MARA — Investment Thesis & Analysis | Restnvest

MARA Holdings, Inc.

MARA · March 2, 2026

maraholdings.com

MARA Holdings, Inc.MARA

MARA Holdings, Inc.

MARA

March 2, 2026

Energy and digital infrastructure company focused on Bitcoin mining and AI.

maraholdings.com

Your analysis journey0 of 6 explored

6 Pending

Start here

1 — BUSINESS

What the company does, how it makes money, and whether its strategic position is strong.

Continue Analysis →

Still to explore

2 — PERFORMANCERisky

Revenue, earnings, cash flow, and debt — four signals that show whether the business is financially healthy.

Complete previous stages first

3 — VALUATIONCaution

Checking whether today's price reflects the business quality.

Complete previous stages first

4 — TIMINGCaution

Technical signals checked against the fundamental conviction.

Complete previous stages first

5 — STRATEGY🔒 Sign in

Build your entry plan — conviction level, sizing, and exit rules.

Complete previous stages first

6 — MANAGE🔒 Sign in

Ongoing position health — when to hold, add, or step back.

Complete previous stages first

Stage 1 of 6 · Business

Is this a business you can understand and trust?

What the company does, its products, and how it makes money.

Investment Thesis4 themes

Strong

Moderate

Mentioned

Strategic Themes

Bitcoin Mining Artificial Intelligence High-Performance Computing Energy Optimization Digital Infrastructure

Competitive Moats

Operational Control Strategic Partnerships Energy Efficiency

Market Opportunity

TAM: $500B Growing 20% YoY International Expansion

Value Creation

High Margins 70%+Recurring Revenue Platform Economics

Performance SnapshotFY 2026

Total Capacity

1.9 GW

Bitcoin Mined

8,799 BTC

Mining Rigs Operated

490,000

Business Overview4 products

Bitcoin Mining Operations

Mining bitcoin using energy-efficient rigs.

AI Inference Services

Providing AI capabilities for various applications.

High-Performance Computing Infrastructure

Infrastructure for demanding computational tasks.

Cloud and AI Infrastructure

Secure cloud services for AI applications.

Reach

North AmericaMiddle EastEuropeLatin America

Sales

Direct SalesStrategic Partnerships

Scale

Approximately 1.9 GW of total capacity across 18 data centers.

Competition3 peers

Riot Blockchain

Riot Blockchain

Bitcoin mining and digital asset management.

Hut 8 Mining Corp

Hut 8 Mining Corp

Cryptocurrency mining and digital asset management.

Bitfarms Ltd.

Bitfarms Ltd.

Bitcoin mining and blockchain technology.

Items that appeared in earlier filings but were later dropped — strategic pivots, unsuccessful initiatives, or exited markets.

Canadian data center operations

market

Last: 2020

The company ceased operating in Canada and relocated mining rigs to the U.S., signaling a strategic shift to focus on U.S.-based operations.

Active: 2017-2020

Hardin, MT data center facility

strategy

Last: 2022

The facility was terminated as part of the company’s carbon-neutral mandate, with mining rigs redeployed to renewable power facilities.

Active: 2021-2022

Lawsuits, regulatory issues, contingent liabilities, and material risks that could significantly impact the business.

See what analysts are pricing in

Analyst price targets and chart signals for MARA are on Anachart — a useful lens alongside the fundamentals you've just read.

View MARA on Anachart →

Stage 1 of 6 complete

Stage 1 complete

You know the business. Is it financially strong?

Next: revenue growth, profit quality, debt, and cash flow — all in plain English.

Stage 3 of 6 · Valuation

What are you actually paying for this?

Sensible investing isn't about finding the cheapest stock — it's about knowing whether the price, expectations, and potential returns make sense together.

From High

~15% below

P/E

~22x

Entry

Stabilizing

The stock is trading below its recent highs. This could be a reasonable entry point — but make sure the fundamentals still support the story.

Stage 3 · ValuationMARAPrice Discipline

Stormy Peak

Bargain in the Rain

Clear but Pricey

Sunny Discount

Stormy Peak

Bargain in the Rain

Clear but Pricey

Sunny Discount

Price Discipline

Risky Entry

Distance from 52-Week High51% below

Trend vs 200-dayDrifting Lower

Risky Entry

Risky: Price is falling with no recovery yet.

From High

51% below

P/E

N/A

Entry

Drifting Lower

What this means

The stock is trading below its long-term average and continues to drift lower. While the price may look cheap, a falling knife can keep falling. Wait for signs of stabilization before committing capital — catching a bottom is harder than it looks.

Valuation Scorecard

— 3 of 4 signals sensible

✓

Price DisciplineSensible

!

Price TagCaution

✓

Capital DisciplineSensible

✓

Doubling PotentialSensible

Mixed signals. The valuation looks reasonable in some areas, but a few signals are worth a closer look. Ask yourself if the story is still worth the price.

Coming up next

Is the timing right to act?

You know the fundamentals and the valuation. Now let's check whether current market conditions are aligned before you make your move.

Stage 4 · TimingPreview

Trend—

Momentum—

Stretch—

Stage 3 of 6 complete

Stage 3 complete

You know the valuation. Is the timing right?

Next: trend, momentum, and stretch — market signals before you pull the trigger.