₿$71,114.99▼ 2.45%

MARA Holdings Inc.

MARA🇺🇸Leveraged

Mara is one of the world's largest Bitcoin miners with operations spanning four continents. The company accumulates BTC through both mining and open-market purchases funded by equity and convertible debt.

BTC Holdings

38,689 BTC

180d

Stock PriceMarket Closed

$9.55▼ 1.24%

180d

Total financing

2.50B USD

180d

mNAV

1.67x▲ 1.24%

180d

Leverage

70.9%

180d

BTC Credit

130 bps1.4x

Sats/Share

8,057

180d

Mkt capFD

4.59B USD

SharesFD

480.18M

Fiat reserve

547.13M USD

Total reserve

3.30B USD

Dilution

26.3%

Coverage

98.8 yr

BTC mix

92%

Analytics

In-the-Money

0% ITM

OTM: $2.3B

Maturity Profile

Conv

Nearest: 8moWAM: 2.7yr

BTC Coverage

Capital Stack

1.4x · 130 bps

ConvertiblePreferredOtherBTC NAV: $2.8B

BTC Risk

4.52% avg

P(BTC Rating < 1x at maturity) · 45% vol, 30% ARR

BTC Credit

130 bps avg

Credit spread to offset BTC Risk · 45% vol, 30% ARR

Cumulative Financing Cost

CouponsRedemptions

Financials

US-GAAPAnnualAs of 2025-12-31

Balance Sheet

Total Assets$7.3B▲7.1%

Total Liabilities$3.8B▲42.8%

Stockholders' Equity$3.5B▼15.9%

Cash & Equivalents$547.1M▲39.7%

Total Debt$4B

Digital Assets$4.7B▲12.3%

Income Statement

Revenue$907.1M▲38.2%

Operating Income$-1.2B▼499.9%

Net Income$-1.3B▼342.3%

Interest Expense$48.4M▲272.3%

Cash Flow

Operating Cash Flow$-802.7M▼18.6%

Instruments

Total

2.30B USD

Instrument	Term	Coupon	Principal	Outstanding	Conv. price	BTC Rating
MARA-Dec26	Nov '21 – Dec '26	1%	747.50M USD	48.08M USD	76.17 USD	>10x
MARA-Sep31	Aug '24 – Sep '31	2.125%	300.00M USD	300.00M USD	18.89 USD	3.0x
MARA-Mar30	Nov '24 – Mar '30	0%	1.00B USD	632.54M USD	25.91 USD	8.3x
MARA-Jun31	Dec '24 – Jun '31	0%	925.00M USD	291.58M USD	34.58 USD	4.4x
MARA-Aug32	Jul '25 – Aug '32	0%	1.02B USD	1.02B USD	20.26 USD	1.4x
Total				2.30B USD

Recent Changes

Wed, Mar 25, 2026

BTC Holdings

53.8K→38.7K-15,133 BTC(-28.1%)

Form 8-K (BTC sale and convertible notes repurchase)

Debt OutstandingRepurchaseMARA-Mar30

1.00B→632.5M-367.5M(-36.7%)

Form 8-K (BTC sale and convertible notes repurchase)

Debt OutstandingRepurchaseMARA-Jun31

925.0M→291.6M-633.4M(-68.5%)

Form 8-K (BTC sale and convertible notes repurchase)

Wed, Dec 31, 2025

BTC Holdings

53.3K→53.8K+572 BTC(+1.1%)

Form 10-K (FY 2025)

Shares Outstanding

378.2M→380.2M+2.1M(+0.5%)

Form 10-K (FY 2025)

Fiat Reserve

826.4M→547.1M-279.3M(-33.8%)USD

Form 10-K (FY 2025)

Instrument

Term

Coupon

Principal

Outstanding

Conv. price

BTC Rating

MARA-Dec26

Nov '21 – Dec '26

747.50M USD

48.08M USD

76.17 USD

>10x

MARA-Sep31

Aug '24 – Sep '31

2.125%

300.00M USD

18.89 USD

3.0x

MARA-Mar30

Nov '24 – Mar '30

1.00B USD

632.54M USD

25.91 USD

8.3x

MARA-Jun31

Dec '24 – Jun '31

925.00M USD

291.58M USD

34.58 USD

4.4x

MARA-Aug32

Jul '25 – Aug '32

1.02B USD

20.26 USD

1.4x

Total

2.30B USD

Recent Changes

Wed, Mar 25, 2026

BTC Holdings

53.8K→38.7K-15,133 BTC(-28.1%)

Form 8-K (BTC sale and convertible notes repurchase)

Debt OutstandingRepurchaseMARA-Mar30

1.00B→632.5M-367.5M(-36.7%)

Form 8-K (BTC sale and convertible notes repurchase)

Debt OutstandingRepurchaseMARA-Jun31

925.0M→291.6M-633.4M(-68.5%)

Form 8-K (BTC sale and convertible notes repurchase)

Wed, Dec 31, 2025

BTC Holdings

53.3K→53.8K+572 BTC(+1.1%)

Form 10-K (FY 2025)

Shares Outstanding

378.2M→380.2M+2.1M(+0.5%)

Form 10-K (FY 2025)

Fiat Reserve

826.4M→547.1M-279.3M(-33.8%)USD

Form 10-K (FY 2025)