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MAMARA

Marathon Digital Holdings, Inc.

$MARA·$3.8B·Financial - Capital Markets·Financial Services
$10.77+0.9%YTD+27.9%1Y-32.9%
Mentions · last 7 days
2026-08-22: 93 posts2026-08-23: 68 posts1,614+1%
Price updated 3h ago·X counts updated 8d ago
MAMARA
$MARAMarathon Digital Holdings, Inc.
$10.77+0.94%1.6k posts+1%
AI analysisFundamentalsVoices on X
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AI verdict & sentimentAI analysisGenerated by AI from underlying data

Top X posts

Today's AI verdict on what's driving $MARA, plus how loud the X conversation is and which way it's leaning.

AI analysis

TickerTalks’ read on the fundamentals and what’s driving the move.

Driven by hypeSelling offAI verdict · as of 2026-08-30

Falling on heavy selling — points lower unless it turns around.

The largest US Bitcoin miner trying to sell an AI-power second act — until a hyperscaler lease lands, it trades as pure BTC beta.

MARA Holdings is the largest publicly-traded Bitcoin miner in North America, and it's trying to sell the market on a second act: leasing its ~4.8 GW of secured power capacity to AI hyperscalers. The stock trades as pure Bitcoin beta today, but the pitch has moved on.

Two stacked bets:

  • The underlying business is going the wrong way: revenue fell 18% year-on-year last quarter, gross margin was negative 93%, and free cash flow was minus $327M — a chunk is Bitcoin price sensitivity, but a business burning cash at this rate has no margin for a soft cycle.
  • The AI-power pivot is the whole 'why now': the crowd's reference comp is the CoreWeave/WULF Anthropic deal at $19B for 401 MW; MARA has ~4.8–5 GW secured (Long Ridge and Matagorda flagged), so one hyperscaler lease at those rates would reset the model.
  • Beta of 5.36 tells you what you own: shares are down 10% today because Bitcoin pulled back to ~$79.5K, and the 24th percentile of the 52-week range with price below both moving averages is what mid-cycle miner distribution looks like — the 'Wave 3' technical framing needs BTC to cooperate.
  • Insider signal is mildly negative: CEO Fred Thiel sold $253K, others trimmed, no open-market buys — not the accumulation you'd want before a Wave 3.

Two things decide this: a hyperscaler power-lease rerates the story off miner multiples; until then the tape moves with BTC — and a break below ~$70K on Bitcoin turns this pullback into a real leg down.

What to watch: Any confirmed hyperscaler power lease at Long Ridge or Matagorda would rerate the story; absent that, the November 3 print plus Bitcoin holding above ~$70K decides whether the current pullback is a base or a fresh leg down.

On the calendar: 2026-11-03 — Q3 earnings

X sentiment

What the X crowd is saying right now — descriptive, summarised from the day’s posts.

Mixed sentiment145 posts analyzed · as of 2026-08-31

Chatter is loud and mixed, framing MARA as a "pressure cooker" trapped between competing narratives. Bulls anchor on the 4.8 GW power portfolio, Long Ridge and Matagorda AI/HPC optionality, 35,577 BTC on the balance sheet (an ~$800M Q3 mark-up), 28% short interest and Morgan Stanley turning bullish. Bears counter that "the company has been mismanaged since inception," cite repeated rejections at $12, and post daily "asking @fgthiel to resign" reminders.

Read the AI verdict + X sentiment for $MARA

  • One-line verdict on what's driving the move — fundamentals, momentum, both, or an event
  • Next dated catalyst when there is one (earnings, deal closing, activist clock)
  • X crowd read with bullish/bearish call + post volume
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What it does

Plain-English summary of the business — what they sell and how they make money.

Mines Bitcoin at large scale using owned and hosted US data centers with full exposure to BTC price movements.

Industry overviewAI analysisGenerated by AI from underlying data

Where Financial - Capital Markets sits in its cycle right now — and what that implies for $MARA.

Financial - Capital Markets · Financial Services

IPO and M&A activity — the primary revenue driver for capital markets firms — is recovering as equity market strength rebuilds corporate confidence and sponsor exit windows open. Retail trading volume (HOOD's record signups) confirms the infrastructure layer captures incremental activity.

What this means for $MARA

Partial — cloud infrastructure exposure benefits indirectly from hyperscaler capex; core business is MARA Holdings, Inc.

Top industry ETF

$IAIiShares U.S. Broker-Dealers & Securities Exchanges ETF
+5.0%YTD
+13.1%1Y

Fundamentals & catalyst

Profitability, valuation, and the next earnings event — at a glance, with rule-of-thumb signals.

Key ratios

P/E
-2.3How much investors are paying per dollar of profit the company actually earned in the last 12 months. Lower means the stock looks cheaper relative to earnings.~15–25 is typical for the S&P 500; high-growth names trade 30+; hyper-growth or speculative can be 100+ or negative.
ROIC
3.0%What percentage return the business earns on every dollar of capital (equity + debt) deployed in operations. The cleanest measure of business quality.Above ~15% is high-quality; consistently above 25% suggests a real moat. Below the company's cost of capital is value-destroying.
Op margin
16.9%Operating profit (after sales, marketing, R&D, and overhead but before interest and taxes) as a percentage of revenue. The clearest view of how well the underlying business is run.Mature business above 20% is healthy; software businesses can run 30%+; commodity / retail businesses operate in single digits.
FCF yield
-8.2%Free cash flow (operating cash flow minus capex) divided by the company's market cap. The cash-on-cash return you'd get owning the whole business at today's price.Above ~5% is attractive; below ~2% means you're paying up for growth. Capital-light businesses (software) run higher than capital-heavy ones (utilities).
P/S
5.4Same idea as P/E but per dollar of revenue. Useful for companies that aren't profitable yet, where P/E is meaningless.Under ~2 is cheap; software / SaaS often runs 8–15; well above 20 implies the market is pricing in very high future growth.
ROE
-52.1%Net income as a percentage of shareholders' equity. Similar to ROIC but counts only the equity side.Above 20% is strong, but can be inflated by leverage — a heavily indebted company can show high ROE with weak underlying ROIC.
Gross margin
0.3%Revenue minus the direct cost of producing what was sold, as a percentage of revenue. The first read on whether the product is structurally profitable.Software / SaaS is typically 70%+; consumer goods 30–50%; commodity / hardware businesses can be under 20%.
D/E
1.1Total debt divided by shareholders' equity. Measures how much the business runs on borrowed money versus owner capital.Under 1 is conservative; 1–2 is typical for mature businesses; over 2 is leveraged and more sensitive to interest rates.

Past earnings

QuarterReportedActualEstimateSurprise
Q2 2026Aug 6, 2026$-1.60$0.17-1060.4%
Q1 2026May 11, 2026$-0.61$-0.46-32.6%
Q4 2025Feb 26, 2026$-0.46$-0.23-100.0%
Q3 2025Nov 4, 2025$0.27$0.02+992.2%
Next earningsTue, Nov 3·consensus EPS $-0.31

Quarterly trend

QuarterRevenueYoYGrossOpEPSFCF
Q1 FY26$174.6M-18.4%-93.0%-143%$-3.31$-327.0M
Q4 FY25$202.3M-5.6%-119%-164%$-4.81$508.2M
Q3 FY25$252.4M+91.7%82.9%18.9%$0.33$-283.9M
Q2 FY25$238.5M+64.3%82.5%285%$2.29$-282.4M

Forward consensus

4-year forecast · up to 6 analysts
FYRevenueRangeEPSRangeAnalysts
FY26$850.0M$752.5M – $1.0B-$2.84-$3.56 – -$2.296
FY27$1.0B$851.1M – $1.4B-$0.98-$1.23 – -$0.796
FY28$785.7M$752.5M – $818.9M$1.42-$50.64 – $30.634
FY29$1.5B$1.3B – $1.8B$21.64$17.49 – $27.153

Setup & momentum

Volume, range, and moving-average position — the technical setup driving short-term moves.

Right now

Vol vs 30dToday's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.0.8×Today's traded share volume divided by the average over the prior 30 trading days. ≥3× signals unusual interest; below 1× is quiet.
52w rangeWhere the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.24%Where the latest close sits between the 52-week low (0%) and high (100%). Above 80% is extended; below 30% is basing or in a downtrend.
vs 50d MALatest close vs the 50-day simple moving average. Positive = short-term trend is up.-9.5%Latest close vs the 50-day simple moving average. Positive = short-term trend is up.
vs 200d MALatest close vs the 200-day simple moving average. Positive = long-term trend is up.-2.8%Latest close vs the 200-day simple moving average. Positive = long-term trend is up.

Float & profile

FloatHigh float · 372.6M shFree-float shares — the slice of issued stock actually available to trade. Lower buckets squeeze harder on a catalyst.Traded today11.2% of floatToday's volume as a percent of the free float. Above 5% on a single day is unusually high turnover for the available share count.

Insider activity

Recent open-market buys and sells by officers and directors — flagged when multiple insiders cluster.

Recent transactions

SellAug 21Zabi NowaidGeneral Counsel8.4K sh$101KSellAug 17Frederick G ThielCEO27.5K sh$253KSellAug 17Khan Salman HassanCFO16.0K sh$147KSellJul 20Zabi NowaidGeneral Counsel8.4K sh$101KSellJul 17Frederick G ThielCEO27.5K sh$300KSellJul 17Khan Salman HassanCFO16.0K sh$174KSellJun 22Douglas K MellingerDirector7.0K sh$112KSellJun 17Khan Salman HassanCFO16.0K sh$228KSellJun 17Zabi NowaidGeneral Counsel7.0K sh$100KSellJun 17Frederick G ThielCEO27.5K sh$392K
1–10 of 18
+ 19 other (19 inkinds) in window

See when $MARA insiders are putting their own money in

  • Real-time open-market buys and sells from Form 4 filings
  • Cluster-buy detection when multiple insiders pile in at once
  • 30 / 60 / 180-day windows so you can spot building conviction
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SEC filings

Material 8-K, 13D, S-3, and 424B5 events from the last 180 days — the filings that actually move the price.

Recent material filings

3New insider — initial holdingsAug 103
AI summary

Nancy K. Novak filed an initial Form 3 as a reporting person at MARA Holdings (MARA), disclosing no securities beneficially owned — no common stock or derivative securities. The form was signed by attorney Zabi Nowaid as attorney-in-fact on August 10, 2026.

3New insider — initial holdingsAug 103
AI summary

Craig A. Hart filed an initial Form 3 as a reporting person at MARA Holdings (MARA), disclosing no securities beneficially owned — no common stock or derivative securities. The form was signed by attorney Zabi Nowaid as attorney-in-fact on August 10, 2026.

8-KOfficer or director changeAug 48-K — Item 5.02: Officer or director change · Item 7.01: Press release / Reg FD
AI summary

MARA announced a leadership Departure involving Certain Officers, who serves as Director. Item 5.02 mandates timely disclosure of executive and director transitions, which can significantly affect MARA's strategic direction and investor confidence.

8-KMaterial agreementJul 98-K — Item 1.01: Material agreement · Item 2.01: Acquisition completed · Item 7.01: Press release / Reg FD
AI summary

Marathon Digital Holdings completed the acquisition of MAT 1177 LLC, which owns approximately 400 acres of land in Texas with access to 2,000 megawatts of electrical power capacity. The company is developing the site as a combined high-performance computing (HPC) and Bitcoin mining campus in partnership with Starwood Digital. The transaction marks Marathon's strategic pivot toward HPC and AI data center hosting alongside its core Bitcoin mining operations. The 2,000 MW capacity represents substantial future potential for both workloads, subject to infrastructure buildout and offtake agreements.

8-KOfficer or director changeJun 228-K — Item 5.02: Officer or director change · Item 5.07: Shareholder vote
AI summary

Nevada 001-36555 01-0949984 reported departure or retirement of an officer: ectors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As described under Item 5.07 below, an amendment to the MARA Holdings, Inc. Amended and Restated 2018 Equity Incentive Plan (as amended, the “2018 Plan”) to increase the number of shares authorized for issuance thereunder by 18,000,000 shares (the “Amendment”) was appr. Nevada 001-36555 01-0949984 disclosed voting results from its annual or special meeting. ectors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As described under Item 5.07 below, an amendment to the MARA Holdings, Inc. Amended and Restated 2018 Equity Incentive Plan (as amended, the “2018 Plan”) to increase the number of shares authorized for issuance thereunder by 18,000,000 shares (the “Amendment”) was appr...

8-KMaterial agreementApr 308-K — Item 1.01: Material agreement · Item 7.01: Press release / Reg FD
AI summary

MARA entered into a purchase agreement (8-K Item 1.01, dated 2026-04-30). Counterparty: Ohio River Partners Holdco LLC. Material definitive agreement — investors should review the full exhibit for covenants, conditions, and use of proceeds.

+ 12 other (3 13Gs · 2 10-Qs · 2 earnings 8-Ks · 2 routine 8-Ks) in window

Recent news

Latest headlines from major outlets, sourced and timestamped — context for whatever just moved.

MARA Holdings Stock Slides Amid Bitcoin Pullback: What's Happening?benzinga.com·3d agoMARA and Riot Sink 6% While Bitcoin Holds Near $79,500; Strategy Slips 3%247wallst.com·4d agoStrategy Spikes 10% as Bitcoin's Rebound Reaches the Treasury Trade, MARA Surges 9%247wallst.com·5d agoCrypto Mining Stocks Rally as Bitcoin Hovers Around $80K: MARA Jumps 7%, TeraWulf and IREN Climb 5%247wallst.com·7d agoStrategy Remains Down 20% in 2026: A Prominent Analyst Still Sees 265% Upside After Downward Adjustment247wallst.com·8d ago

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