MARA Holdings, Inc. (NASDAQ: MARA)

MARA Holdings, Inc. is an energy and digital infrastructure company that acquires, manages, and allocates energy to its highest value uses, using Bitcoin mining as a flexible energy responsive workload to monetize excess and underutilized power while developing artificial intelligence inference and high performance computing capabilities across its global portfolio of approximately 1.9 gigawatts of capacity located in 18 data centers on four continents.

The company primarily generates revenue from Bitcoin mining, earning block subsidies and transaction fees by operating roughly 490,000 mining rigs that produced 8,799 bitcoin in 2025 and delivering a hashrate of 66.4 exahashes per second. It also monetizes its bitcoin holdings through lending, structured trading, collateralized financing and other bitcoin denominated transactions that generated about $32.1 million of interest income in 2025. It is building AI inference and high performance computing services to offer compute capacity and private cloud solutions to third party customers, though these activities remain early stage and have not yet produced material revenue.

The company operates through the following segments:

• Bitcoin Mining: This segment encompasses the ownership and operation of a global fleet of mining rigs, the management of approximately 53,822 bitcoin holdings as of year end 2025, and the provision of mining services that earn block rewards and transaction fees, while also optimizing power usage across owned and hosted sites to maximize the value of each megawatt managed.

• AI and High Performance Computing: This segment focuses on developing and operating AI inference and high performance computing infrastructure, leveraging the acquisition of a majority interest in Exaion, the strategic agreement with Starwood Digital Ventures to create a joint venture capable of delivering more than 1 GW of initial IT capacity (with potential to scale to 2.5 GW), and the integration of inference capabilities into existing data centers such as the Granbury, Texas site to offer dedicated compute and cloud solutions to enterprise and public sector clients.

MARA positions itself as one of the largest publicly traded bitcoin holders, with a bitcoin treasury valued at approximately $4.7 billion based on a spot price of $87,498 per bitcoin on December 31, 2025. It also describes itself as a leading energy responsive miner that controls roughly 70% of its total capacity, giving it greater operating control, margin durability and capital efficiency compared with peers that rely more heavily on third party hosting. Its competitive advantages include direct ownership of power assets, a flexible load management platform that can shift workloads between bitcoin mining, AI/HPC and grid participation, and a growing footprint in low cost power regions such as Central Texas and Nebraska.

The company serves institutional investors, trading counterparties and lenders that participate in its bitcoin lending and financing activities. It also serves enterprise and public sector customers seeking AI inference and high performance computing compute resources. Specific customer names are not disclosed in the filing, so the base is described by type rather than by individual names.