MARA Holdings, Inc.
MARA · Finance Services · 381.3M shares · +132%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$32M (gross $380K, SBC $33M)
Reference price $16.00 · est. market cap ~$6.1B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Large bitcoin miner pivoting to AI/HPC, with deeply negative margins, heavy cash burn and a thin runway offset only by a sellable bitcoin treasury.
Strengths
- Large bitcoin treasury (tangible book $3.5B, 92nd pct) and ready capital-markets access (ATM, 0% convertibles) provide liquidity
- Scaled operations (66.4 EH/s, 1.9 GW) and improving fleet efficiency
Risks
- Deeply unprofitable: EBITDA -$451M, FCF -$1.2B (2nd pct), net margin -144%, ROE -37.8%; cash runway ~1.8 quarters
- Earnings swing to a large loss (-342% growth) tied to bitcoin-price volatility, halving and rising network difficulty
- Capital-intensive AI/HPC expansion and reliance on continued equity/debt issuance dilute holders
Notable findings
- Restatement• Uncertainty in accounting standards for bitcoin and other cryptocurrencies may lead to financial restatements and business disruptions; • Our ongoing at-the-market stock issuances contribute to st 8-K ↗
- Net lossNet loss (net margin -144.6%)
- Chronic dilutionShare count +132%/yr over 4y (dilution, book value/share -82%)
- Cash burnNegative free cash flow (-1209.8M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Revenue declineRevenue -13.7% YoY
- Insider sellingInsider selling — 15 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-135.0%
Net margin
-144.6%
Return on equity
-37.8%
Return on assets
-18.0%
ROIC
-14.5%
Revenue growth (QoQ)
-13.7%
Net-income growth
-342.3%
Debt / equity
0.9×
Current ratio
1.3×
Free cash flow
-$1.2B
EBITDA
-$451M
Tangible book value
$3.5B
Cash & investments
$547M
Cash runway
2q
Stock comp / revenue
19.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | MELLINGER DOUGLAS K | Sell | 7.0K | $16.00 |
| 2026-06-17 | Thiel Frederick G | Sell | 28K | $14.25 |
| 2026-06-17 | Nowaid Zabi | Sell | 7.0K | $14.25 |
| 2026-06-17 | Khan Salman Hassan | Sell | 16K | $14.25 |
| 2026-05-18 | Nowaid Zabi | Sell | 8.2K | $12.00 |
| 2026-05-18 | Nowaid Zabi | Tax withheld | 4.2K | $11.46 |
| 2026-05-18 | Thiel Frederick G | Tax withheld | 27K | $11.46 |
| 2026-05-18 | Thiel Frederick G | Sell | 28K | $12.00 |
| 2026-05-18 | Khan Salman Hassan | Sell | 16K | $12.00 |
| 2026-04-30 | Khan Salman Hassan | Tax withheld | 65K | $11.99 |
| 2026-04-30 | Thiel Frederick G | Tax withheld | 81K | $11.99 |
| 2026-04-30 | Nowaid Zabi | Tax withheld | 24K | $11.99 |
| 2026-04-17 | Thiel Frederick G | Sell | 28K | $11.68 |
| 2026-04-17 | Khan Salman Hassan | Sell | 16K | $11.68 |
| 2026-04-17 | Nowaid Zabi | Sell | 42K | $12.00 |
| 2026-04-01 | Khan Salman Hassan | Tax withheld | 9.5K | $8.04 |
| 2026-04-01 | Khan Salman Hassan | Tax withheld | 31K | $8.16 |
| 2026-04-01 | Thiel Frederick G | Tax withheld | 36K | $8.16 |
| 2026-04-01 | Nowaid Zabi | Tax withheld | 12K | $8.16 |
| 2026-03-17 | Thiel Frederick G | Sell | 28K | $9.18 |
| 2026-03-17 | Khan Salman Hassan | Sell | 16K | $9.18 |
| 2026-02-20 | Khan Salman Hassan | Tax withheld | 78K | $7.50 |
| 2026-02-20 | Nowaid Zabi | Tax withheld | 31K | $7.50 |
| 2026-02-20 | Thiel Frederick G | Grant | 752K | — |
| 2026-02-20 | Khan Salman Hassan | Grant | 495K | — |
| 2026-02-20 | Nowaid Zabi | Grant | 198K | — |
| 2026-02-20 | Thiel Frederick G | Tax withheld | 91K | $7.50 |
| 2026-02-18 | Khan Salman Hassan | Grant | 509K | — |
| 2026-02-18 | Nowaid Zabi | Grant | 204K | — |
| 2026-02-18 | Thiel Frederick G | Grant | 774K | — |
| 2026-02-17 | Khan Salman Hassan | Sell | 16K | $7.66 |
| 2026-02-17 | Thiel Frederick G | Sell | 28K | $7.66 |
| 2026-02-13 | Humpton Barbara | Grant | 83K | — |
| 2026-02-13 | Mealer-Burke Vicki | Grant | 83K | — |
| 2026-02-13 | Leupp Jay P | Grant | 83K | — |
| 2026-02-13 | ANTOUN GEORGES | Grant | 83K | — |
| 2026-02-13 | MELLINGER DOUGLAS K | Grant | 83K | — |
| 2026-02-13 | GEORGE JANET | Grant | 83K | — |
| 2026-02-05 | Thiel Frederick G | Tax withheld | 68K | $9.12 |
| 2026-02-05 | Khan Salman Hassan | Tax withheld | 31K | $9.12 |
| 2026-02-05 | Nowaid Zabi | Tax withheld | 14K | $9.12 |
| 2026-01-30 | Khan Salman Hassan | Tax withheld | 34K | $9.50 |
| 2026-01-30 | Thiel Frederick G | Tax withheld | 40K | $9.50 |
| 2026-01-30 | Nowaid Zabi | Tax withheld | 14K | $9.50 |
| 2026-01-20 | Thiel Frederick G | Sell | 28K | $10.80 |
| 2026-01-08 | Nowaid Zabi | Tax withheld | 3.6K | $8.98 |
| 2026-01-08 | Khan Salman Hassan | Tax withheld | 9.0K | $8.98 |
| 2026-01-08 | Khan Salman Hassan | Tax withheld | 9.5K | $9.91 |
| 2026-01-08 | Thiel Frederick G | Tax withheld | 10K | $8.98 |
| 2025-12-17 | Thiel Frederick G | Sell | 28K | $10.77 |
| 2025-12-15 | Khan Salman Hassan | Sell | 35K | $11.48 |
| 2025-11-17 | Khan Salman Hassan | Sell | 35K | $11.99 |
| 2025-11-17 | Thiel Frederick G | Sell | 28K | $11.99 |
| 2025-11-10 | MELLINGER DOUGLAS K | Sell | 1.0K | $16.55 |
| 2025-11-10 | Nowaid Zabi | Sell | 25K | $15.87 |
| 2025-11-10 | Nowaid Zabi | Sell | 90 | $16.58 |
| 2025-11-06 | Nowaid Zabi | Tax withheld | 4.2K | $17.81 |
| 2025-11-06 | Thiel Frederick G | Tax withheld | 27K | $17.81 |
| 2025-11-06 | Nowaid Zabi | Sell | 4.9K | $16.70 |
| 2025-11-03 | Thiel Frederick G | Tax withheld | 40K | $18.27 |
| 2025-11-03 | Nowaid Zabi | Tax withheld | 10.0K | $18.27 |
| 2025-11-03 | Khan Salman Hassan | Tax withheld | 31K | $18.27 |
| 2025-10-31 | Nowaid Zabi | Tax withheld | 14K | $17.76 |
| 2025-10-31 | Thiel Frederick G | Tax withheld | 40K | $17.76 |
| 2025-10-31 | Khan Salman Hassan | Tax withheld | 34K | $17.76 |
| 2025-10-17 | Thiel Frederick G | Sell | 28K | $19.57 |
| 2025-10-15 | Khan Salman Hassan | Sell | 35K | $22.74 |
| 2025-10-07 | MELLINGER DOUGLAS K | Sell | 1.0K | $20.71 |
| 2025-10-06 | Khan Salman Hassan | Tax withheld | 9.2K | $18.61 |
| 2025-10-01 | Thiel Frederick G | Tax withheld | 9.6K | $18.26 |
| 2025-10-01 | Nowaid Zabi | Tax withheld | 3.3K | $18.26 |
| 2025-10-01 | Khan Salman Hassan | Tax withheld | 8.1K | $18.26 |
| 2025-09-17 | Thiel Frederick G | Sell | 28K | $17.38 |
| 2025-09-16 | Thiel Frederick G | Sell | 28K | $16.35 |
| 2025-09-15 | Khan Salman Hassan | Sell | 35K | $16.24 |
| 2025-09-10 | MELLINGER DOUGLAS K | Sell | 1.0K | $16.10 |
| 2025-09-08 | Mealer-Burke Vicki | Sell | 15K | $15.22 |
| 2025-08-18 | Thiel Frederick G | Sell | 28K | $15.28 |
| 2025-08-15 | Khan Salman Hassan | Sell | 35K | $15.73 |
| 2025-08-07 | MELLINGER DOUGLAS K | Sell | 1.0K | $16.21 |
| 2025-08-06 | Khan Salman Hassan | Tax withheld | 31K | $16.08 |
| 2025-08-06 | Thiel Frederick G | Tax withheld | 40K | $16.55 |
| 2025-08-06 | Thiel Frederick G | Tax withheld | 40K | $16.08 |
| 2025-08-06 | Thiel Frederick G | Tax withheld | 27K | $15.50 |
| 2025-08-06 | Nowaid Zabi | Tax withheld | 14K | $16.55 |
| 2025-08-06 | Nowaid Zabi | Tax withheld | 10.0K | $16.08 |
| 2025-08-06 | Nowaid Zabi | Tax withheld | 4.2K | $15.50 |
| 2025-08-06 | Khan Salman Hassan | Tax withheld | 34K | $16.55 |
| 2025-07-16 | Thiel Frederick G | Sell | 28K | $19.52 |
| 2025-07-15 | Khan Salman Hassan | Sell | 35K | $19.05 |
| 2025-07-09 | Thiel Frederick G | Tax withheld | 9.6K | $15.68 |
| 2025-07-09 | Nowaid Zabi | Tax withheld | 3.3K | $15.68 |
| 2025-07-09 | Khan Salman Hassan | Tax withheld | 8.1K | $15.68 |
| 2025-07-09 | Khan Salman Hassan | Tax withheld | 9.4K | $15.70 |
| 2025-07-07 | MELLINGER DOUGLAS K | Sell | 1.0K | $17.42 |
| 2025-06-16 | Thiel Frederick G | Sell | 28K | $15.30 |
| 2025-06-12 | Khan Salman Hassan | Sell | 35K | $15.85 |
| 2025-06-06 | MELLINGER DOUGLAS K | Sell | 1.0K | $16.00 |
| 2025-05-16 | Thiel Frederick G | Tax withheld | 81K | $13.37 |
| 2025-05-16 | Thiel Frederick G | Tax withheld | 27K | $14.05 |
| 2025-05-16 | Thiel Frederick G | Sell | 28K | $15.68 |
| 2025-05-16 | Nowaid Zabi | Tax withheld | 24K | $13.37 |
| 2025-05-16 | Nowaid Zabi | Tax withheld | 4.2K | $14.05 |
| 2025-05-16 | Khan Salman Hassan | Tax withheld | 65K | $13.37 |
| 2025-05-16 | Khan Salman Hassan | Sell | 17K | $15.68 |
| 2025-05-09 | Thiel Frederick G | Sell | 55K | $15.00 |
| 2025-05-09 | MELLINGER DOUGLAS K | Sell | 3.0K | $16.00 |
| 2025-05-09 | Khan Salman Hassan | Sell | 33K | $15.00 |
| 2025-04-08 | Nowaid Zabi | Tax withheld | 17K | $13.92 |
| 2025-04-08 | Khan Salman Hassan | Tax withheld | 8.1K | $11.50 |
| 2025-04-08 | Thiel Frederick G | Tax withheld | 49K | $13.92 |
| 2025-04-08 | Nowaid Zabi | Tax withheld | 3.3K | $11.50 |
| 2025-04-08 | Khan Salman Hassan | Tax withheld | 9.4K | $11.84 |
| 2025-04-08 | Khan Salman Hassan | Tax withheld | 42K | $13.92 |
| 2025-04-08 | Thiel Frederick G | Tax withheld | 9.6K | $11.50 |
| 2025-03-11 | Nowaid Zabi | Sell | 2.0K | $13.34 |
| 2025-03-03 | Khan Salman Hassan | Sell | 17K | $15.31 |
| 2025-02-28 | MELLINGER DOUGLAS K | Grant | 43K | — |
| 2025-02-28 | ANTOUN GEORGES | Grant | 43K | — |
| 2025-02-28 | Thiel Frederick G | Grant | 418K | — |
| 2025-02-28 | Khan Salman Hassan | Grant | 275K | — |
| 2025-02-28 | Nowaid Zabi | Grant | 110K | — |
| 2025-02-28 | Humpton Barbara | Grant | 43K | — |
| 2025-02-28 | Thiel Frederick G | Tax withheld | 40K | $18.34 |
| 2025-02-28 | Thiel Frederick G | Tax withheld | 27K | $17.95 |
| 2025-02-28 | Nowaid Zabi | Tax withheld | 10.0K | $18.34 |
| 2025-02-28 | Nowaid Zabi | Tax withheld | 4.2K | $17.95 |
| 2025-02-28 | Khan Salman Hassan | Tax withheld | 31K | $18.34 |
| 2025-02-28 | Mealer-Burke Vicki | Grant | 43K | — |
| 2025-02-28 | GEORGE JANET | Grant | 43K | — |
| 2025-02-28 | Leupp Jay P | Grant | 43K | — |
| 2025-02-18 | Thiel Frederick G | Sell | 28K | $16.68 |
| 2025-02-03 | Nowaid Zabi | Tax withheld | 48K | $19.56 |
| 2025-02-03 | Thiel Frederick G | Tax withheld | 162K | $19.56 |
| 2025-02-03 | Khan Salman Hassan | Tax withheld | 146K | $19.56 |
| 2025-01-17 | Khan Salman Hassan | Tax withheld | 10K | $17.21 |
| 2025-01-16 | Thiel Frederick G | Sell | 28K | $18.01 |
| 2025-01-13 | MELLINGER DOUGLAS K | Sell | 1.0K | $17.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | OtherExhibits | filing ↗ |
| 2026-06-22 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-30 | Material agreementReg FDExhibits | filing ↗ |
| 2026-03-26 | Other | filing ↗ |
| 2026-02-26 | Material agreementReg FDExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2026-02-25 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-25 | 0000950142-26-001875 ↗ |
| 8-K | 2026-06-22 | 2026-06-18 | 0001493152-26-029615 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001507605-26-000014 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001507605-26-000016 ↗ |
| 8-K | 2026-04-30 | 2026-04-29 | 0001193125-26-193982 ↗ |
| 8-K | 2026-03-26 | 2026-03-25 | 0000950142-26-000873 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001507605-26-000007 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001507605-26-000004 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0000950142-26-000532 ↗ |
| 8-K | 2026-02-25 | 2026-02-20 | 0001493152-26-008063 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001507605-25-000028 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001507605-25-000026 ↗ |