Track market-moving stories before they get noisy

Marathon Digital Holdings, Inc. (MARA) closed at $7.24 in the latest trading session, marking a -7.04% move from the prior day.

The largest Bitcoin miner just moved 1,000 BTC onto exchanges while its holdings have quietly shrunk by thousands of coins, and now Michael Saylor is hinting at a buy. Whether that signals a sale, a loan, or something else changes…

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MARA Holdings (NASDAQ:MARA | MARA Price Prediction), the largest publicly traded Bitcoin miner, transferred 1,000 Bitcoin (CRYPTO:BTC), valued at around $82.8 million, to the Binance and Gate exchanges over five days, according to the on-chain tracker Lookonchain. MARA hasn’t explained these transfers. So, is MARA selling Bitcoin?

In contrast, Michael Saylor, executive chairman of Strategy Inc. (NASDAQ:MSTR), signaled more Bitcoin purchases. He tweeted, “We found room for more orange,” his usual hint at another purchase. Strategy Inc. holds 848,250 BTC and last reported buying 250 BTC, though it has not made a new announcement yet.

Bitcoin trades at approximately $82,720. MARA shares were at $7.70 premarket, up 2.3% from the previous close of $7.53, even though they remain down 20.2% for the week and 30.3% for the month.

Meanwhile, Strategy Inc. was trading at around $140 premarket, down 9.6% for the week, as investors worry that a stock index could drop the company.

MARA’s Mining Revenue Falls as Its Costs Climb

MARA primarily earns revenue through Bitcoin mining, where specialized computers compete to add new blocks to the network and earn newly mined coins. Its revenue decreased to $174.9 million in the second quarter, down from $238.5 million the previous year. A 28% drop in Bitcoin’s average price cut revenue by $65.9 million.

MARA’s hashrate, the total computing power its machines contribute to the network, rose to 70.3 exahashes per second. However, the cost of energy needed to mine each Bitcoin has increased to $38,690 from $33,735 a year ago. Management attributed this rise to increased mining difficulty, which occurs when more machines come online.

About $343 million of MARA’s $611.3 million net loss came from a mark-to-market loss, which is a paper loss from valuing its Bitcoin at lower prices without selling any coins. Management noted that every $10,000 change in Bitcoin’s price affects that line by approximately $350 million. MARA ended the quarter with $421.3 million in cash.

MARA Is Spending Heavily on Power and AI

MARA is also moving into energy and is acquiring Long Ridge Energy, a gas-fired power plant, in a $1.5 billion deal, including debt. MARA plans to assume about $900 million of Long Ridge’s debt, and the deal is pending approval from the Federal Energy Regulatory Commission (FERC).

MARA has also secured rights to a 2 GW-powered site in Matagorda County, Texas, with plans to convert most of its capacity for AI and high-performance computing through a joint venture with Starwood. Its Exaion unit already operates an AI cloud in Europe, ensuring customer data complies with European regulations. We also cover seven suppliers benefiting from similar shifts in a free AI infrastructure report.

To finance these ventures, MARA borrowed $600 million using Bitcoin-backed credit facilities with Coinbase (NASDAQ:COIN) and Two Prime at an average interest rate of 7.6%. Lenders can claim the pledged Bitcoin if MARA fails to repay, and the new loans left 54% of MARA’s Bitcoin pledged as collateral.

Management has indicated that MARA will continue to sell Bitcoin selectively to fund operations. Its filings support this, showing MARA held 35,577 BTC at the end of June, down from 49,951 BTC a year earlier, with no updated figures released since its August 6 earnings call.

Saylor’s Buy Hint Cannot Offset MARA’s Exchange Deposits

Companies that send coins to an exchange are often preparing to sell, as exchanges facilitate trades between buyers and sellers. However, companies also move coins for other reasons, like lending them out, using them as collateral, or hedging against price fluctuations. MARA does engage in lending; in the second quarter, it had 4,742 BTC out on loan, generating about $4.3 million in interest.

While the deposits may imply a sale, they don’t prove one. MARA reported Coinbase and Two Prime as lenders for the new credit lines, yet the coins were sent to Binance and Gate. MARA has not disclosed any specific buyers, sale prices, or proceeds, and it hasn’t confirmed the wallet labels Lookonchain assigned.

Saylor’s tweet also warrants close examination. As the head of the largest corporate holder of Bitcoin, he promotes the asset central to his company’s balance sheet, but his post mentions no specific amounts, dates, or funding sources. Strategy Inc. has also sold Bitcoin this year, with $218.4 million sold to date under its Bitcoin monetization program as of its second-quarter report.

During the same period as Strategy Inc.’s last 250 BTC purchase, the company also spent $192.4 million buying back preferred shares instead of buying more Bitcoin. MARA’s deposit of 1,000 BTC is four times that 250 BTC buy.

Is MARA Selling Bitcoin? What Does It Mean for Prices? Signs suggest MARA may be selling, or preparing to sell, some of its Bitcoin. The coins went to trading platforms, and MARA has said it sells Bitcoin selectively. It also has a power plant deal, AI expansion plans, and rising mining costs to fund. Selling Bitcoin can generate cash without diluting shareholders, but it may weigh slightly on Bitcoin prices since the proceeds go into infrastructure.

MARA’s next update should settle it. If the report shows fewer than 35,577 BTC and mentions any sales, the coins were sold; steady holdings, with more coins lent or pledged, would suggest a collateral move. An 8-K filing showing Strategy Inc. buying more than 1,000 BTC would mean one buyer absorbed the miner’s coins. MARA’s shares could still rise on FERC approval or new leases, even if Bitcoin prices stall.

Contact [email protected] for any questions or corrections.

Marathon Digital Holdings, Inc. (MARA - Free Report) ended the recent trading session at $8.34, demonstrating a +1.28% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.33%. Meanwhile, the Dow experienced a rise of 1.08%, and the technology-dominated Nasdaq saw an increase of 0.08%.

Coming into today, shares of the company had lost 25.45% in the past month. In that same time, the Finance sector lost 3.99%, while the S&P 500 gained 1.41%.

Market participants will be closely following the financial results of Marathon Digital Holdings, Inc. in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.04, reflecting a 87.5% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $204.88 million, down 18.83% from the prior-year quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$5.25 per share and revenue of $795.44 million. These totals would mark changes of -42.28% and -12.31%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Marathon Digital Holdings, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Marathon Digital Holdings, Inc. boasts 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 170, which puts it in the bottom 31% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.

Bitcoin whales poured over a billion dollars into the market right after a sharp decline, while one of the biggest mining companies quietly cashed out. Their opposing moves point to very different views on where Bitcoin goes from here.

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In the days after the October 7 decline, Bitcoin whales—those with medium and large wallets—bought about 15,000 Bitcoin (CRYPTO:BTC), worth around $1.24 billion at current prices, according to analyst Ali Martinez. In contrast, on October 9, MARA Holdings (NASDAQ:MARA | MARA Price Prediction), one of the largest publicly traded Bitcoin mining companies, sold 996 BTC, valued at about $81 million, during the same period.

As of October 10, Bitcoin is trading at $82,801, down 2.1% over the week and 34.3% below its all-time high of $126,080. This creates a clear dichotomy: one group bought the dip, while a major miner decided to sell. So which perspective is more accurate for Bitcoin’s future, and is MARA truly making a statement about its price?

Bitcoin Whales Bought 15,000 BTC, but the Wallet Data Has Limits

Martinez’s findings indicate that medium and large wallets accumulated about 15,000 BTC, along with adding over 166,000 Ethereum (CRYPTO:ETH) and around 45 million XRP (CRYPTO:XRP) during the same three days, while smaller wallets continued to sell. Based on today’s prices, these purchases amount to about $1.24 billion in Bitcoin, $414 million in Ether at $2,495, and $63 million in XRP at $1.40.

However, wallet data categorizes blockchain addresses by the amount of cryptocurrency they hold without revealing their owners. This means a single individual or company can control multiple wallets, and an exchange moving coins between its accounts can look like a large buyer accumulating coins. Additionally, Martinez did not specify the data provider or clarify the thresholds for categorizing wallets as “medium” or “large,” making it difficult for readers to verify whether exchange wallets were excluded from the analysis.

Nonetheless, the trend is clear: large wallets added coins while smaller wallets shed them during the market drop.

Data also show that spot Bitcoin ETFs experienced a notable shift. Investors withdrew $487 million on October 7 and $244 million on October 8, then saw a modest $21 million inflow on October 9, according to SoSoValue. This small inflow coincided with whales’ buying activity but remains minor compared with the heavier outflows seen earlier.

Why MARA Keeps Selling Bitcoin While Cutting Its Debt

Bitcoin miners run specialized computers to secure the Bitcoin network and earn new coins as a reward. MARA’s October 9 sale of 996 BTC represented 2.8% of its total holdings, which currently stand at 35,303 BTC valued at about $2.92 billion. MARA’s holdings have decreased by 34.4% since it held 53,822 BTC on December 31, 2025.

In the first half of 2026, MARA sold around 23,093 BTC for about $1.63 billion, averaging approximately $70,631 per coin. This total includes selling 20,880 coins for about $1.5 billion in the first quarter and 2,213 coins at an average price of $73,078 in the second quarter. The company has stated its intention to “continue to monetize bitcoin opportunistically to fund operations and capital projects,” using the cash for operating expenses, acquisitions, and debt repayment.

This selling strategy has reduced MARA’s total debt from $3.6 billion to about $2.4 billion, including partial repayment of $912.8 million in convertible notes, a $350 million credit line, and the buyback of nearly $1 billion in 0% convertible notes. Convertible notes are loans that can be converted into shares later, so eliminating them reduces both debt and potential future stock issuance.

Shareholders have welcomed this approach. For instance, on March 26, MARA’s stock surged 10% after a $1.1 billion Bitcoin sale funded a debt buyback, successfully retiring some of the company’s borrowings early. Bitcoin is currently trading about 13.3% above MARA’s average sale price from the second quarter and 17.2% above the first-half average, suggesting a selling strategy tied more to financing schedules than to price predictions.

Are Bitcoin Whales or MARA Right About Bitcoin? It appears that only the whales are making a prediction about Bitcoin’s price. MARA seems more focused on repairing its financial position, and the 996 BTC sale aligns with its debt obligations. While accumulation data from larger wallets suggests a positive move, the unnamed wallets used in the analysis and the single day of fund inflows do not definitively prove the whales’ outlook is correct. The information merely supports a narrower conclusion: larger holders acquired the Bitcoin that smaller holders sold after the October 7 drop.

MARA’s upcoming holdings update could provide more clarity. If the company’s stack shrinks further while total debt stays around $2.4 billion, it would suggest sales are no longer aimed at paying down debt, warranting a reevaluation of whether MARA is making a price prediction. Until more data comes in, MARA’s selling appears to be a strategic move aligned with financial responsibilities, while Bitcoin’s direction will largely depend on continued whale buying and ETF inflows.

Contact [email protected] for any questions or corrections.

Marathon Digital Holdings, Inc. (MARA - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this company have returned -13.1%, compared to the Zacks S&P 500 composite's +1.4% change. During this period, the Zacks Financial - Miscellaneous Services industry, which Marathon Digital falls in, has lost 9.4%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Marathon Digital is expected to post a loss of $0.04 per share for the current quarter, representing a year-over-year change of +87.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -21.2%.

For the current fiscal year, the consensus earnings estimate of -$5.25 points to a change of -42.3% from the prior year. Over the last 30 days, this estimate has changed +36.2%.

For the next fiscal year, the consensus earnings estimate of $1 indicates a change of +81% from what Marathon Digital is expected to report a year ago. Over the past month, the estimate has changed -5.2%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. 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.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Marathon Digital, the consensus sales estimate for the current quarter of $204.88 million indicates a year-over-year change of -18.8%. For the current and next fiscal years, $795.44 million and $1.07 billion estimates indicate -12.3% and +34.4% changes, respectively.

Last Reported Results and Surprise HistoryMarathon Digital reported revenues of $174.88 million in the last reported quarter, representing a year-over-year change of -26.7%. EPS of -$0.7 for the same period compares with -$0.81 a year ago.

Compared to the Zacks Consensus Estimate of $208.49 million, the reported revenues represent a surprise of -16.12%. The EPS surprise was -25%.

Over the last four quarters, Marathon Digital surpassed consensus EPS estimates times. The company topped consensus revenue estimates just once over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Marathon Digital is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Marathon Digital. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Marathon Holdings Inc. (NASDAQ:MARA) shares are trading higher Friday morning after Clear Street reiterated its Hold rating and $10 price target following a meeting with the company’s Chief Financial Officer.

Here’s what investors need to know.

MARA Holdings shares are powering higher. Why are MARA shares rallying? Power Capacity Anchors the ThesisClear Street analyst Brian Dobson said the firm hosted CFO Salman Khan to discuss AI and high-performance computing demand, build costs Long Ridge and the company’s Bitcoin (CRYPTO: BTC) holdings. Dobson said Clear Street continues to view Marathon as a power owner first, with about 1.4 gigawatts operating today, 1.9 gigawatts of total current capacity and up to 4.8 gigawatts pending approvals.

Build Costs and Texas Delays Remain Key RisksAmong the takeaways from the conversation, Dobson said build costs appear to be at or above $12 million per megawatt. He added that the Electric Reliability Council of Texas’ batch study process is pushing some Texas energization into 2028. Bitcoin may be used to fund further HPC development, he said.

The company’s HPC business still needs a first signed lease, which Clear Street views as a potentially positive catalyst for the shares. Dobson said a first signed lease and the Long Ridge close are the next milestones the firm is watching.

MARA Stock Climbs Friday MorningMARA Price Action: MARA Holdings shares were up 1.69% at $11.41 at the time of publication on Friday, according to Benzinga Pro data.

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In the latest close session, Marathon Digital Holdings, Inc. (MARA - Free Report) was down 3.51% at $12.11. The stock's change was less than the S&P 500's daily loss of 0.77%. Meanwhile, the Dow experienced a drop of 0.67%, and the technology-dominated Nasdaq saw a decrease of 0.92%.

Prior to today's trading, shares of the company had gained 17.62% outpaced the Finance sector's loss of 3.48% and the S&P 500's gain of 0.96%.

Market participants will be closely following the financial results of Marathon Digital Holdings, Inc. in its upcoming release. On that day, Marathon Digital Holdings, Inc. is projected to report earnings of -$0.04 per share, which would represent year-over-year growth of 87.5%. Simultaneously, our latest consensus estimate expects the revenue to be $204.88 million, showing a 18.83% drop compared to the year-ago quarter.

MARA's full-year Zacks Consensus Estimates are calling for earnings of -$5.25 per share and revenue of $795.44 million. These results would represent year-over-year changes of -42.28% and -12.31%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Marathon Digital Holdings, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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. The Zacks Consensus EPS estimate has moved 33.6% lower within the past month. Marathon Digital Holdings, Inc. is holding a Zacks Rank of #3 (Hold) right now.

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 105, finds itself in the top 43% echelons 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.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Chief Executive Officer Frederick G. Thiel disclosed a sale of 27,505 shares of common stock in MARA Holdings (MARA -2.62%) at $11.45 per share on Sept. 17, 2026, according to a SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$314,932Shares sold (directly held)27,505Post-transaction shares (directly held)4,308,192Post-transaction value$50.15 millionTransaction value based on SEC Form 4 weighted average sale price ($11.45); post-transaction value based on Sept. 17, 2026 market close ($11.64).

Key questionsWhat was the primary driver of this transaction?
The sale was non-discretionary and was executed pursuant to a Rule 10b5-1 trading plan adopted on May 28, 2025, indicating the trade was scheduled well in advance of current market conditions.How does this sale affect the CEO's exposure to the firm's core business?
Frederick G. Thiel continues to hold a substantial equity stake of ~4.3 million shares in the company, which specializes in cryptocurrency mining and infrastructure.What is the financial context surrounding the company at the time of this filing?
The company reported trailing twelve-month (TTM) revenue of $804 million and a net loss of $3.5 billion, while the stock has declined 33% over the year ending on the transaction date. It has recovered, up 49% year-to-date at the time of the sale.Does the insider hold any other forms of equity?
The executive's position consists of direct ownership of common stock, and he maintains a total beneficial ownership interest of ~4.3 million shares following this disposal.Company OverviewMetricValueShare Price (as of market close 2026-09-18)$13.24Market Capitalization$5.0 billionRevenue (TTM)$804.2 millionNet Income (TTM)-$3.5 billionCompany SnapshotMARA Holdings operates digital asset mining infrastructure and technology services, generating revenue through mining operations, proprietary software, and technology licensing to third-party crypto ecosystem participants, and advisory consulting services for domestic and international mining ventures.The company's business model centers on owning and operating mining facilities and data centers powered by renewable energy, while monetizing its proprietary technology and expertise through licensing and consulting arrangements.MARA serves cryptocurrency mining operators and participants in the crypto ecosystem globally, including institutional and commercial-scale mining ventures seeking infrastructure, technology, and strategic advisory support.

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MARA Holdings is a digital asset technology company with a market capitalization of $4.7 billion, operating 266 employees from its Hallandale Beach headquarters.

The company maintains a focused strategy centered on crypto mining infrastructure and ecosystem technologies, leveraging renewable energy to support large-scale mining operations while generating ancillary revenue through software licensing and professional services.

What this transaction means for investorsThis sale shouldn't concern investors. It represented a small percentage of the CEO's holdings in the company's stock. It was also completed under a pre-arranged trading schedule to avoid concerns of acting on non-public information.

The company has shown a strong revenue growth trajectory over the past few years, although TTM revenue grew by less than 1% year over year to $804 million through the second quarter. Revenue generation has improved from the $378 million in 2023.

The company is incurring significant losses as it aggressively invests in expanding its power portfolio. It completed the acquisition of rights to a site in Texas capable of providing up to 2 gigawatts of power.

Analysts are expecting continued losses on the bottom line over the next few years as MARA invests in infrastructure.

John Ballard 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.

ARK Invest unloaded tens of millions in crypto equities right before a landmark SEC ruling sent Coinbase surging again, raising a question every trader in the space should sit with: did Wood get out too early, or just in time?

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Cathie Wood’s ARK Invest trimmed roughly $60 million of crypto-linked equities into a regulatory-driven rip that took Coinbase (NASDAQ:COIN | COIN Price Prediction) sharply higher last week.

The sales spanned Circle, Coinbase, Bitmine and Bullish, plus a large slug of ARK’s spot bitcoin ETF, with roughly $4 million in Bitmine and about $700,000 in Bullish. Days later, the SEC unveiled an Innovation Exemption that lets platforms trade tokenized U.S. equities without full exchange registration, and Coinbase jumped again.

Barron’s flagged the surprise strength in a piece headlined “Bitcoin, Strategy Stock, Coinbase Surge. Why Cryptos Are Rallying Against All Odds.” The tension is whether Wood cashed out into euphoria or read the shift early. Coinbase closed at $194.25 on September 18, up 10.84% on the week and 21.25% on the month, but still down 43.39% over the past year. That split, a hot week inside a cold trend, is the whole argument.

Why the Trim Looks Disciplined The fundamentals under the rally are soft. Q2 2026 revenue of $1.22 billion fell 18.5% year over year and missed consensus, with a GAAP loss of $1.36 per share against a $0.23 estimate.

Prediction markets price the Clarity Act becoming law in 2026 at just 0.066, with the “No” outcome at 0.934. Reddit noted the “CLARITY Act Senate vote fails 49-50” post drawing 5,176 upvotes.

But she may be early.

Only four days separated the ARK sales and the SEC’s five-year Innovation Exemption, a genuine structural win Coinbase spent years lobbying for.

Market share hit an all-time high of 10.3%, and CEO Brian Armstrong told analysts that “Bitcoin will come back in a big way too. It keeps going through these cycles.”

Where COIN Sits Versus Peers Strategy (NASDAQ:MSTR) trades as a levered proxy on Bitcoin (CRYPTO:BTC), which itself is down 29.03% year over year at $81,820.97.

Robinhood Markets (NASDAQ:HOOD) contests the same retail trading pool Armstrong is chasing, while miner MARA Holdings (NASDAQ:MARA) is pure Bitcoin beta with none of Coinbase’s subscription cushion, where services revenue held at $555 million, 48% of net revenue.

The bull case: Coinbase is building an “everything exchange” with rising share, positive adjusted EBITDA for a 14th consecutive quarter, and optionality on tokenized equities that Polymarket assigns a 0.555 probability of Coinbase leading in the U.S.

The bear case: revenue is down sharply, the Clarity Act faces headwinds, and ARK’s exit signals the easy money on the regulatory trade has been made. Riding a rally like this is fine as long as you plan the exit, which is the whole subject of our free bubble survivor’s handbook: read it here.

Contact [email protected] for any questions or corrections.

Shares of MARA Holdings Inc. (NASDAQ:MARA) are trading higher Monday morning, lifted by a broader sector rally as Bitcoin prices rose above $85,000.

JPMorgan pegs Bitcoin's production cost above its current market price, and miners have already broken records to stay afloat. What built-in network forces determine whether this becomes a prolonged bleed or a setup for recovery?

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

Producing one Bitcoin (CRYPTO:BTC) costs approximately $78,000, according to JPMorgan. The price of Bitcoin remained below this production cost for five consecutive months up to June 2026. This situation creates financial strain for miners, as their electricity bills arrive monthly in dollars, while their primary asset is the Bitcoin generated by their machinery.

This disconnect between production costs and market price affects miners’ operations. So, how did they respond, and what impact did this have on the Bitcoin supply entering the market?

What the $78,000 Figure Measures

The $78,000 figure from JPMorgan’s analyst team, led by managing director Nikolaos Panigirtzoglou, includes costs for electricity, hardware depreciation, and overheads for public miners. The estimate has been adjusted multiple times, falling from $90,000 at the beginning of the year to $77,000 in February, before stabilizing at around $78,000 by June.

In simple terms, production cost is the price at which the marginal miner breaks even, covering essential electricity costs for running the mining rigs and the amortized cost of hardware over its useful life. Other estimates, considering both public and private operations, have placed the all-in cost closer to $88,000 in July. Thus, think of $78,000 as the lower end of a broader range.

Hashrate, representing the total computing power directed at the network, contributes to this cost. As more machines compete for a fixed block reward, the hashrate reached approximately 865 exahashes per second by July.

Energy prices also influence production costs. For example, Henry Hub natural gas traded at $2.79 per million BTU on September 11, far below the $13.80 spike on January 30, which has helped reduce cost estimates.

Miners Sold a Record 32,000 Bitcoin

In the first quarter of 2026, companies including Marathon Digital Holdings (NASDAQ:MARA | MARA Price Prediction), CleanSpark, Riot Platforms, Cango, Core Scientific, and Bitdeer sold a combined total of 32,000 Bitcoin to cover operating expenses. This exceeded their total sales for all of 2025, setting a new quarterly record and surpassing the previous high of 20,000 coins sold in the second quarter of 2022 during the post-Terra-Luna bear market.

According to CoinShares, about 15% to 20% of the global mining fleet was operating at a loss during this period, which JPMorgan rounds to roughly 20%. The hashprice measured approximately $33 per petahash per second daily.

At that time, miners collectively held about 1.8 million Bitcoin, a reduction from 1.86 million at the end of 2023. This gradual drawdown in their treasury indicates a long-term trend rather than a short-term phenomenon.

On-chain cost-basis analyses reveal that long-term holders are selling at prices comparable to miners’ production costs. This correlation is no coincidence, because both groups evaluate their positions based on their acquisition costs. When Bitcoin neared and then fell short of $80,000 three times since late August, some selling pressure came from individuals compelled to sell rather than choosing to do so.

The Network Makes Mining Cheaper After a Crash

Bitcoin has a built-in mechanism to respond to price drops. “When Bitcoin trades below its production cost,” JPMorgan analysts explain, “higher-cost miners power down, the hashrate declines, and difficulty adjusts lower.” This cycle has occurred twice in 2026.

In early June, mining difficulty fell 10.09%, marking the second substantial decline of the year, after a similar drop in January. The hashrate fell 12% in June and remained 23% below its October peak, according to Galaxy Research. Each machine that is powered down results in a larger share of the block reward for those still operational.

JPMorgan calculated that the beta of difficulty concerning price over the past six months rose to 0.62, indicating a strong relationship between the two variables, with 1 representing a perfect correlation. As most miners operate close to break-even, they are quick to power down when prices drop, leading to faster network corrections than in the past.

A decrease in difficulty lets efficient miners capture market share from higher-cost miners that have powered down, stabilizing production costs and preventing further declines. JPMorgan has already indicated a potential rebound in hashrate, which may raise both difficulty and production costs at the next adjustment.

Public Miners Can Endure Longer Than Private Miners

In the past, most miners were private and underfunded. Today, a significant portion of the hashrate is controlled by publicly traded companies with hedged power contracts and access to debt and equity markets, which changes when they capitulate.

Hedging serves as a primary shock absorber. Public miners can lock in power prices, sell Bitcoin forward using futures, or borrow against their holdings to cover electricity costs without selling into a weak market. Financing also helps, as companies can raise equity or convertible debt to secure cash instead of liquidating assets.

However, rising interest rates strain these supports. The federal funds target upper bound reached 4.00% on September 16, up 25 basis points from a month earlier. Higher rates make debt financing more expensive and dilute follow-on equity raises, meaning that those hoping for a clear capitulation may face prolonged selling.

Does $78,000 Still Serve as a Price Floor? Bitcoin has struggled to maintain a price above $78,000, trading below this level for five months, the longest stretch in this cycle. With the VIX at 17.71 on September 16, investor sentiment is neither panicked nor complacent.

This price point indicates where forced selling begins, leading more miners to incur losses as the price falls further. While the current sentiment may be concerning, JPMorgan analysts suggest it could be a contrarian indicator, as weak sentiment has historically preceded recoveries.

The upcoming difficulty adjustment is crucial, as a rising hashrate could push production costs back up and shift the market dynamics.

Contact [email protected] for any questions or corrections.

Marathon Digital Holdings, Inc. (MARA - Free Report) ended the recent trading session at $11.04, demonstrating a -1.78% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.45%. Elsewhere, the Dow lost 1.21%, while the tech-heavy Nasdaq lost 0.01%.

The company's shares have seen an increase of 25.45% over the last month, surpassing the Finance sector's loss of 2.66% and the S&P 500's loss of 2.43%.

The investment community will be closely monitoring the performance of Marathon Digital Holdings, Inc. in its forthcoming earnings report. The company's upcoming EPS is projected at -$0.05, signifying a 84.38% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $207.54 million, indicating a 17.78% decrease compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$4.93 per share and revenue of $810.23 million, which would represent changes of -33.6% and -10.68%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Marathon Digital Holdings, Inc. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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. The Zacks Consensus EPS estimate has moved 6.07% lower within the past month. Marathon Digital Holdings, Inc. is holding a Zacks Rank of #3 (Hold) right now.

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 154, finds itself in the bottom 38% 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.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

A Senate procedural vote with a 60-vote threshold is putting crypto stocks under pressure, and the outcome could reshape the regulatory landscape for Coinbase, Strategy, and MARA Holdings in ways that go far beyond today's sell-off.

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Coinbase Global (NASDAQ:COIN | COIN Price Prediction) stock is falling 6% to $179.70 in Tuesday morning trading as uncertainty builds around a crucial Senate procedural vote on the CLARITY Act. The Senate is scheduled to vote at 2:15 p.m. ET on whether to advance the crypto market-structure legislation, and the bill needs 60 votes to clear that hurdle amid continued political disagreement.

Strategy (NASDAQ:MSTR) stock is sliding 5% to $130.32, while MARA Holdings (NASDAQ:MARA) stock is slipping 1% to $11.36 as Bitcoin (CRYPTO:BTC) is down 2.5% over the past 24 hours to $76,201.40. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 3% to $43.19, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.2% to $759.33, suggesting the crypto-linked declines are outpacing the broader market.

The CLARITY Act Faces A Critical Test The CLARITY Act is intended to establish a clearer federal framework for digital assets, potentially reducing uncertainty over how parts of the crypto industry are regulated. However, the legislation’s path remains uncertain because it needs bipartisan support to reach the 60 votes required for the Senate to move forward.

The procedural vote is important for Coinbase because regulatory clarity could help provide a more durable framework for U.S. crypto businesses. Yet, a successful procedural vote wouldn’t mean the legislation has become law, while a failure could leave the industry’s long-running regulatory questions unresolved for longer.

Coinbase Could Benefit From Greater Clarity Coinbase operates one of the largest U.S. cryptocurrency exchanges, making the company particularly exposed to changes in the regulatory environment. A clearer framework could potentially support greater institutional participation and give Coinbase more certainty as it develops products across trading, custody and other crypto services.

The bearish case is that Coinbase stock remains highly sensitive to cryptocurrency prices and trading activity, even if Washington eventually delivers more regulatory clarity. Coinbase stock is falling 6% as Bitcoin declines, showing that a single legislative catalyst may not offset near-term pressure from weaker digital-asset prices.

Strategy And MARA Have Direct Bitcoin Exposure Strategy’s business model has become closely tied to its large Bitcoin holdings, which can make Strategy stock especially sensitive to changes in Bitcoin’s price. Strategy stock is sliding 5% as Bitcoin is down 2.5% over the past 24 hours, illustrating how the company’s equity can experience amplified moves when cryptocurrency prices turn lower.

MARA Holdings has substantial exposure to Bitcoin through its mining operations and Bitcoin holdings, although MARA stock is down a more modest 1%. The iShares Bitcoin Trust ETF offers more direct exposure to Bitcoin, with the ETF down 3% to $43.19 as the cryptocurrency market reacts to both falling prices and regulatory uncertainty.

The Takeaway For Crypto Investors The bullish argument is that progress on the CLARITY Act could eventually provide the U.S. crypto industry with rules that encourage greater participation and reduce some regulatory uncertainty. Coinbase, Strategy and MARA Holdings could all benefit in different ways if Bitcoin recovers and the policy backdrop becomes clearer.

However, today’s price action highlights how quickly crypto-linked stocks can move when Bitcoin weakens or a major policy question remains unsettled. Investors who choose to own Coinbase stock, Strategy stock or MARA stock should consider keeping their share-position sizes moderate, while investors may want to watch for whether the Senate vote advances the CLARITY Act and whether Bitcoin can stabilize after its recent decline.

Contact [email protected] for any questions or corrections.

Strategy’s $1.59B Gamble: Checkmate at $80K?Executives from Bitcoin mining and digital infrastructure companies said access to energized power, land and data-center development capabilities is creating an opportunity to serve growing artificial intelligence infrastructure demand, while also presenting significant construction, financing and regulatory challenges.

Speaking at an H.C. Wainwright panel moderated by Mike Colonnese, the companies described how Bitcoin miners are seeking to repurpose or complement mining operations with AI high-performance computing, colocation and cloud-service deployments. Colonnese said the companies represented on the panel have line of sight to more than 14 gigawatts of power capacity.

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Bitcoin Mining Assets as an AI Infrastructure Advantage CleanSpark Inks a $6.6B AI Lease to Become a Digital LandlordFred Thiel, chairman and CEO of MARA NASDAQ: MARA, said Bitcoin miners historically focused on acquiring low-cost power and deploying computing equipment as efficiently as possible. In contrast, AI data centers require substantially more capital per megawatt but can generate higher revenue and asset values per megawatt.

“Bitcoin miners have a lot of land and power that is turned on,” Thiel said, calling those assets a potentially fast route for hyperscalers, frontier-model providers and neocloud companies seeking to bring AI computing capacity online.

Game On: Wall Street's New Rules and Your MoneyRussell Cann, co-founder and chief development officer of Core Scientific, said the company’s early AI deployments demonstrated the changing technical and cost requirements of the market. He said an air-cooled site was converted in roughly 45 days to support higher-density racks running H100 and H200 graphics processing units. However, direct-liquid-cooled facilities generally required new construction rather than conversion of legacy air-cooled data centers.

Cann said estimated direct-liquid-cooled construction costs increased from about $4.5 million per megawatt in late 2023 to approximately $10 million to $10.5 million per megawatt for sites turned on during the current year. He cited labor, transformers and switchgear as major constraints.

Colocation and Cloud Strategies Panelists described different approaches to monetizing AI infrastructure. Sam Tabar, CEO of WhiteFiber, said the company operates both cloud and colocation businesses, which require separate technical capabilities. WhiteFiber was spun out from Bit Digital as a pure-play AI infrastructure company, he said, in part to broaden financing opportunities and attract institutional shareholders that may not have wanted crypto exposure.

Tabar said WhiteFiber acquired Enovum to add an experienced data-center development team. He cited projects including the conversion of a mattress factory into an AI campus for Cerebras and a North Carolina facility developed for Nscale under an $865 million contract.

Michael Potter, CFO of Bitdeer, said the company is pursuing both colocation and GPU-as-a-service. Bitdeer signed a colocation agreement in Tydal, Norway, for about 121 critical IT megawatts, with tenant Volta providing GPUs for its end customer. Bitdeer is also developing a neocloud business in Malaysia, beginning with a 10-megawatt site that Potter said has two customers.

CleanSpark said it signed a 20-year, triple-net lease valued at $6.6 billion for a 250-megawatt powered site in Sandersville, Georgia. MARA said it expects to sign two leases by year-end and is evaluating both large campuses and smaller inference-focused sites. Core Scientific said it recently announced a roughly 500-megawatt agreement with AMD and granted AMD rights to the next 2,000 megawatts at sites in Texas and Oklahoma. Soluna said it is developing AI campuses alongside wind and solar power facilities, including the 350-megawatt Cotty 2 project and the approximately 300-megawatt Dorothy III project in Texas. Financing, Execution and Power Constraints John Belizaire, CEO of Soluna Holdings, estimated that a theoretical 100-megawatt project could cost $1.2 billion to $1.4 billion, or roughly $10 million to $12 million per megawatt. He said Soluna expects project financing to be principally debt-funded, using an approximately 80% debt and 20% equity structure.

Matt Schultz, chairman and CEO of CleanSpark, said delivery certainty has become a central issue for lenders and tenants. CleanSpark selected an engineering, procurement and construction management provider that manufactures many data-center components in a factory, he said, and entered into a fixed-price, lump-sum turnkey contract. CleanSpark expects its first Georgia data hall to be delivered in December 2027.

Thiel said MARA partnered with Starwood because the company wanted to reduce construction risk and leverage expertise in hyperscale data-center development. He added that contributing sites into project joint ventures could improve cash-on-cash returns and allow multiple projects to advance simultaneously.

Executives Debate AI Infrastructure “Bubble” Concerns Most panelists rejected the idea that demand for AI infrastructure is a bubble, citing demand for both training and inference computing. However, Core Scientific’s Cann distinguished between real demand and speculative power requests.

Cann said roughly 5 gigawatts of rack capacity is being delivered annually against about 15 gigawatts of annual chip demand, but he questioned the validity of all proposed data-center projects. He said Texas had received requests totaling 474 gigawatts, a figure he described as far beyond realistic demand or available supply.

“The issue is not the guys delivering rack space or the guys delivering the chips,” Cann said. “It is every farmer and rancher” near gas or transmission infrastructure claiming potential data-center capacity.

Schultz said political and community considerations are increasingly important, while Tabar said retrofitting existing industrial facilities can reduce opposition associated with greenfield construction. Panelists also said Bitcoin mining remains strategically useful because miners can rapidly deploy load and monetize power before AI data centers are completed.

About MARA (NASDAQ:MARA)MARA Holdings, Inc, formerly known as Marathon Digital Holdings, Inc, is a digital asset technology company focused primarily on mining bitcoin. The company operates and supports computing infrastructure designed to secure the Bitcoin network by processing transactions and earning bitcoin rewards.

MARA develops and deploys large-scale data center and energy infrastructure for digital asset mining. Its activities include operating mining facilities, managing specialized application-specific integrated circuit (ASIC) mining equipment, and pursuing energy and infrastructure solutions intended to support more efficient and scalable computing operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Marathon Digital Holdings, Inc. (MARA - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this company have returned +23.7%, compared to the Zacks S&P 500 composite's -1.4% change. During this period, the Zacks Financial - Miscellaneous Services industry, which Marathon Digital falls in, has gained 0.5%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Marathon Digital is expected to post earnings of $0.25 per share for the current quarter, representing a year-over-year change of +178.1%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

For the current fiscal year, the consensus earnings estimate of -$4.39 points to a change of -19% from the prior year. Over the last 30 days, this estimate has remained unchanged.

For the next fiscal year, the consensus earnings estimate of $1.06 indicates a change of +75.9% from what Marathon Digital is expected to report a year ago. Over the past month, the estimate has remained unchanged.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Marathon Digital is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Marathon Digital, the consensus sales estimate of $206.98 million for the current quarter points to a year-over-year change of -18%. The $796.53 million and $983.19 million estimates for the current and next fiscal years indicate changes of -12.2% and +23.4%, respectively.

Last Reported Results and Surprise HistoryMarathon Digital reported revenues of $174.88 million in the last reported quarter, representing a year-over-year change of -26.7%. EPS of -$0.7 for the same period compares with -$0.81 a year ago.

Compared to the Zacks Consensus Estimate of $208.49 million, the reported revenues represent a surprise of -16.12%. The EPS surprise was -25%.

Over the last four quarters, Marathon Digital surpassed consensus EPS estimates times. The company topped consensus revenue estimates just once over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Marathon Digital is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Marathon Digital. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Marathon Digital Holdings, Inc. (MARA - Free Report) .

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>>>

While the ABR calls for buying Marathon Digital, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of 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.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

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.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Is MARA a Good Investment?In terms of earnings estimate revisions for Marathon Digital, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$4.39.

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.

MARA Holdings (MARA) has declined 48% since my last coverage, underperforming the benchmark's 14% gain. Despite recent volatility and revenue headwinds from Bitcoin, I maintain a Strong Buy rating due to MARA's ambitious growth plans. Management targets a 4.8 GW power portfolio by year-end and the $1.5B Long Ridge acquisition could drive a new revenue cycle.

Bitcoin is holding steady near a key level while the miners that produce it are cratering, and that split tells investors something important about where the smart money is actually flowing this cycle.

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Some well-known Bitcoin (CRYPTO:BTC) mining equities are selling off midday Friday even as the coin they mine holds firm, a divergence that stands out on an otherwise steady session for crypto. MARA Holdings (NASDAQ:MARA | MARA Price Prediction) stock is down 6% to $11.12, while Riot Platforms (NASDAQ:RIOT) stock is down 6% to $19.58.

Meanwhile, Bitcoin is trading at $79,539.32, and the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 0.5% to $45.05. The Bitcoin fund is a narrowly concentrated single-asset product that holds only Bitcoin, so its move tracks the coin directly and does not smooth exposure with a diversified basket.

That contrast tells the story. MARA Holdings and Riot Platforms are down 6% while spot Bitcoin exposure barely moved, which points to miner-specific selling in the mining equities rather than a crypto-wide decline.

Profit Taking With No Confirmed Catalyst Neither MARA Holdings nor Riot Platforms posted news this morning, and no company-specific catalyst was confirmed for either miner today. The move looks like profit taking in the mining equities after their recent run, with sellers pulling chips off the table on names that had drifted higher into month-end.

The Bitcoin fund shows why a macro explanation doesn’t fit today’s action. IBIT is down 0.5%, only a fractional move on the session. A broad crypto shock or a coordinated risk-off move would drag the fund alongside the miners, and none of that is showing up in IBIT’s action.

Miners Are Lagging Bitcoin’s Rally The divergence holds over a longer window, and that is the deeper story for investors. Bitcoin gained 26% over the past month, yet MARA Holdings stock entered today’s session up only 4% over that stretch and Riot Platforms stock was down 2%.

That gap matters for anyone owning the miners as a Bitcoin proxy. The producers are failing to capture the underlying asset’s move, and the market appears to be paying up for direct spot exposure over hashrate leverage. IBIT, Bitcoin itself, and corporate-treasury holders have soaked up the flows this cycle while pure-play miners have been left behind.

Strategy (NASDAQ:MSTR) sits at the far end of that same spectrum. The company held approximately 843,775 Bitcoin as of July, which makes Strategy stock the most Bitcoin-sensitive equity in the group and a cleaner beta play than either miner. Its behavior on days like today generally maps to the coin more than to hashrate economics, energy costs, or fleet upgrades. Strategy shares are down 3% to $132.80 today.

Scorecard: One Month Snapshot Name Session Move One-Month MARA Holdings Down 6% to $11.12 Up 4% Riot Platforms Down 6% to $19.58 Down 2% iShares Bitcoin Trust ETF Down 0.5% to $45.05 N/A Bitcoin Near $79,500 Up 26% What to Watch Traders can watch for whether Bitcoin holds the $79,500 area. A major break lower would give the miner selloff a cleaner narrative and drag IBIT along with it, while a hold or bounce leaves today’s 6% decline in MARA stock and Riot Platforms stock looking like a positioning event rather than a fundamental repricing.

Investors sizing their exposure to the mining names should keep their positions modest until the group tracks Bitcoin again on the way up. The last month argues it hasn’t, and today extends that pattern. For readers using IBIT or Strategy stock as their crypto vehicle, the miner underperformance is confirmation that hashrate leverage is not currently paying investors for the operational risk.

Contact [email protected] for any questions or corrections.

Top crypto stocks are in a strong rally this week, helped by the ongoing Bitcoin and altcoin comeback. Strive stock jumped to $17.14, its highest level since June 15 and 62% above its lowest level this month. 

MARA Holdings soared to $11.6, up by nearly 35% from this month’s low. Other top stocks like MSTR, Coinbase, and CleanSpark have also jumped by double digits in the past few weeks and this trend may continue if the crypto rally gains steam.

The main driver for the ongoing surge in crypto stocks is the fact that Bitcoin and most altcoins have rebounded. Bitcoin surged to $76,340, its highest level since May this year. It has surged by over 30% from its lowest level this year.

Ethereum price jumped to $2,400, up sharply from the year-to-date low of $1,515. In all, the market capitalization of all tokens has moved to $2.5 trillion. 

The rally has coincided with the ongoing jump in the Crypto Fear and Greed Index, which has moved to the greed zone of 65. In most cases, Bitcoin and most altcoins thrive when there is a sense of greed among market participants.

Bitcoin is also rising as American institutional and retail investors pile in. Spot Bitcoin ETFs added $606 million in assets on Thursday, much higher than the $517 million they added a day earlier. They have added over $1.6 billion in inflows this week, the best weekly performance since October last year. The real figure may be higher than this if they experience more inflows today.

Other altcoin ETFs have also added substantial inflows. Ethereum ETFs have added $512 million this week, bringing the cumulative net inflows to nearly $12 billion. XRP ETFs added over $21 million in inflows, while Solana funds added $18.2 million. 

Bitcoin is rising as investors embrace its role as a hedge as the US debt surge. It crossed the $40 trillion mark this week. Trump’s two terms have added over $11.6 trillion of this debt, and this trend may continue in the foreseeable future.

The rally has also coincided with the upcoming end of summer, a period when many people are travelling.

Top companies in the industry are benefiting from the ongoing crypto rally. Michael Saylor, the most embattled one is benefiting as the value of its Bitcoin holdings jump. The company holds 840k coins worth over $64 billion. At Bitcoin’s low this year, these coins were worth about $48 billion. 

Strive, which Vivek Ramaswamy backs, owns 20,246 coins now valued at over $1.56 billion. Bitcoin mining companies like MARA Holdings and CleanSpark, which hold 35,577 and 13,930 coins, respectively, 

Other companies in the industry like Bullish, Coinbase, and Gemini have also surged this week, with investors hoping that the resurgence will lead to more transaction volume. 

Still, top crypto stocks face some substantial risks that may affect their performance. One of the core risks is that the ongoing rally may be a dead-cat bounce, which is a temporary comeback that results in a reversal. 

Technically, there are signs that Bitcoin has moved to an extremely overbought level. The Relative Strength Index (RSI) has jumped to 85, its highest level since November 2024. In most cases, assets in extremely overbought levels tend to reverse as investors book profits.

Additionally, there are risks associated with the bond market, with the US long-term yields resuming their uptrend. The 30-year yield jumped to 5.246% today, and is slowly nearing the year-to-date high. Soaring bond yields may lead to volatility across all assets. 

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?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Marathon Digital Holdings, Inc. (MARA - Free Report) .

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.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

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.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed 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 Worth Investing In?In terms of earnings estimate revisions for Marathon Digital, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$4.39.

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.

Posted by Defense World Staff on Aug 9th, 2026

California State Teachers Retirement System raised its position in Marathon Digital Holdings, Inc. (NASDAQ:MARA – Free Report) by 23.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 412,052 shares of the business services provider’s  stock after acquiring an additional 78,842 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Marathon Digital worth $3,362,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CI Investments Inc. grew its position in Marathon Digital by 7.6% in the 1st quarter. CI Investments Inc. now owns 13,520 shares of the business services provider’s stock valued at $110,000 after purchasing an additional 957 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Marathon Digital by 9.8% during the first quarter. Integrated Wealth Concepts LLC now owns 11,073 shares of the business services provider’s stock worth $127,000 after buying an additional 991 shares during the last quarter. Evexia Wealth LLC raised its holdings in Marathon Digital by 9.2% during the first quarter. Evexia Wealth LLC now owns 12,937 shares of the business services provider’s stock worth $106,000 after buying an additional 1,090 shares during the last quarter. Sigma Planning Corp lifted its stake in shares of Marathon Digital by 12.4% in the fourth quarter. Sigma Planning Corp now owns 11,924 shares of the business services provider’s stock valued at $107,000 after buying an additional 1,320 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in shares of Marathon Digital by 38.6% during the second quarter. Osaic Holdings Inc. now owns 4,816 shares of the business services provider’s stock valued at $76,000 after buying an additional 1,340 shares during the last quarter. Institutional investors own 44.53% of the company’s stock.

Insiders Place Their Bets In other Marathon Digital  news, General Counsel Zabi Nowaid sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $14.25, for a total value of $99,750.00. Following the transaction, the general counsel owned 963,768 shares of the company’s stock, valued at approximately $13,733,694. The trade was a 0.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas K. Mellinger sold 7,000 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $16.00, for a total value of $112,000.00. Following the completion of the transaction, the director owned 231,618 shares of the company’s stock, valued at $3,705,888. This trade represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 109,260 shares of company stock valued at $1,452,756. 0.97% of the stock is owned by insiders.

News

Key Stories Impacting Marathon Digital Here are the key news stories impacting Marathon Digital this week:

Positive Sentiment: AI and data-center expansion offers a potential catalyst. MARA said it is targeting at least two artificial-intelligence/high-performance-computing leases by year-end and has doubled its power capacity to 4.8 gigawatts. Needham cited stronger tenant demand through MARA’s Starwood partnership, although it withheld a price target pending more detail on the venture’s economics. MARA targets AI/HPC leases Positive Sentiment: Some analysts still see substantial upside. Rosenblatt reaffirmed a “buy” rating with a $15 price target, while Cantor Fitzgerald maintained an “overweight” rating despite reducing its target to $12. Both targets remain above the current trading level. Analyst rating updates Neutral Sentiment: Options activity was unusually elevated. Traders purchased approximately 250,000 MARA call options, about 14% above average daily call volume. This may indicate speculative bullish positioning, but it does not necessarily represent sustained investor conviction. Negative Sentiment: Second-quarter results missed expectations. MARA reported a $611.3 million net loss, revenue of $174.9 million versus roughly $209.4 million expected, and a year-over-year revenue decline of about 27%. Per-share results also came in below consensus, reinforcing concerns about profitability. MARA reports Q2 loss Negative Sentiment: Bitcoin production and holdings remain pressure points. MARA’s Bitcoin holdings reportedly fell 29% year over year to 35,577 Bitcoin. Investors are concerned that weaker mining economics and large quarterly losses could limit the benefit of higher Bitcoin prices. MARA Bitcoin holdings and Q2 loss Negative Sentiment: Price-target reductions added to selling pressure. The broader Bitcoin-mining group declined as analysts cut targets and investors prioritized Q2 losses over Bitcoin’s rebound. MARA’s high volatility amplifies the impact of disappointing results and analyst revisions. MARA stock and price-target cuts Marathon Digital Trading Down 5.3% NASDAQ:MARA opened at $10.09 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -1.10 and a beta of 5.40. Marathon Digital Holdings, Inc. has a 52 week low of $6.66 and a 52 week high of $23.45. The firm has a 50-day moving average price of $12.81 and a two-hundred day moving average price of $11.03.

News

Marathon Digital (NASDAQ:MARA – Get Free Report) last announced its earnings results on Thursday, August 6th. The business services provider reported ($1.60) earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($1.77). The business had revenue of $174.88 million during the quarter, compared to analysts’ expectations of $209.44 million. Marathon Digital had a negative return on equity of 22.55% and a negative net margin of 429.71%.Marathon Digital’s quarterly revenue was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.84 EPS. On average, equities analysts expect that Marathon Digital Holdings, Inc. will post -2.28 earnings per share for the current fiscal year.

Analyst Ratings Changes Several research firms have recently commented on MARA. Rosenblatt Securities reissued a “buy” rating and set a $15.00 target price on shares of Marathon Digital in a research report on Friday. Citizens Jmp started coverage on Marathon Digital in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $24.00 price target for the company. Weiss Ratings downgraded Marathon Digital from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Cantor Fitzgerald decreased their price objective on Marathon Digital from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Friday. Finally, Morgan Stanley lowered their price objective on Marathon Digital from $7.00 to $5.50 and set an “underweight” rating for the company in a research note on Wednesday, July 8th. Eight investment analysts have rated the  stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.72.

View Our Latest Report on Marathon Digital

Marathon Digital Profile (Free Report)

Marathon Digital Holdings, Inc is a digital asset technology company specializing in the mining and acquisition of bitcoin. Headquartered in Las Vegas, Nevada, the firm employs high-performance application-specific integrated circuit (ASIC) miners and proprietary software to secure the Bitcoin network and expand its crypto-mining footprint. Marathon Digital focuses on operational efficiency and scalability, while maintaining rigorous standards for regulatory compliance and corporate governance.

The company operates multiple large-scale mining facilities throughout North America, including sites in Texas, Montana and New York.

Featured Articles Five stocks we like better than Marathon Digital Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding MARA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marathon Digital Holdings, Inc. (NASDAQ:MARA – Free Report).

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MARA Holdings Inc. (NASDAQ:MARA) shares are sliding on Friday as traders digest second-quarter financial results and the company’s push to position its power footprint for both Bitcoin mining and AI-oriented compute.

MARA Holdings stock is trading near recent lows. What’s ahead for MARA stock? MARA Holdings Q2 ResultsThe company reported second-quarter revenue of $174.88 million, down 27% year-over-year, and an adjusted loss of $1.60 per share, versus a Street view that had called for a profit of 26 cents per share.

MARA also mined 2,422 Bitcoin in the quarter while purchasing none, and it ended the period holding 35,577 Bitcoin—down 29% year-over-year. That operating snapshot is shaping how traders weigh the AI pivot against near-term mining economics.

MARA Holdings emphasized its pivot toward artificial intelligence in its latest shareholder letter, framing its existing infrastructure as a key solution to the industry’s shortage of power-ready sites.

With 19 data centers across four continents and newly acquired rights to a 2 GW site in Texas, the company is positioning itself to supply the “next generation of compute.”

“This is the business MARA is building,” the company noted, adding that companies controlling power will define the future of AI infrastructure. “Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses. They are complementary applications of the same underlying asset: power.

MARA Stock Price Action UpdateMARA Price Action: MARA Holdings shares were down 8.36% at $9.75 at the time of publication on Friday, according to Benzinga Pro data.

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Marathon Digital Holdings, Inc. (MARA - Free Report) came out with a quarterly loss of $0.7 per share versus the Zacks Consensus Estimate of a loss of $0.56. This compares to a loss of $0.81 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -25.00%. A quarter ago, it was expected that this company would post a loss of $0.46 per share when it actually produced a loss of $0.61, delivering a surprise of -32.61%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Marathon Digital, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $174.88 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 16.12%. This compares to year-ago revenues of $238.49 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Marathon Digital shares have added about 25.2% since the beginning of the year versus the S&P 500's gain of 12.8%.

What's Next for Marathon Digital?While Marathon Digital has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Marathon Digital was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.55 on $198.53 million in revenues for the coming quarter and -$4.98 on $797.06 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Finance sector, VersaBank (VBNK - Free Report) , is yet to report results for the quarter ended July 2026.

This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +59.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

VersaBank's revenues are expected to be $29.41 million, up 28% from the year-ago quarter.

Bitcoin (CRYPTO:BTC) mining company MARA Holdings (NASDAQ:MARA) reported second-quarter financial results Thursday after market close.

• MARA Holdings stock is showing downward pressure. What’s ahead for MARA stock?

Here are the key highlights.

MARA Holdings Q2 EarningsMARA Holdings reported second-quarter revenue of $174.88 million, down 27% year-over-year. The revenue total missed a Street estimate of $203.67 million, according to data from Benzinga Pro.

The company reported an adjusted loss of $1.60 per share, missing a Street consensus estimate of a profit of 26 cents per share.

MARA Holdings mined 2,422 Bitcoin in the quarter with no additional Bitcoin purchased.

The company ended the quarter with 35,577 Bitcoin, down 29% year-over-year.

What’s Next for MARA HoldingsThe company’s shareholder letter focused heavily on a transitioned focus on artificial intelligence, with power-ready sites being scarce and the company having infrastructure in place to help power the "next generation of compute."

"This is the business MARA is building," the company said.

MARA Holdings has 19 data centers across four continents.

The company’s portfolio is growing with the recently acquired rights to a 2 GW powered land site in Texas.

"Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses. They are complementary applications of the same underlying asset: power."

MARA Holdings said it believes the companies that control power will define the next generation of AI infrastructure.

MARA Stock Price ActionMARA Holdings stock is up 0.4% to $10.70 in after-hours trading Thursday versus a 52-week trading range of $6.66 to $23.45.

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In the latest trading session, Marathon Digital Holdings, Inc. (MARA - Free Report) closed at $11.37, marking a -3.81% move from the previous day. This change lagged the S&P 500's daily gain of 0.7%. Meanwhile, the Dow experienced a rise of 0.53%, and the technology-dominated Nasdaq saw an increase of 1%.

Prior to today's trading, shares of the company had lost 4.68% lagged the Finance sector's gain of 2.97% and the S&P 500's loss of 0.49%.

The upcoming earnings release of Marathon Digital Holdings, Inc. will be of great interest to investors. The company's earnings report is expected on August 6, 2026. The company is expected to report EPS of -$0.56, up 30.86% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $208.49 million, showing a 12.58% drop compared to the year-ago quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$4.98 per share and a revenue of $797.06 million, indicating changes of -34.96% and -12.13%, respectively, from the former year.

It is also important to note the recent changes to analyst estimates for Marathon Digital Holdings, Inc. These recent revisions tend to reflect the evolving nature of short-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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Marathon Digital Holdings, Inc. boasts a Zacks Rank of #3 (Hold).

The Financial - Miscellaneous Services industry is part of the Finance sector. With its current Zacks Industry Rank of 179, this industry ranks in the bottom 28% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.