NEW YORK – MARA Holdings (NASDAQ:MARA) has carved out a distinct path from the cryptocurrency it mines, with its shares surging 39.6% year-to-date in 2026, even as Bitcoin has tumbled 26.9%. This widening performance gap has become a central focus for investors assessing the company's evolving business model.
On Friday afternoon, MARA shares were trading at $12.57, down 1.6% on the day, giving the company a market capitalization of approximately $4.78 billion. Bitcoin slipped 0.9% to around $64,115 during the same period.
Bitcoin Holdings vs. Equity Value
According to MARA's latest filing, the company held 35,303 bitcoin as of March 31. At Friday's price, those holdings are valued at roughly $2.26 billion. An initial estimate suggests that the worth of these coin holdings represents about 47% of MARA's total equity value.
Excluding the digital asset reserve, the remaining equity value stands at approximately $2.51 billion. However, this figure does not represent a straightforward operating valuation, as it must account for cash and debt. Including debt of about $2.4 billion as of the end of March and deducting cash, the residual value totals roughly $4.40 billion. This amount encompasses the company's mining operations, energy initiatives, and other assets.
Power Infrastructure Driving Revaluation
The revaluation extends beyond MARA, with peers Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) also outperforming Bitcoin so far this year. RIOT has climbed 84.5% and CLSK has risen 49.8% in 2026.
MARA funded its strategic transition by selling 20,880 bitcoin for $1.5 billion in the first quarter. The company used proceeds to repurchase approximately $1 billion in convertible notes, reducing its debt burden.
A key catalyst for the revaluation is MARA's power infrastructure expansion. A July 9 agreement in Texas allows the company to use up to 2 gigawatts of power capacity. While there is potential tenant interest, no lease has been signed yet. The site could boost MARA's total portfolio capacity to as much as 4.8 gigawatts, when combined with its Long Ridge facility.
Chairman and CEO Fred Thiel emphasized that reliable, scalable energy is poised to become "increasingly valuable." The Long Ridge facility, which includes a 505-megawatt gas plant, is projected to generate $144 million in annualized adjusted EBITDA. The $1.5 billion acquisition of Long Ridge is still awaiting regulatory clearance.
Comparing to CleanSpark
CleanSpark has set a higher bar with a 20-year lease valued at $6.6 billion for 175 megawatts of power, with deliveries expected to begin in late 2027. This underscores the growing premium placed on energy assets in the AI and data center era.
Upcoming Earnings and Risks
MARA announced it will release second-quarter results on August 6, followed by a conference call at 5 p.m. EDT. Investors will focus on the latest bitcoin holdings, financing strategies, and any progress on tenant agreements for its power capacity.
Risks remain elevated. Bitcoin prices could decline further, mining difficulty may increase, and major projects might require additional funding. As of March 31, MARA still had $1.5 billion in unused share-sale authorization, providing some financial flexibility.
Currently, MARA does not behave merely as a basic bitcoin proxy. The upcoming quarterly report needs to clarify what addresses this valuation discrepancy and whether the power asset strategy can sustain the momentum.
