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MARA
Publicly traded digital infrastructure enterprise and Bitcoin miner with 1.9 GW of energized power capacity
4.0/ 5
Our score
Very good
Type
Public minerMining poolHosting
Coins
BTC
Stock ticker
NASDAQ: MARA
What is MARA?
MARA Holdings, Inc. is a publicly traded digital infrastructure company and industrial Bitcoin miner operating under the NASDAQ ticker MARA. As of October 2026, the company operates 1.9 GW of energized power capacity across its facilities, with a planned pipeline reaching approximately 4.8 GW following power acquisitions in Ohio and Texas.
Corporate background and leadership
Incorporated in 2010 and based in Hallandale Beach, Florida, MARA was known as Marathon Digital Holdings before rebranding in August 2024. The enterprise is led by Chairman and Chief Executive Officer Fred Thiel alongside Chief Financial Officer Salman Khan and Chief Operating Officer of Digital Energy Jim Crawford. The company maintains operational sites across North America, including Texas, Ohio, Nebraska, North Dakota, and Kentucky, with international operations spanning the United Arab Emirates, Paraguay, and Europe.
Operations and infrastructure model
MARA owns and operates large-scale power generation assets and grid-connected facilities. The company secures power directly, develops physical sites, and manages energy loads across multiple compute types. While its industrial mining fleet uses the proprietary MARA Pool to process Bitcoin transactions, the infrastructure also serves third-party tenants. MARA provides colocation, build-to-suit campuses, and powered land for hyperscalers and artificial intelligence model operators running heavy compute workloads.
Balance sheet and operational milestones
In March 2026, MARA sold 15,133 bitcoin for approximately $1.1 billion. The proceeds funded the repurchase of $1.0 billion in aggregate principal of convertible senior notes due in 2030 and 2031 at roughly a 9% discount to par value. The company agreed to acquire Long Ridge Energy & Power in April 2026 to add 505 megawatts of power generation. In September 2026, ERCOT granted conditional Batch Zero classifications for three of MARA's operational sites in Texas.
Risks and industry trade-offs
MARA does not offer retail cloud-mining contracts or open mining pool access to individuals. Its financial performance correlates directly with network difficulty adjustments and Bitcoin market prices. Large-scale data center expansions also depend heavily on grid interconnection approvals and regional regulatory requirements.
Founders
Fred ThielChief Executive Officer, Chairman of the Board of Directors
Manoj Narender MadnaniManaging Director, International
Best for:Public equity investors seeking Bitcoin exposureHyperscalers needing powered colocation spaceAI enterprises leasing high-density infrastructure
Pros and cons
Pros
- Operates 1.9 GW of energized power capacity across four continents
- Publicly traded on NASDAQ with audited quarterly financial disclosures
- Controls dedicated power generation to manage industrial electricity costs
- Maintains an enterprise pipeline reaching 4.8 GW across multiple sites
Cons
- No retail mining pool access or public cloud-mining contracts
- Profitability remains exposed to Bitcoin price swings and halving cycles
- Site expansions remain subject to regional utility and interconnection approvals
Our review
4.0/5
Very good
MARA provides massive scale with 1.9 GW of energized power capacity across four continents, but its capital-intensive pivot toward enterprise AI infrastructure dilutes its focus on pure-play Bitcoin mining.
MARA Holdings, Inc. operates as one of the largest publicly traded energy and compute infrastructure enterprises in North America, trading under the NASDAQ ticker MARA. Led by Chairman and Chief Executive Officer Fred Thiel, the company manages 1.9 GW of energized power capacity as of October 2026, with an expansion pipeline targeting 4.8 GW through developments such as its 2026 acquisition agreement for Long Ridge Energy & Power and the Matagorda County site in Texas.
The company combines proprietary Bitcoin mining operations, including its MARA Pool architecture, with build-to-suit and colocation data center capacity for AI model developers and cloud enterprises. Its power footprint spans the United States across Texas, Ohio, Nebraska, North Dakota, and Kentucky, alongside international operations in Paraguay, the United Arab Emirates, and Europe through Exaion. Operational flexibility comes through its load-management and generation-matching platforms, which throttle power usage during grid volatility.
Scale and energy control represent MARA's primary operational advantages:
- 1.9 GW energized capacity backed by direct ownership of power generation assets.
- Geographic diversification across four continents, reducing regional regulatory bottlenecks.
- Proprietary software integration through Vertebrai for dynamic load balancing and curtailment monetization.
Trade-offs stem from its capital requirements and changing strategic priorities. In March 2026, MARA sold 15,133 bitcoin for approximately $1.1 billion to buy back $1.0 billion in convertible senior notes. The transaction addressed long-term debt obligations through direct balance-sheet liquidation. Retail miners seeking standard hosting or cloud mining contracts will also find MARA unsuited to their needs, as site development focuses on institutional hyperscalers and dedicated corporate campuses.
Specs
| Type | Public miner, Mining pool, Hosting · unverified |
|---|---|
| Coins | BTC · unverified |
| Stock ticker | NASDAQ: MARA · unverified |
| Locations | Texas, Ohio, Nebraska, North Dakota, Kentucky, United Arab Emirates, Paraguay · unverified |
| Energy sources | Grid power, Owned generation · unverified |
Not disclosed by the provider: Pool fee, Payout schemes, Minimum payout, Hashrate, Hardware models.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Industrial energized power capacity
Operates 1.9 GW of energized power capacity across multiple continents as of October 2026, with pipeline access reaching 4.8 GW.
Proprietary MARA Pool
Mines blocks through a dedicated, self-operated Bitcoin mining pool designed for its industrial-scale fleet.
Owned power generation
Controls generation facilities directly, including the 505 MW Long Ridge power asset to stabilize site electricity inputs.
Colocation data center deployments
Provides high-density data center floor space, power, cooling, and network links for enterprise AI and high-performance compute tenants.
Build-to-suit campuses
Supplies customized physical campuses on powered land plots, including sites exceeding 1,200 acres in Matagorda County, Texas.
Automated load smoothing
Uses Vertebrai technology to adjust mining load in real time based on available energy and grid conditions.
Inside MARA
Colocation
MARA provides data center space, power, cooling, and connectivity for tenants running compute-intensive workloads.
Build-to-suit
A tailored design framework that develops custom data center facilities adapted to specific enterprise compute demands.
Dedicated campus
Large-scale land plots designed for long-term deployments with dedicated on-site power infrastructure and expansion capacity.
Vertebrai
An intelligence software layer that coordinates flexible compute loads and matches power availability to smooth sudden swings and curtailment in real time.
MARA screenshots
What users say about MARA
Public discussions focus primarily on stock speculation rather than hands-on product experiences.
Based on 1 Reddit posts and comments from the last 12 months, checked Oct 26, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used MARA? Share your experience below.
FAQ
Who leads MARA?
MARA is led by Chairman and Chief Executive Officer Fred Thiel, alongside Chief Financial Officer Salman Khan.
What stock ticker does MARA trade under?
MARA trades publicly on the NASDAQ exchange under the ticker symbol MARA.
Which cryptocurrencies does MARA mine?
MARA focuses its mining infrastructure directly on the Bitcoin network.
Where does MARA operate its facilities?
MARA maintains energized operations across the United States in Texas, Ohio, Nebraska, North Dakota, and Kentucky, as well as sites in Paraguay, the United Arab Emirates, and Europe.
Has MARA sold its bitcoin reserves?
Yes, MARA sold 15,133 bitcoin between March 4 and March 25, 2026 for roughly $1.1 billion to repurchase convertible senior notes.
Latest from MARA on X
In response to market reaction, MARA reiterates that it has no business relationship or dealings with Binance and is not involved in the reported incident.
Our operations remain unaffected.
Our operations remain unaffected.
We're aware of reports of a security incident at Binance.
MARA does not trade on Binance, use it as a custodian, or hold any assets there.
MARA does not trade on Binance, use it as a custodian, or hold any assets there.
Introducing Vertebrai, MARA’s managed flexible load service.
There’s power all over the grid that no one is using. A data center pays for it months before it can fill the space. A wind farm gets told to stop when the grid is full.
Vertebrai puts that power to work, then steps aside the moment it’s needed. Watch how it works:
There’s power all over the grid that no one is using. A data center pays for it months before it can fill the space. A wind farm gets told to stop when the grid is full.
Vertebrai puts that power to work, then steps aside the moment it’s needed. Watch how it works:
Today, @fgthiel and @theRealSalKhan join the 2026 KBW Virtual AI Infrastructure Summit, an event spotlighting the companies building the infrastructure behind AI.
Tune in to their fireside chat at 11:40 AM ET: https://t.co/WKMp9cQBHI https://t.co/twCLM9afnr
Tune in to their fireside chat at 11:40 AM ET: https://t.co/WKMp9cQBHI https://t.co/twCLM9afnr
Recent public posts from @MARA, shown as published. Not reviewed or endorsed by CryptoReview.
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