Marathon Digital MARA NASDAQ

Marathon Digital Holdings is a bitcoin mining company with a decade of large-scale compute operations. The company owns and operates 1.9 GW of energy capacity across 19 data centers globally, with 440,000 mining rigs generating 70.3 exahashes per second. In the first half of 2026, MARA mined 4,669 bitcoin and maintained a cost structure of $0.04/kWh across owned facilities, with energy representing 54% of owned mining revenues.

Starting in 2026, Marathon has initiated a significant diversification away from pure bitcoin mining through three major acquisitions and partnerships. In Q1 2026, the company acquired a majority stake in Exaion, a European data center operator serving enterprise and regulated-industry customers with virtual desktop, data security, and AI inference solutions. In April 2026, MARA entered into an agreement to acquire Long Ridge Energy & Power LLC for $1.5 billion, a vertically integrated gas and power business in Ohio featuring a 485 MW combined cycle gas turbine operating at 91% capacity with $15/MWh all-in operating costs. Subsequently, MARA committed $600 million to acquire the Project Company from HIF USA LLC, securing development rights to 2,000 MW of power capacity in Matagorda County, Texas for AI and HPC workloads. Additionally, MARA entered a strategic partnership with Starwood Digital Ventures to develop and finance digital infrastructure across existing portfolio sites, with Starwood managing engineering, procurement, and hyperscale tenant acquisition while MARA retains up to 50% ownership and accounts for results under the equity method.

Revenues totaled $174.9 million in Q2 2026 ($238.5 million in Q2 2025), with bitcoin mining accounting for the majority. MARA changed its bitcoin strategy in 2025 to permit sales of bitcoin from operations and expanded this in 2026 to allow balance sheet sales; during the first half of 2026, the company sold 23,093 bitcoin. As of June 30, 2026, MARA held 35,577 bitcoin on its balance sheet (carrying value $2.1 billion at $58,524/BTC), of which 4,742 bitcoin were loaned out and 4,528 bitcoin were pledged as collateral.

Beyond mining, MARA has deployed a multi-pronged digital asset strategy. Lending activities generated $10.7 million in interest income during H1 2026 from loaned bitcoin. The company entered bitcoin-backed credit facilities with Coinbase Credit and Two Prime for $600 million in incremental borrowings (closing August 4, 2026), backed by 18,750 bitcoin, consolidating and expanding MARA's existing $150 million Coinbase facility. MARA also engages in bitcoin-denominated trading including options, futures, swaps, and spot transactions to generate returns. With Long Ridge operational and the Matagorda site energized, total potential power capacity is expected to reach 4.8 GW, positioning the company to allocate capacity dynamically across bitcoin mining, AI training/inference, HPC, and critical IT workloads based on market economics.