MARA Holdings (NASDAQ:MARA) experienced a sharp decline of 15.2% over the past week, closing at $10.69 on Friday, July 17, 2026. This drop significantly outpaced the 0.4% decline in Bitcoin's daily close over the same period, highlighting a growing divergence between the crypto miner and the broader market. The stock's 6.4% single-day loss on Friday added to the weekly pressure.
CleanSpark's AI Lease Boosts Performance
CleanSpark (NASDAQ:CLSK) emerged as a standout, rising 1.4% during the week after announcing a 175-megawatt, 20-year AI lease agreement. The contract, initially valued at approximately $6.6 billion, is expected to begin deliveries in the fourth quarter of 2027. CleanSpark CEO Matt Schultz described the deal as a transformational moment for the company. The stock outperformed MARA by 16.6 percentage points, underscoring investor appetite for firms with signed, large-scale AI infrastructure commitments.
MARA's Texas Project Remains Unleased
MARA's latest update on its Texas facility indicated tenant interest but no signed lease. The proposed site offers significant scalability, with potential capacity reaching 1 GW by October 2027 and 2 GW by April 2028. If fully powered, MARA's total portfolio could approach 4.8 GW. However, the lack of a finalized agreement has weighed on sentiment, as investors seek more concrete revenue visibility.
Riot Platforms Also Secures Deal
Riot Platforms (NASDAQ:RIOT) slipped 12.9% last week despite securing a 50-megawatt deal with Advanced Micro Devices (NASDAQ:AMD), which exercised a 25-MW option. Riot's performance was still about 2.2 percentage points better than MARA. The broader sell-off in crypto and AI stocks, including a 1.4% drop in the Nasdaq Composite, contributed to the negative sentiment. Carson Group strategist Ryan Detrick described the mood as chip fatigue.
MARA's Long Ridge Acquisition
MARA's acquisition of Long Ridge, valued at roughly $1.5 billion including at least $785 million in debt, provides a more immediate operating asset. The 505-MW gas facility sits on over 1,600 acres. MARA reported $144 million in annualized adjusted EBITDA for the asset, though these figures are unaudited and not intended as guidance. The deal is expected to close in the second half of 2026, subject to federal clearance.
Analyst Outlook and Risks
Piper Sandler (NYSE:PIPR) lowered its price target on MARA to $13 from $16 on Friday, maintaining an Overweight rating. The firm cited subdued news flow and broader market pressure on crypto and AI sectors. Risks for MARA include Bitcoin price volatility, network difficulty, electricity costs, and the need for permits, financing, and tenant agreements. Short interest stood at 28.7% of float as of June 30, 2026, which could amplify price swings.
As of Sunday evening, Bitcoin traded around $64,429 in New York. MARA's investor calendar showed no scheduled events, leaving tenant updates, financing, or regulatory approvals as potential unscheduled catalysts.
