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About Marathon Digital
Marathon Digital (MARA) is a digital infrastructure company that converts electricity into high-value computing work. Its core business is Bitcoin mining, operating large-scale mining fleets at owned and hosted sites. The company is pivoting to also build and own data center capacity for AI, high-performance computing (HPC), and critical IT workloads, leveraging its power assets and grid connections.
Core competitiveness lies in its energy portfolio: over 1.1 GW of energized power capacity, including the newly acquired 505 MW Long Ridge gas-fired campus in Ohio, which can support more than 600 MW of AI loads. This positions MARA to address a key market pain point: the shortage of readily available, powered data center sites for AI deployment. The company plans to allocate capacity between Bitcoin mining and AI workloads based on economics and demand.
In the past six months (March–September 2026), MARA sold roughly $1.5 billion in Bitcoin, including $1.1 billion to repurchase convertible notes at a discount, reducing its public Bitcoin treasury ranking from 2nd to 4th. It closed the majority acquisition of France-based Exaion to expand into sovereign and private cloud services. The Starwood Capital partnership advanced into active development, with about 90% of non-hosted capacity under consideration for digital infrastructure conversion. Energy-driven hashrate grew 33% year-over-year to 72.2 EH/s, but Q1 2026 revenue fell 18% to $174.6 million, with a net loss of $1.3 billion, largely due to unrealized losses on Bitcoin holdings. The company also cut staff by 15% and adjusted operations to save $12 million annually. MARA stated it does not expect large-scale ASIC purchases, signaling reduced focus on expanding pure mining capacity.
Marathon Digital (MARA) has transformed from a Bitcoin miner into a digital infrastructure giant. Key milestones: After the 2024 halving, mining profitability declined, accelerating diversification. In Q2 2025, hashrate reached 57.4 EH/s, up 82% YoY; Bitcoin holdings increased to 49,951 BTC, then surpassed 50,000, becoming the second-largest corporate holder after Strategy. In May, it mined 950 BTC, bringing total holdings to 49,179. To strengthen supply chain, 50% of 2025 miner orders were shifted to US manufacturer Auradin. Financially, it launched a $2 billion stock offering to buy more BTC, allocated 500 BTC to Two Prime for yield strategies, and led Two Prime's $20 million equity financing. In August 2025, it acquired 64% of EDF's subsidiary Exaion for $168 million, with option to increase to 75%, marking its largest AI investment and official entry into AI cloud and HPC. Q3 turned profitable YoY, but mining output rose only 5%, with revenue growth reliant on BTC price appreciation; it sold 298 BTC to support operations, reflecting strategic adjustments under industry pressure.
MARA (Marathon Digital) reported Q2 2026 revenue of $174.9 million, down 27% YoY; net loss of $611.3 million (diluted EPS -$1.60) vs net income of $808.2 million a year earlier; adjusted EBITDA was -$360.9 million. It held 35,577 BTC (~$2.1B), with combined cash and BTC of $2.5B. The decline mainly reflects a 28% fall in average bitcoin price and $343.0M fair-value losses on digital assets. The company also initiated restructuring and pivoted toward AI/HPC infrastructure, including a $1.5B Long Ridge acquisition. The strategic shift is notable, but near-term profitability remains under pressure.
In H1 2026, MARA accelerated its transformation into a digital infrastructure platform. In Q1, it closed the acquisition of a 64% stake in France's Exaion, moved the Starwood strategic partnership into execution, retired ~30% of convertible debt, and announced the acquisition of the Long Ridge power plant. In Q2, self-mining hashrate reached 70.3 EH/s, BTC holdings were 35,577 BTC, 700 blocks were won, and purchased energy cost per BTC was ~$38,690; revenue fell 27% YoY to $174.9M, with a net loss of $611.3M. The Long Ridge deal awaits FERC approval, and rights to a 2 GW powered-land site in Matagorda County, Texas were secured, targeting expansion of the power portfolio to 4.8 GW. About 90% of non-hosted capacity is being evaluated for conversion to AI/HPC compute, with at least one tenant lease targeted by year-end. Future priorities: close the Long Ridge acquisition, advance digital infrastructure leases, expand Exaion's European AI business, commercialize technology initiatives, and transition from hosted mining to owned/co-located operations.