company advanced its strategic partnership with Starwood to develop AI and critical IT infrastructure across powered sites.

Per management, around 90% of MARA’s non-hosted capacity is being evaluated for AI and critical IT conversion opportunities. The partnership structure is designed to monetize the company’s power and land portfolio while limiting incremental capital requirements.

The company also announced a definitive agreement to acquire Long Ridge Energy and Power after quarter-end. The asset includes a 505 MW combined-cycle gas turbine facility and 1,600 acres of land adjacent to MARA’s Hannibal operations. The acquisition is expected to expand MARA’s owned and operational capacity by roughly 65% and create a scalable AI and high-performance computing campus.

MARA Strengthens Balance Sheet, Cuts DebtMARA reported a net loss of $1.3 billion compared with a loss of $533.4 million in the prior-year quarter. The wider loss primarily reflected a $1 billion unfavorable fair-value adjustment tied to declining bitcoin prices and restructuring charges of $45.9 million.

Adjusted EBITDA was negative $1 billion compared with negative $483.6 million a year ago. General and administrative expenses, excluding stock-based compensation, increased to $57.7 million from $36.9 million due to integration costs, higher personnel expenses and expansion initiatives.

The company reduced its workforce by 15%, a move expected to generate annualized savings of $12 million. During the quarter, MARA sold approximately $1.5 billion of bitcoin and used the proceeds to repurchase more than $1 billion of convertible debt at a discount and reduce outstanding borrowings. Combined cash and bitcoin holdings totaled approximately $2.9 billion at quarter-end.

How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM ScoresCurrently, Marathon Digital has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Marathon Digital has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerMarathon Digital is part of the Zacks Financial - Miscellaneous Services industry. Over the past month, Virtu Financial (VIRT - Free Report) , a stock from the same industry, has gained 5.2%. The company reported its results for the quarter ended March 2026 more than a month ago.

Virtu Financial reported revenues of $786.53 million in the last reported quarter, representing a year-over-year change of +58.2%. EPS of $2.24 for the same period compares with $1.30 a year ago.

Virtu Financial is expected to post earnings of $1.49 per share for the current quarter, representing a year-over-year change of -2.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +5.3%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #1 (Strong Buy) for Virtu Financial. Also, the stock has a VGM Score of D.

MARA Holdings remains a Strong Buy after its Exaion acquisition, reinforcing its position as a European AI cloud infrastructure provider. The Exaion deal, backed by French regulatory approval and data sovereignty protocols, establishes a strong moat for MARA in the EU AI cloud market. Q1 2026 saw a net loss of $1.3 billion, but this was largely driven by non-cash BTC revaluations; the core AI infrastructure thesis remains intact.