MARA Holdings (NASDAQ: MARA) shares ended Friday at $13.81, up 1.92% for the session and roughly 11% higher than the prior week's close. The bitcoin miner enters the Memorial Day holiday weekend with solid gains, but the next regular trading session on Tuesday will determine whether the rally can hold.
The Nasdaq will be closed on Monday, May 25, for Memorial Day, a market holiday. This means there is no opportunity for investors to react to weekend developments until Tuesday's regular trading hours, from 9:30 a.m. to 4 p.m. Eastern.
Bitcoin, the primary driver for MARA's valuation, was trading near $76,590 on Sunday, up about 1.6% from its last quoted close. The cryptocurrency's stability over the weekend keeps attention on MARA's significant digital asset holdings. As of March 31, the company reported $2.9 billion in cash and digital assets, including $513.7 million in cash and cash equivalents.
Q1 Results and Strategic Shift
MARA's first-quarter results, released on May 11, show why the stock remains a high-beta play tied to bitcoin prices. Revenue for the quarter ended March 31 was $174.6 million, down 18% from a year earlier. The company mined 2,247 bitcoin, nearly flat compared to 2,286 in the prior year, but the average price realized dropped to $76,288 from $93,317.
The company reported selling about 20,880 bitcoin for proceeds of $1.5 billion during the quarter, ending March with 35,303 bitcoin. The balance sheet also includes $2.9 billion in cash and digital assets, with $513.7 million in cash and cash equivalents.
Long Ridge Energy Deal and AI Infrastructure Play
MARA is pivoting toward power and AI infrastructure. In April, the company agreed to acquire Long Ridge Energy & Power for roughly $1.5 billion, including debt. The deal includes a 505-megawatt gas power plant and land in Hannibal, Ohio, positioning MARA to support high-performance computing (HPC) for AI workloads.
CEO Fred Thiel emphasized the strategic importance of the acquisition, stating, “Power is the scarce input in AI,” and calling the deal a “significant step forward” for the company’s digital infrastructure plan. Thiel also noted interest from hyperscale tenants, referring to large cloud-computing companies that lease vast data center space.
Market Context and Peer Performance
U.S. stocks pushed higher Friday ahead of the long weekend, with the Dow Jones Industrial Average logging a record close and the S&P 500 notching its eighth consecutive weekly gain, according to Investopedia. MARA’s peers showed mixed performance: Riot Platforms (NASDAQ: RIOT) stayed nearly flat at $24.49, CleanSpark (NASDAQ: CLSK) rose to $15.97, while TeraWulf (NASDAQ: WULF) fell to $22.82. The bitcoin mining sector is no longer trading as a single story, as investors differentiate between pure crypto plays and AI power names.
Risks and Outlook
The bear case for MARA remains. The company flagged in its 10-Q that the Long Ridge deal is subject to conditions and regulatory approvals. If it fails to close by November 30, 2026—extendable to June 30, 2027 for certain regulatory hurdles—MARA faces a $75 million break fee. Additionally, there is no guarantee the company can access a Barclays bridge loan or secure alternative financing on favorable terms.
Bitcoin’s price will likely be the key driver for MARA in the coming week. If the cryptocurrency holds its weekend gains and risk appetite remains strong after Memorial Day, MARA’s rally could continue. However, a bitcoin pullback or slower progress in signing AI tenants could quickly reverse the stock’s recent gains.
