Marathon Digital Holdings, Inc. (MARA) is a Financials stock trading at $11.16 (as of 2026-08-20), with a market capitalization of $4.31B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Marathon Digital Holdings, Inc. is a digital asset technology company focused on cryptocurrency mining and the generation of digital assets in the United States. It held 8,115 bitcoins as of December 31, 2021, and it operates from Las Vegas, Nevada.
Understand Marathon Digital Holdings, Inc.: how it makes money
Marathon Digital Holdings mines cryptocurrencies and helps generate digital assets, with revenue also coming from hosting services.
Mining economics are driven by how many bitcoins the company mines (and its share of available mining rewards), multiplied by the realized bitcoin price effect, then reduced by its cost of revenues.
Business quality (Weak): The company’s operating engine is straightforward, bitcoin production and reward share versus mining costs, but reported profitability is highly negative, so trends in output and cost pressure are central.
Bull case
Mining output is trackable: The company reports Bitcoin Mined (2247.0, count), along with operational inputs like Energized Hash Rate (72.2, ratio), which helps investors monitor production changes.
Reward share is measurable: Share of Available Mining Rewards is provided (5.5 percent), offering a direct view into how effectively the company converts network opportunity into mined bitcoin.
Revenue includes a hosting component: Hosting Revenue is separately identified (0.01 B), which can diversify revenue beyond pure mining rewards.
Bear case
Profitability is deeply negative: For the latest reported period, operating margin is -607.9 percent, indicating major difficulty translating mining operations into operating profit.
Production can decline: Bitcoin Production Decline (Own Sites) is 8.0 percent, which signals potential headwinds to mined volumes from its own sites.
Revenue is sensitive to bitcoin price effects: A specific revenue contribution from higher average bitcoin price is identified (0.09 B), which highlights that realized pricing can materially influence results relative to costs.