MARA Holdings, Inc.
mara.comWhat Do They Do?
Mines bitcoin and verifies transactions for network users, while developing AI inference and high-performance computing services for third-party customers.
10-K for FY2025, filed Mar 2, 2026Bitcoin mining remains the foundation of our platform. We produce, or “mine,” bitcoin using a large fleet of specialized, energy-efficient…View ↗
The Company’s ongoing major or central operation is to provide bitcoin transaction verification services to the transaction requester, in…View ↗
As demand for energy-optimized compute infrastructure accelerates, particularly from AI and HPC workloads, we are in the process of…View ↗
As we evaluate and develop AI inference capabilities within our infrastructure, we expect any potential AI-related revenue to be derived…View ↗
How Do They Make Money?
Mining participants perform hash calculations alongside third-party mining pools, while successful block validation generates bitcoin rewards and transaction fees. As operator, MARA earns transaction fees from requesters for each successful validation; it also provides hosting services to institutional-scale crypto miners.
10-K for FY2025, filed Mar 2, 2026The Company’s ongoing major or central operation is to provide bitcoin transaction verification services to the transaction requester, in…View ↗
Our revenues are generally comprised of block rewards earned in bitcoin as a result of successfully solving blocks, and transaction fees…View ↗
For each individual contract, the parties’ rights, the transaction price, and the payment terms are fixed and known as of the inception of…View ↗
In 2024, the Company acquired multiple operational Bitcoin mining sites for the purpose of improving efficiencies and the scale of the…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by product or service (Total revenues from contracts with customers) ↗
$907.1M
-
10-K for FY2025, filed Mar 2, 2026
$907.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Mining operator - transaction fees
Usage-based
10-K for FY2025, filed Mar 2, 2026 |
16%
FY2022: 53%
|
Mining operator - transaction fees, FY2025
$9.2M Sources
|
Usage-based |
|
Mining participant
Usage-based
10-K for FY2025, filed Mar 2, 2026 |
76%
FY2022: 47%
|
Mining participant, FY2025
$44.8M Sources
|
Usage-based |
|
Hosting Services
|
8.0%
FY2022: 0.0%
|
Hosting Services, FY2025
$4.7M Sources
|
Who Are Their Customers?
Transaction requesters pay for verification, and third-party mining pool operators use MARA’s hash-calculation service; institutional-scale crypto-mining companies use its hosting services. MARA is developing inference compute and private cloud offerings for third-party customers.
10-K for FY2025, filed Mar 2, 2026The Company’s ongoing major or central operation is to provide bitcoin transaction verification services to the transaction requester, in…View ↗
In 2024, the Company acquired multiple operational Bitcoin mining sites for the purpose of improving efficiencies and the scale of the…View ↗
As we evaluate and develop AI inference capabilities within our infrastructure, we expect any potential AI-related revenue to be derived…View ↗
Do Revenues Turn Into Profits?
No. It lost $1.3B in FY2025.
10-K for FY2025, filed Mar 2, 2026
−$1.2BView ↗
10-K for FY2025, filed Mar 2, 2026
−$1.3BView ↗
10-K for FY2025, filed Mar 2, 2026
−$1.2BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$611.3MView ↗
- ▼ Now a loss
- vs $808.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Jul 9, 2026
Acquired a Texas project company for a powered digital infrastructure site
The site is intended for a campus supporting high-performance computing and flexible compute operations, including Bitcoin mining.
Sources
8-K, filed Jul 9, 2026
On July 2, 2026, Volt Texas, LLC (“Buyer”), a Delaware limited liability company and a subsidiary of MARA Holdings, Inc., a Nevada…View ↗
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Apr 30, 2026
Agreed to acquire Long Ridge Energy & Power
The proposed acquisition includes an Ohio power plant and industrial land at MARA’s existing Hannibal data-center site.
Sources
8-K, filed Apr 30, 2026
On April 29, 2026, MARA USA Corporation, a Delaware corporation (“Buyer”) and a subsidiary of MARA Holdings, Inc., a Nevada corporation…View ↗
New compute services
The business has broadened beyond Bitcoin mining into AI inference and high-performance computing, with plans to offer compute capacity and private cloud solutions to outside customers.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 2, 2026Marathon is a digital asset technology company that produces or “mines” digital assets with a focus on the blockchain ecosystem and the…View ↗
Greater infrastructure ownership
The earlier model operated mining rigs at third-party-owned and operated data centers; the latest report describes a shift toward owning and controlling energy and digital infrastructure.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 2, 2026The Company’s focus at the onset of 2022 was on growth execution and transition into a larger operation. This focus consisted of both the…View ↗
Our strategy is centered on the ownership and control of energy and digital infrastructure. While our earlier growth strategy emphasized an…View ↗
Bitcoin sales for flexibility
Bitcoin holdings are no longer described solely as a long-term investment: MARA may sell bitcoin generated from operations or held on its balance sheet, subject to market conditions and capital priorities.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 2, 2026Marathon is a digital asset technology company that produces or “mines” digital assets with a focus on the blockchain ecosystem and the…View ↗
Historically, we have held bitcoin produced from our mining operations or purchased on the open market on our Consolidated Balance Sheets.…View ↗
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