MARA Holdings Inc (NASDAQ: MARA) is a digital asset technology company that mines bitcoin and manages bitcoin holdings as a core treasury and income-generating strategy. Revenue is generated primarily through bitcoin mining, supplemented by digital asset management activities including bitcoin lending, trading, and borrowing against bitcoin collateral. The company operates across 18 data centers on four continents, with owned and operated sites representing approximately 70% of total operating capacity as of the FY2025 10-K filed March 2, 2026. In February 2026, MARA acquired Exaion, a digital infrastructure provider headquartered in France, expanding its international footprint into the European Union. The company is also taking initial steps to extend its platform into AI and high-performance computing. Digital asset management activities in FY2025 included a separately managed account funded with 2,000 bitcoin, which was terminated in December 2025 after incurring a net loss of approximately $22.1 million, and bitcoin lending that generated $32.1 million in interest income for FY2025.

Revenue model

MARA generates revenue through bitcoin mining, bitcoin lending (which produced $32.1 million in interest income for FY2025), bitcoin-denominated trading via options, futures, swaps, and spot transactions, and borrowing against bitcoin holdings. The company holds bitcoin as a primary treasury asset and pursues capital appreciation alongside yield-generating strategies on those holdings.

Products and services

Bitcoin mining operations across 18 data centers; digital asset management including bitcoin lending, trading, and treasury management; a joint venture agreement with Starwood for large-scale data center development targeting hyperscaler tenants; early-stage AI and high-performance computing infrastructure services; and digital infrastructure operations through the acquired Exaion subsidiary in France.

Customers and end markets

The filing excerpts do not identify specific external customers. End market demand is directly tied to the bitcoin market price, network hashrate, and transaction fee levels. Secondary end markets include AI and HPC compute customers in development.

Value-chain role

MARA operates as a bitcoin miner and digital asset holder, purchasing energy and mining hardware, operating data centers, and converting electricity and computing power into bitcoin. It sits at the production layer of the bitcoin supply chain, with energy costs and hardware efficiency as the primary cost drivers. The company is also developing data center capacity for potential AI and HPC tenants.

Geographic exposure

Operations span four continents across 18 data centers as of the FY2025 10-K. The February 2026 acquisition of Exaion adds operations in France and subjects the company to European Union regulatory requirements. The United States represents the primary operating base.

Source: SEC 10-K, filed 2026-03-02

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