MARA Holdings Inc
mara.comMARA 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.
Products & 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.
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.
Customers & 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.
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.
Financial Snapshot
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