MARA Holdings Q3 2026 profit hits $632M as revenue falls

MARA's energized hashrate reached 71.2 EH/s, up 18% year over year, while blocks won rose 2% to 644.

Available on EDGAR 11/09/2026 - 04:05 PM EST Accepted by SEC EDGAR 11/09/2026 - 04:05 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

MARA Holdings, Inc. reported Q3 2026 revenue of $164.2 million, down 35% from $252.4 million a year earlier. Net income was $632.1 million ($1.28 diluted per share), versus $123.1 million ($0.27), including an $885.3 million gain related to the fair value of digital assets. Adjusted EBITDA, a non-GAAP measure, was $857.7 million, up 117% from $395.6 million. For the nine months ended September 30, 2026, it recorded a $1,241.643 million net loss, versus net income of $397.896 million in 2025.

MARA mined 2,247 BTC and held 34,012 BTC as of September 30, 2026. Since the beginning of 2026, it reduced total debt by $1.4 billion, or 37%. After quarter-end, it used Bitcoin-sale proceeds to repay $750 million of BTC-backed debt, releasing pledged bitcoin; less than 5% of holdings remained loaned or pledged.

Exaion signed a four-year $79 million GPU-as-a-service contract on 100% take-or-pay terms. Its separate pipeline of over $3 billion in total contract value reflects demand indications, not contracted or committed business. After quarter-end, the Board authorized a common-stock repurchase program of up to $500 million, without an obligation to repurchase a particular amount. MARA received FERC approval for Long Ridge and expects to close by year-end, subject to customary conditions.

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Positive

• Moderate pointNet income rose to $632.1 million from $123.1 million in Q3 2025.
• Moderate pointAdjusted EBITDA rose 117% to $857.7 million.

Negative

• Major pointNine-month net loss: $1,241.643 million, versus 2025 net income.
• Moderate pointRevenue fell 35% to $164.2 million from $252.4 million.

Filing Explained

Matagorda represents conditional development capacity: power approval is required before seller payments, and MARA says it has paid none.

MARA secured rights to develop a Matagorda County site for up to 2 gigawatts, but the site is classified as a studied load; seller payments depend on power approval, and none have been made. That describes development potential, not operating capacity already reported by the company.

MARA says hosting arrangements representing about 29% of its total energy capacity are scheduled to begin expiring in Q3 2027 and are expected to conclude during Q1 2028; it expects their expiration to eliminate those hosting costs and improve cost per kilowatt-hour over time.

MARA says tenant discussions are advanced and targets signing two leases before year-end, while noting that timing could slip into next year.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $164.2 million Net income: $632.1 million Adjusted EBITDA: $857.7 million +4 more

7 metrics

Revenue $164.2 million Q3 2026; down 35% from $252.4 million in Q3 2025

Net income $632.1 million Q3 2026; includes an $885.3 million gain related to the fair value of digital assets

Adjusted EBITDA $857.7 million Q3 2026; up 117% from Q3 2025; non-GAAP measure

Diluted net income per share $1.28 per share Q3 2026; compared with $0.27 per share in Q3 2025

Total debt reduction $1.4 billion 37% of total debt reduced since the beginning of 2026

Bitcoin produced 2,247 BTC Q3 2026

Exaion GPU-as-a-service contract $79 million Four-year contract on 100% take-or-pay terms

Key Terms

Adjusted EBITDA, fair value of digital assets, take-or-pay terms, studied load, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA increased to $857.7 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

fair value of digital assets financial

"gain related to the fair value of digital assets"

The fair value of digital assets is an estimate of what a cryptocurrency or token would sell for in an orderly transaction between willing buyers and sellers, taking into account factors like current market prices, liquidity, and expected future use. Investors care because it helps judge whether a digital asset is overpriced or undervalued—similar to estimating a house’s market value before deciding to buy or sell—so they can make informed portfolio and risk decisions.

take-or-pay terms financial

"a four-year $79M GPU-as-a-service contract on 100% take-or-pay terms"

studied load regulatory

"classified as a studied load by ERCOT in the Batch Zero process"

Bitcoin-collateralized borrowings financial

"$750.0 million of Bitcoin-collateralized borrowings"

Earnings Snapshot

Revenue: $164.2 million

Q3 2026

Revenue $164.2 million Down 35% from $252.4 million in Q3 2025

Net income $632.1 million Compared with $123.1 million in Q3 2025; includes an $885.3 million gain related to the fair value of digital assets

Adjusted EBITDA $857.7 million Up 117% from $395.6 million in Q3 2025

Diluted net income per share $1.28 per share Compared with $0.27 per share in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was MARA's revenue in Q3 2026?

MARA reported Q3 2026 revenue of $164.2 million, down 35% from $252.4 million in Q3 2025. Bitcoin mining revenue accounted for $83.1 million of the decrease; a lower average Bitcoin price reduced revenue by $94.8 million, partly offset by $11.7 million from higher production.

Why did MARA report $632.1 million in Q3 2026 net income?

MARA's Q3 2026 net income was $632.1 million, compared with $123.1 million in Q3 2025. The year-over-year increase was primarily driven by an $885.3 million unrealized bitcoin mark-to-market gain, versus a $343.1 million gain in the prior-year quarter.

How much debt did MARA reduce, and what did it repay after quarter-end?

MARA reduced total debt by $1.4 billion, or 37%, since the beginning of 2026. After quarter-end, it sold 13,597 bitcoin at approximately $81,039, generating approximately $1.1 billion in proceeds, and used $750 million to fully repay Bitcoin-collateralized term loans, returning 17,477 bitcoin previously pledged as collateral.

What are the terms of Exaion's contract?

Exaion signed a four-year GPU-as-a-service contract worth $79 million on 100% take-or-pay terms. The customer commits to pay for the capacity whether or not it uses it. MARA separately described a pipeline of over $3 billion in total contract value as demand indications, not yet contracted or committed.

Did MARA authorize a share repurchase program?

After quarter-end, MARA's Board authorized a repurchase program of up to $500 million of common stock. Purchases may occur through open-market purchases, privately negotiated transactions, or other means in accordance with SEC regulations. The program does not obligate MARA to repurchase a particular amount and may be modified, suspended, or terminated at any time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001507605FALSENASDAQ00015076052026-11-092026-11-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2026

MARA HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

Nevada			001-36555			01-0949984
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

1010 South Federal Highway, Suite 2700

Hallandale Beach, FL 33009

(Address of Principal Executive Offices and Zip Code)

(800) 804-1690

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol(s):

Name of each exchange on which registered:

Common Stock

MARA

NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 2.02    Results of Operations and Financial Condition

On November 9, 2026, MARA Holdings, Inc. (the “Company”) issued a shareholder letter announcing its financial results for the fiscal quarter ended September 30, 2026. The Company also issued a press release announcing its earnings webcast and conference call to be held on November 9, 2026. The full text of the shareholder letter and press release are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits

(d)    Exhibits

Exhibit No.			Description
99.1			Shareholder Letter dated November 9, 2026
99.2			Press Release dated November 9, 2026
104			Cover page interactive data file (embedded with the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			MARA HOLDINGS, INC.
Date: November 9, 2026			By:			/s/ Zabi Nowaid
						Zabi Nowaid
						General Counsel and Corporate Secretary

Contents
To Our Shareholders	3
Financial and Operational Discussion	9
Earnings Webcast and Conference Call	15
Statements of Operations	16
Investor Notice	19
Forward-Looking Statements	19

Key Highlights

Revenues decreased

35% to $164.2 million

IN Q3 2026

from $252.4 million in Q3 2025.

Net income

increased to $632.1 million

IN Q3 2026

from $123.1 million in Q3 2025.

Adjusted EBITDA

increased to $857.7 million

IN Q3 2026

compared to $395.6 million in Q3 2025.

Total debt reduction of

$1.4 billion

AS OF SEPTEMBER 30, 2026

37% of total debt reduced since the

beginning of the year.

Energized hashrate

("EH/s") increased 18%

TO 71.2 EH/S IN Q3 2026

from 60.4 EH/s in Q3 2025.

Cost/petahash per day

improved by 2%

IN Q3 2026

from Q3 2025.

Total blocks won

increased 2% to 644

IN Q3 2026

from 633 in Q3 2025.

Purchased energy cost per

BTC was $39,674

IN Q3 2026

for our owned sites.

Cost per kWh: $0.04

FOR Q3 2026.

Mined 2,247 BTC

IN Q3 2026.

No BTC was purchased in Q3 2026

SHAREHOLDER LETTER Q3 2026                                                                                                                3

To Our Shareholders

Bitcoin built the foundation. Power created the opportunity. Our strategy now is simple: maximize the value of every

megawatt ("MW") we control.

In Q3 2026, we started transforming the platform we have assembled into a business designed to produce durable,

contracted returns. Over the past several years, MARA has built a difficult-to-replicate portfolio of powered assets,

operating infrastructure, and technical capability. Our priority now is to convert those advantages into signed customer

agreements, completed projects, and durable free cash flow.

The Quarter: Progress on Many Fronts

A lease does not start with a signature. It starts with power, a buildable site, a capable partner, and a financeable customer.

This quarter, we advanced each of those pieces.

•Sites and development: Since the end of last quarter, we have made great progress and our discussions with

tenants are in advanced stages. Our engineering and operations teams have hosted prospective tenants across

nearly all of our sites and we feel particularly proud of the development team's progress at Kearney, where pre-

development is well advanced. While we are targeting signing two leases before year-end, market conditions are

fluid and that timing could slip into next year. We will continue to advance the power, permitting, site, and

financing work required to support these agreements and look forward to updating the market as we have news

to share. 

•Power: At Long Ridge, we recently received FERC approval, and we expect to close the transaction in the

coming weeks, subject to customary conditions. We are excited to add a highly efficient natural gas plant to our

portfolio that is currently authorized to sell 485 MW and expected to increase to the full 505 MW nameplate

capacity in the first half of 2027. Long Ridge will not only immediately strengthen our financial profile with

contracted cash flows from power generation but also provides us over 1,600 contiguous acres with access to

power, water, fiber, and rail, supporting a premier data center campus. Together with our existing Bitcoin mining

operations at the site, we will have over 1 GW of total potential capacity. We look forward to completing the

transaction and beginning the next phase of Long Ridge’s development as part of our strategy to expand into data

center infrastructure. In addition, we advanced our power portfolio by securing the rights to develop a site in

Matagorda County, Texas with up to 2 gigawatts ("GW") of power capacity. The site was recently classified as a

studied load by ERCOT in the Batch Zero process and we are working with the utility to bring power online. Any

payments to the sellers are contingent on power being approved and, to date, we have made none.

•Exaion signed a four-year $79M GPU-as-a-service contract on 100% take-or-pay terms with its first US

customer. Customer demand has built a pipeline of over $3 billion in total contract value, with approximately $1

billion of that targeted for delivery by the end of 2027. These are indications of demand and are not yet contracted

or committed.

•After quarter-end, our Board of Directors authorized a share repurchase program of up to $500M of our

common stock, which reflects the Board’s and management’s confidence in our long-term strategy and gives us

an additional tool to enhance shareholder returns. In the current environment, we are always looking to deploy our

capital where it can earn the highest and best return, and at times that may mean repurchasing our shares. While

markets have declined, bitcoin has remained resilient, and our balance sheet gives us the flexibility to act on those

opportunities when they arise. We intend to use it deliberately, in the way that creates the most advantage for our

SHAREHOLDER LETTER Q3 2026                                                                                                                4

shareholders. We have spent years building a differentiated portfolio spanning power, land and compute, and we

remain focused on turning that foundation into contracted returns and durable free cash flow. We will stay

disciplined in how we allocate capital, deploying it where we believe it can create the greatest value for you.

Under the program, we may repurchase shares from time to time through open market purchases, privately

negotiated transactions or other means in accordance with SEC regulations. The timing and amount of any

repurchases will depend on market conditions, share price, capital availability and other factors, and the program

does not obligate us to repurchase any particular amount and may be modified, suspended or terminated at any

time.

•After quarter-end, we repaid $750M of BTC-backed debt with proceeds from Bitcoin sales. The repayment

released all BTC that had been pledged as collateral, leaving less than 5% of our BTC holdings loaned or pledged.

Together with the $1.4 billion, or 37% of total debt reduced since the beginning of the year, this repayment

decreased our exposure to bitcoin price volatility. We intend to continue using bitcoin to build cash for purposes

such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next

year, and potential share repurchases.

To put these milestones in context, it helps to start with the market in which we are building.

The Market

Investor sentiment toward AI infrastructure has become more cautious as the market assesses the pace of AI adoption,

community opposition, higher financing costs, and the credit structures behind some projects. These issues matter, but

they have not reduced the need for power.

Our customer conversations show that demand remains strong and increasingly favors sites that can deliver power on a

credible schedule. Customers are also asking about capacity in locations once considered peripheral, including our

international portfolio.

What has changed is that the market is applying a higher standard. Customers need power, land, permits, financing, and a

development partner who can meet a committed schedule. Lenders and investors are applying the same test.

That environment favors MARA.

MARA built our platform around these requirements. Bitcoin mining gave us deep expertise in power, infrastructure and

large-scale compute, and it is where we cut our teeth acquiring powered land. Today, we own and operate approximately

1 GW across a diversified portfolio of sites in the US and international markets. Subject to the closing of Long Ridge and

energization of Matagorda, we expect that portfolio to reach over 4 GW.

As AI and HPC demand grows, power-ready infrastructure has become the critical constraint. New generation and

transmission take years to build, and permitting and community opposition can stretch the timeline further. Customers are

paying a premium for sites that are already energized or have a credible path to near-term power. That makes what MARA

has built significantly more valuable.

That shift has shaped how we are evolving the business.

Where We Are Now

We are evolving into an energy-backed digital infrastructure enterprise spanning power, land, and compute.

It is important to remember that this is not a pivot away from bitcoin. Bitcoin remains our operating foundation and a

flexible way to monetize power while we develop higher-value infrastructure opportunities. Our strategic advantage is

optionality: we can deploy each megawatt toward the use that creates the greatest risk-adjusted return.

SHAREHOLDER LETTER Q3 2026                                                                                                                5

We see three transformational paths to value:

•Bitcoin mining remains a core business. It generates cash flow, keeps energized sites productive, and gives us

flexibility as other infrastructure is developed.

•AI and HPC infrastructure put our proposition of Speed, Certainty and Reliability into practice, converting

powered land into long-duration, contracted infrastructure for hyperscalers and other large compute customers.

•Exaion provides private cloud infrastructure, inference and GPU-as-a-service, enabling MARA to capture the full

value stack all the way up to the enterprise customer, maximizing the value of every electron while moving up the

value and margin curve.

Why MARA is Positioned to Win

Three advantages set MARA apart.

We have the power and the ability to scale. Once we complete the first phase of a campus, most of the hard work on

land, interconnection, permitting, and campus infrastructure is behind us. A customer that begins with 200 MW may

ultimately want 400 MW, 600 MW or more, and we increase the value of the site without starting over somewhere else.

Large campuses can also host a mix of customers (hyperscalers, AI cloud providers and direct enterprise workloads),

which improves utilization and economics.

We can serve the full range of customers. MARA plus Exaion gives us capabilities across the full compute stack, from

powered infrastructure and traditional colocation to private cloud and AI services. We can lease infrastructure to a

hyperscaler at a lower yield on cost or accept more risk for a higher return with frontier model providers and others. We are

open to new technology solutions that help our customers. And Exaion gives us a footprint and leverage in Europe and

Canada, where it can be harder for a U.S. company to go directly.

We watched as aggressive pricing, rising rates, and uncertain delivery schedules eroded project economics for others.

That experience reinforced our decision to prioritize contracts that can be financed and delivered at acceptable returns. In

our experience, waiting has improved the terms available to us.

SHAREHOLDER LETTER Q3 2026                                                                                                                6

Subject to closing, required approvals and customary conditions. Descriptions are forward-looking and may change.

Exaion

Our future business model already has traction, and it integrates the entire MARA enterprise stack. As we build out our

digital infrastructure platform, Exaion gives us the opportunity to capture a greater share of the value chain, from providing

power and infrastructure to providing the compute and cloud services that run on top of it.

Over time, that creates the potential for MARA to participate in higher-margin AI compute services, enhancing the margin

per megawatt while leveraging the same underlying power and infrastructure assets at the foundation of our strategy.

Exaion takes MARA above the infrastructure layer. It provides private cloud infrastructure, open-weight model

orchestration, and inference as a service for customers who need greater control over their data, infrastructure, and

jurisdiction. Those needs are especially important for governments, regulated industries and enterprises in Europe, and

other markets where sovereignty and security shape technology decisions.

Exaion also lets us share in the value created by the compute itself. Its operating model can utilize GPUs across their

lifecycle, extending their utility and cash flow well beyond initial contract durations. That improves utilization and returns

across the life of the asset.

This is no longer simply a future-state thesis. We now have an early proof point with Exaion recently signing a major GPU-

as-a-service contract with total contract value of $79 million over four years, on 100% take-or-pay terms. The customer

commits to pay for the capacity whether or not it uses it, which gives us predictable, contracted revenue for the life of the

agreement.

This agreement is also a signal of demand. Exaion’s customers and prospects have expressed demand for more than 30

MW of compute capacity for delivery by the end of 2027. We view this contract as an early proof point of the model we are

building: MARA provides the energy-backed infrastructure, and Exaion turns it into compute and cloud services.

This is how we intend to move up the value chain: not by trying to own every layer on our own, but through strategic

partnerships. That gives us a unique, differentiating right to win.

Bitcoin Mining

All of this rests on the business that built MARA, which remains core to our strategy.

SHAREHOLDER LETTER Q3 2026                                                                                                                7

The competencies it takes to run a large mining fleet (power procurement, modular deployment, infrastructure

optimization and real-time load management) are the same competencies that digital infrastructure tenants require.

Modular deployment is a good example. It lets us bring capacity online faster than a traditional build and at lower cost,

which matters to customers who need compute up and running quickly. We believe MARA is one of the largest operators

of modular Bitcoin mining digital infrastructure in the United States, and we intend to apply that experience as we

transition towards AI/HPC.

We continue to modernize the fleet where the gain in efficiency and the expected payback justify the investment. When

equipment pricing is weak, we have been selective, acquiring machines that raise output without increasing total mining

power consumption. We weigh each of these investments against the timing of the next halving and the payback over the

full cycle.

Our objective is to increase computing output within the existing electrical footprint, and to preserve the option to direct

power to the use that offers the best risk-adjusted return. At some sites, that will remain Bitcoin mining. At others,

contracted AI/HPC infrastructure may be the better long-term use. We do not have to choose one or the other.

Vertebrai

We recently launched Vertebrai, MARA's flexible computing platform built on nearly a decade of running power-intensive

computing across energy markets. Power and demand rarely arrive at the same time, and Vertebrai's software decides,

moment to moment, where power should go. It absorbs power that would otherwise sit idle or sell at a loss, then scales

back when the grid needs that power elsewhere.

Based on the site's settlement data, April 1 to September 30, 2026. Percentages are shares of potential generation. "Without Vertebrai" assumes all potential generation during economic curtailment

periods, mostly hours when real-time prices were negative, would have been curtailed. Vertebrai's on-site computing used 53% of that energy.

We proved it first at our own wind farm in Hansford County, Texas. From April through September 2026, we estimate that

Vertebrai helped our Texas wind farm cut curtailment by more than half. Without Vertebrai, an estimated 46% of potential

wind generation would have been curtailed. By using on-site computing to absorb power that otherwise would have gone

unused, Vertebrai reduced that figure to 22%, putting more of the farm’s generation to productive use and creating an

additional source of revenue.

SHAREHOLDER LETTER Q3 2026                                                                                                                8

We now see a similar opportunity with data center developers, who often secure power 18 to 24 months before their

facilities can use it while paying for a minimum share of it regardless. With Vertebrai now live, we are focused on bringing

this model to additional power producers and data center developers.

Balance Sheet and Capital Allocation

Each of these priorities depends on a strong balance sheet.

Our balance sheet has to support the obligations we have today and the opportunities we are building for tomorrow. So

we manage cash, bitcoin, debt, and access to capital as parts of one balance sheet. Since the beginning of the year, we

have reduced our total debt by $1.4 billion, or 37%.

We view bitcoin as a strategic asset and a source of financial flexibility. Depending on market conditions and the expected

return on the use of proceeds, we may hold it, monetize a portion, or borrow against it. That capital can support operations,

reduce debt, fund acquisitions, or advance projects we believe will increase long-term shareholder value. We used this

flexibility earlier in the year to repurchase convertible notes at a discount, and we continue to monitor the put dates on our

remaining obligations.

We will keep balancing growth against leverage and dilution. The Starwood model reduces the corporate equity required

for qualifying data center projects, and our bitcoin holdings and other sources of liquidity add capacity. We expect our

direct spending to stay focused on site control, interconnection, development work, targeted infrastructure upgrades, and

selected project equity where the prospective return warrants it.

The capital markets remain open for well-structured developments. We price each project to reflect the customer’s credit,

the support available from a parent or technology provider, and the financing needed to build the facility.

Looking Ahead

The next stage will be measured by execution. Demand for compute capacity remains strong, but the market is becoming

more selective about how that demand is financed and delivered. We believe that selectivity is constructive. It should

favor companies with real power, credible sites, strong partners, and the patience to structure projects properly. MARA

has spent years building exactly that.

When we think about MARA’s future, the opportunity is bigger than monetizing the megawatt. It is about increasing the

value we can capture from that megawatt as we move from power to infrastructure to compute, and ultimately to fully

integrated cloud solutions.

We entered 2026 focused on expanding the platform. We are ending the year focused on converting that platform into

contracted leases and free cash flow. Bitcoin built the foundation and our power portfolio broadened the opportunity. Our

partnerships expand the ways we can capture value from each megawatt. Our responsibility now is to execute with

discipline and to show you the returns these assets can produce.

Thank you for your continued support.

MARA Chairman & CEO

SHAREHOLDER LETTER Q3 2026                                                                                                                9

Third Quarter Financial and Operational Discussion

Highlights

–Our energized hashrate was 71.2 EH/s, increasing

18% from 60.4 EH/s as of Q3 2025.

–Revenue was $164.2 million, a decrease of 35% from

$252.4 million in Q3 2025.

–We held 34,012 BTC (including digital assets -

receivable, net) and produced 2,247 BTC at an

average price of $71,688. We sold 3,891 BTC at an

average price of $75,300.

–Total blocks won increased 2% to 644 from 633 in

Q3 2025.

–Our cost per kWh was $0.04 for our owned sites.

Purchased energy cost per bitcoin was $39,674,

slightly up from $39,235 in Q3 2025.

–Cost per petahash per day improved 2% to $30.8

from $31.3 in Q3 2025.

–Net income was $632.1 million, or $1.28 per diluted

share, compared to $123.1 million, or $0.27 per

diluted share, in Q3 2025. Net income during the

quarter includes an $885.3 million gain related to

the fair value of digital assets.

–Adjusted EBITDA was $857.7 million, compared to

$395.6 million in Q3 2025.

–$3.8 billion of combined unrestricted cash and cash

equivalents and BTC (including bitcoin loaned or

pledged as collateral)

–Loaned 1,408 BTC under our digital asset

management strategy, generating approximately

$2.5 million of interest income for the quarter.

–We advanced our power portfolio by securing the

rights to develop a Matagorda County, Texas site

with up to 2 GW, structured so that payments

follow regulatory approvals and development

progress. The site was classified as a studied load

by ERCOT in the Batch Zero process. After quarter-

end, we obtained a $100.0 million letter of credit for

the interconnection study deposit.

–After quarter-end, we received FERC approval for

our Long Ridge acquisition, which we expect to

close by year end. Once completed, Long Ridge is

expected to generate significant adjusted EBITDA,

with roughly 70% of its output under long-term

contracts.

–After quarter-end, we sold 13,597 bitcoin around

$81,039, with proceeds of approximately $1.1 billion.

We used $750.0 million to fully repay our Bitcoin-

collateralized term loans. The repayment resulted in

the return of 17,477 bitcoin previously pledged as

collateral.

–Year to date, we deleveraged our balance sheet by

reducing $1.4 billion, or 37% of total debt.

–After quarter-end, our Board authorized MARA’s

share repurchase program of up to $500.0 million,

reflecting confidence in our long-term strategy and

adding a tool to enhance shareholder returns.

Third Quarter Production Highlights

	Prior Quarter Comparison			Prior Year Period Comparison
Metric	Q3 2026	Q2 2026	% Δ	Q3 2025	% Δ
Number of Blocks Won	644	700	(8%)	633	2%
BTC Produced	2,247	2,422	(7%)	2,144	5%
Average BTC Produced per Day	24.4	26.6	(8%)	23.3	5%
Share of Available Miners Rewards (1)	5.4%	5.9%	(9%)	5.0%	9%
Energized Hashrate (EH/s) (2)	71.2	70.3	1%	60.4	18%

1.Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by

the Bitcoin network during the period.

2.Defined as the amount of hashrate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline.

Hashrates are estimates based on the manufacturers’ specifications. All figures are rounded.

SHAREHOLDER LETTER Q3 2026                                                                                                                10

REVENUE

Revenue was $164.2 million, a decrease of

$88.2 million, or approximately 35%, from

$252.4 million in the prior year period. Bitcoin

mining revenue accounted for $83.1 million of

the decrease. A 37% decline in the average

price of bitcoin mined lowered revenue by

$94.8 million, partially offset by an $11.7 million

benefit from higher bitcoin production.

We produced an average of 24.4 BTC per day,

up from 23.3 BTC in Q3 2025, resulting in 2,247

BTC mined compared to 2,144 or 5% more BTC

mined year-over-year. Blocks won also

increased 2% over the same period.

*Average Price of BTC over the quarter

NET INCOME

We reported net income of $632.1 million, or

$1.28 per diluted share, compared to net

income of $123.1 million, or $0.27 per diluted

share, in the third quarter of 2025.

The $508.9 million increase in net income was

primarily driven by an $885.3 million unrealized

bitcoin mark-to-market gain in Q3 2026,

compared to a $343.1 million gain in the prior

year period, representing approximately $542.2

million year-over-year change, reflecting a 27%

improvement in BTC price during the quarter.

This chart illustrates the close relationship between the mark-to-

market impact on the company's bitcoin holdings relative to its

reported net income (loss).

SHAREHOLDER LETTER Q3 2026                                                                                                                11

PURCHASED ENERGY COSTS

We define purchased energy costs as the

amount paid to power providers for power

consumed related to our owned Bitcoin mining

operations. Our purchased energy costs were

$48.1 million, compared to $43.1 million in the

prior year period. The 12% increase was

primarily driven by the growth of our owned

mining operations through a site acquisition

during the year and increased utilization of

capacity at our newest Central Nebraska and

our Central Ohio sites, partially offset primarily

by weather-related downtime at certain sites.

Total energized hashrate increased 18% to 71.2

EH/s from 60.4 EH/s in Q3 2025, primarily

through improvements in miner efficiency.

Our owned sites maintained a cost per kWh of

$0.04. Purchased energy cost per bitcoin for

our owned and operated sites was $39,674,

compared to $39,235 in Q3 2025, primarily

driven by higher power costs and global

network difficulty outpacing our hashrate

growth.

OPERATING AND MAINTENANCE COSTS

Operating and maintenance costs were $21.5

million compared to $26.3 million in the prior

year period, a decrease of $4.8 million. The

decrease was primarily due to realized gains

from energy derivative contracts and lower

shipping costs, partially offset by higher site

and miner repair and maintenance costs.

THIRD-PARTY HOSTING AND OTHER

ENERGY COSTS

Third-party hosting and other energy costs

primarily consist of colocation services related

to third-party hosted sites. Third-party hosting

and other energy costs were $71.5 million,

compared to $75.7 million in Q3 2025, a $4.2

million decrease driven by lower hosting costs,

partially offset by higher energy consumption

at certain third-party hosted sites.

Our most significant third-party hosting

arrangements, representing approximately 29%

of our total energy capacity, are scheduled to

expire, beginning in the third quarter of 2027

and expected to fully conclude during the first

quarter of 2028. These expirations are

expected to eliminate third-party hosting costs

and improve our cost per kWh over time as the

arrangements expire.

COST PER PETAHASH

Our cost per petahash per day improved 2% to

$30.8 from $31.3 in Q3 2025, and has improved

20% over the past eight quarters.

GENERAL AND ADMINISTRATIVE

General and administrative ("G&A") expenses

were $75.8 million compared to $85.3 million in

the prior year period. The $9.5 million or 11%

decrease primarily reflects a $9.8 million

reduction in stock-based compensation

expense. This was partially offset by G&A

SHAREHOLDER LETTER Q3 2026                                                                                                                12

expenses from the operating costs of our

recently acquired majority-owned subsidiary,

Exaion, and administrative costs supporting our

expanded footprint.

DEPRECIATION AND AMORTIZATION

Depreciation and amortization was $150.9

million, a $16.5 million decrease compared to

the prior year period. The 10% decrease was

driven by lower depreciation as certain mining

rigs reached the end of their useful lives.

ADJUSTED EBITDA

Adjusted EBITDA increased to $857.7 million,

*including BTC loaned, actively managed or pledged as collateral

up 117%, from $395.6 million compared to Q3

2025. The increase was primarily driven by a

mark-to-market change in the fair value of

digital assets, primarily reflecting a larger

increase in bitcoin prices during the quarter.

BALANCE SHEET

At quarter end, we held 34,012 bitcoin,

including 19,260 bitcoin loaned or pledged as

collateral. During Q3 2026, we mined 2,247

BTC. As of September 30, 2026, our BTC

holdings were valued at approximately $2.8

billion based on a spot price of $83,556 per

bitcoin.

15,133 BTC sold

to retire ~$1.0B

of converts

Cash and cash equivalents totaled $946.5

million, up from $547.1 million as of December

31, 2025. Combined, our balance of cash and

BTC (including bitcoin loaned and pledged as

collateral) was approximately $3.8 billion at

quarter end.

In July, we sold 3.8 million shares of common

stock representing our year-to-date ATM

usage. We had approximately $1.5 billion of

capacity remaining as of September 30, 2026.

We believe our existing liquidity resources

provide us with sufficient flexibility to meet our

obligations and fund our growth initiatives over

the next twelve months and beyond.

SHAREHOLDER LETTER Q3 2026                                                                                                                13

*including BTC loaned, actively managed and pledged as collateral

DIGITAL ASSET MANAGEMENT

We held a total of 34,012 bitcoin, including

19,260 bitcoin that were loaned or pledged as

collateral. As such, approximately 57% of our

total holdings were activated through our

digital asset management strategy. Under our

lending arrangements, a total of 1,408 bitcoin

were loaned to counterparties, generating

approximately $2.5 million of interest income

during the quarter.

MARA's BTC Holdings
As of September 30, 2026	Quantity
Bitcoin, unrestricted	14,752
Bitcoin - Receivable
Bitcoin - Loaned	1,408
Bitcoin - Pledged as Collateral	17,852
	19,260
Total	34,012

For the nine months ended September 30,

2026, we sold approximately 26,984 bitcoin for

$1.9 billion in proceeds. Subsequent to quarter-

end, we sold 13,597 bitcoin at approximately

$81,039, with proceeds of approximately

$1.1 billion. In 2025, we changed our strategy to

permit sales of bitcoin generated from

operations and in 2026 we expanded this

strategy to allow for sales of bitcoin held on our

balance sheet. We expect to continue to

monetize bitcoin to enhance our financial

flexibility, including to provide liquidity or to

fund capital projects and other initiatives that

we believe enhance long-term shareholder

value, subject to market conditions and our

capital allocation priorities.

CAPITAL ALLOCATION

During the quarter, we entered into

$750.0 million of Bitcoin-collateralized

borrowings, consisting of $600.0 million of new

capital and $150.0 million that refinanced an

existing facility, to fund the Long Ridge

acquisition. Subsequent to quarter end, we

fully repaid the loans, releasing all bitcoin

previously pledged as collateral. We borrowed

against bitcoin while it was trading around

$64,000, and after quarter-end, sold 13,597

bitcoin at an average price of approximately

$81,039 , generating $1.1 billion in proceeds.

Disciplined and patient execution enabled us to

capture an estimated net benefit of $170.0

million.

Since the beginning of 2026, we have

deleveraged our balance sheet by $1.4 billion,

or 37% of total debt, lowering our exposure to

bitcoin price volatility while funding the

acquisition on a non-dilutive basis.

By using our bitcoin to fund Long Ridge and

then reduce leverage, we put our digital assets

to work while strengthening our balance sheet.

Alongside lending and monetization, Bitcoin-

backed financing remains one more tool we

have and can use in the future to support

growth with the same discipline.

SHAREHOLDER LETTER Q3 2026                                                                                                                14

After the quarter-end, our Board of Directors

authorized MARA’s share repurchase program

of up to $500.0 million of our common stock. It

reflects the Board’s and management’s

confidence in our long-term strategy and is an

additional tool in our capital allocation toolkit to

enhance shareholder returns. Under the

program, we may repurchase shares from time

to time through open market purchases,

privately negotiated transactions or other

means in accordance with SEC regulations.

The timing and amount of any repurchases will

depend on market conditions, share price,

capital availability and other factors. The

program does not obligate us to repurchase

any particular amount and may be modified,

suspended or terminated at any time.

Every capital decision we make follows the

same discipline: deploy capital where we

believe it can create the greatest value for

you.

Power remains the foundation of our strategy.

We have built a portfolio of approximately 1.9

GW, with a clear path to 4.8 GW. We have

secured the foundation of MARA's digital

infrastructure transformation. With power,

partners, and capital in place, we are executing

our strategy to deliver long term shareholder

value.

MARA Chief Financial Officer

SHAREHOLDER LETTER Q3 2026                                                                                                                15

Earnings Webcast

and Conference Call

MARA will hold a webcast and conference call today,

November 9, 2026, at 5:00 p.m. Eastern Time (2:00 p.m.

Pacific Time) to discuss its financial results for the

quarter ended September 30, 2026.

To register to participate in the conference call or to

listen to the live audio webcast, please use this link. The

webcast will also be broadcast live and available for

replay via the investor relations section of our website.

Earnings Webcast and Conference Call Details

Date: Monday, November 9, 2026

Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific

Time)

Registration link: LINK

If you have any difficulty connecting with the conference

call, please contact MARA's investor relations team at

ir@mara.com

About MARA

MARA Holdings, Inc. (NASDAQ: MARA) is a global,

energy-backed digital infrastructure enterprise. We

acquire, develop, and operate scarce powered assets at

scale, with 1.9 GW of energized capacity today across

nearly 20 sites on 4 continents, and a clear path to

approximately 4.8 GW. Our vertically integrated model

spans power, land, and compute, designed to deliver the

speed, certainty, and reliability that AI, HPC, cloud, and

enterprise customers need. Backed by almost a decade

of operating power-intensive compute at industrial scale,

Bitcoin mining is our operating foundation, providing a

source of flexibility and keeping sites operating and

generating revenue while we develop higher-value

infrastructure paths.

For more information, visit www.mara.com, or follow us

on:

X	@MARA
LinkedIn	MARAHoldings
Facebook	MARAHoldings
Instagram	@MARAHoldingsInc

MARA Company Contacts:

Telephone: 1.800.804.1690

Email: ir@mara.com

MARA Media Contact:

Email: mara-jf@joelefrank.com

SHAREHOLDER LETTER Q3 2026                                                                                                                16

MARA Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (unaudited)

		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)		2026		2025		2026		2025
Revenues		$ 164,233		$ 252,410		$ 513,728		$ 704,779
Costs and operating expenses (income)
Purchased energy costs		48,124		43,080		141,606		128,291
Operating and maintenance costs		21,481		26,310		79,018		68,466
Third-party hosting and other energy costs		71,511		75,664		210,715		212,876
General and administrative		75,815		85,296		277,373		264,109
Depreciation and amortization		150,851		167,312		517,071		486,950
Change in fair value of digital assets		(421,853)		(234,240)		542,383		(686,105)
Change in fair value of derivative instrument		18,952		4,422		61,766		(42,717)
Impairment of goodwill and other assets		—		—		—		26,253
Taxes other than on income		1,333		2,354		5,284		7,886
Early termination expenses		—		5,000		—		5,000
Research and development		2,495		8,716		17,916		26,560
Restructuring costs		18,979		20,905		66,617		20,905
Total costs and operating expenses (income)		(12,312)		204,819		1,919,749		518,474
Operating income (loss)		176,545		47,591		(1,406,021)		186,305
Other income
Change in fair value of digital assets - receivable, net		463,478		108,859		66,110		339,339
Net gain from extinguishment of debt		—		1,029		70,557		1,029
Interest income		9,268		17,689		30,063		39,315
Interest expense		(13,472)		(12,760)		(30,456)		(35,536)
Equity in net earnings of unconsolidated affiliate		(2,822)		(1,711)		(7,849)		(2,626)
Other		(1,931)		115		4,596		(2,920)
Total other income		454,521		113,221		133,021		338,601
Income (loss) before income taxes		631,066		160,812		(1,273,000)		524,906
Income tax benefit (expense)		1,005		(37,678)		31,357		(127,010)
Net income (loss)		$ 632,071		$ 123,134		$ (1,241,643)		$ 397,896
Less: net (income) loss attributable to noncontrolling interest, including redeemable noncontrolling interest		2,286		(6)		6,696		268
Net income (loss) attributable to common stockholders		$ 634,357		$ 123,128		$ (1,234,947)		$ 398,164
Net income (loss) per share of common stock - basic		$ 1.64		$ 0.33		$ (3.23)		$ 1.13
Weighted average shares of common stock - basic		385,698,449		372,073,173		382,494,083		352,315,857
Net income (loss) per share of common stock - diluted		$ 1.28		$ 0.27		$ (3.23)		$ 0.90
Weighted average shares of common stock - diluted		496,385,479		470,126,290		382,494,083		450,081,096

SHAREHOLDER LETTER Q3 2026                                                                                                                17

		Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)		2026		2025		2026		2025
Reconciliation to Adjusted EBITDA:
Net income (loss) attributable to common stockholders		$ 634,357		$ 123,128		$ (1,234,947)		$ 398,164
Net income (loss) attributable to noncontrolling interests		(2,286)		6		(6,696)		(268)
Net income (loss)		632,071		123,134		(1,241,643)		397,896
Interest expense (income), net		4,204		(4,929)		393		(3,779)
Income tax expense (benefit)		(1,005)		37,678		(31,357)		127,010
Depreciation and amortization		154,068		170,521		526,759		496,437
EBITDA		789,338		326,404		(745,848)		1,017,564
Stock-based compensation expense		28,446		38,466		105,635		142,237
Change in fair value of derivative instrument		18,952		4,422		61,766		(42,717)
Impairment of goodwill and other assets		—		—		—		26,253
Restructuring costs		18,979		20,905		66,617		20,905
Acquisition and integration costs		1,944		1,475		28,407		1,475
Litigation settlement		—		—		10,200		—
Net gain from extinguishment of debt		—		(1,029)		(70,557)		(1,029)
Net gain on investments		—		—		—		(12,429)
Early termination expenses		—		5,000		—		5,000
Adjusted EBITDA (1)		$ 857,659		$ 395,643		$ (543,780)		$ 1,157,259

SHAREHOLDER LETTER Q3 2026                                                                                                                18

(1) Non-GAAP Financial Measures. In order to provide a more

comprehensive understanding of the information used by our

management team in financial and operational decision-making, we

supplement our Condensed Consolidated Financial Statements that

have been prepared in accordance with generally accepted

accounting principles in the United States ("GAAP") with the non-

GAAP financial measure of Adjusted EBITDA.

The Company defines Adjusted EBITDA as GAAP net income (loss)

plus adjustments to add back the impacts of (1) interest, (2) income

taxes, (3) depreciation and amortization and (4) adjustments for non-

cash and/or non-recurring items, which currently include (i) stock-

based compensation expense, (ii) change in fair value of derivative

instrument, (iii) impairment of goodwill and other assets, (iv)

restructuring costs, (v) acquisition and integration costs, (vi) litigation

settlement, (vii) net gain from extinguishment of debt, (viii) net gain on

investments, and (ix) early termination expenses.

Management uses Adjusted EBITDA, together with the supplemental

information provided herein, to understand, manage and evaluate

business performance and to inform operating decision-making. The

Company relies primarily on its Condensed Consolidated Financial

Statements to evaluate financial performance and uses non-GAAP

financial measures only supplementally.

We believe that Adjusted EBITDA is useful to us and to our investors

because it excludes certain financial, capital structure and/or non-cash

items that we do not believe directly reflect our core operations or may

not be indicative of our recurring operations. These items may vary

significantly over time and across companies within our industry

independent of core operating performance. We believe that excluding

these items allows for more meaningful period-over-period

comparisons and improved comparability relative to other companies.

Adjusted EBITDA is not a recognized financial measure under GAAP.

Investors should consider Adjusted EBITDA in addition to, but not as a

substitute for, the most directly comparable financial results calculated

and presented in accordance with GAAP. Because our calculation of

Adjusted EBITDA may differ from that of other companies, our

presentation of Adjusted EBITDA may not be comparable to similarly

titled measures of other companies.

SHAREHOLDER LETTER Q3 2026                                                                                                                19

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully

consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most

recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange

Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would

likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The

risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we

currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be

a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See

"Forward-Looking Statements" below.

Forward-Looking Statements

This shareholder letter contains forward-looking statements within the meaning of the federal securities laws. All

statements, other than statements of historical fact, included in this shareholder letter are forward-looking statements.

The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or

variations or negatives of these words are intended to identify forward-looking statements, although not all forward-

looking statements contain these identifying words. Such forward-looking statements include, among other things,

statements relating to our strategic joint venture with Starwood, including the structure, timing and expected benefits of

the partnership; plans to develop, finance and operate digital infrastructure projects, including at our Kearney and

Hannibal sites; our ability to fund, scale and allocate capital to joint venture projects; our target of signing leases with

tenants by year-end; the expected closing, timing, financing and benefits of our acquisition of Long Ridge, including its

expected generation capacity, contracted output and contribution to Adjusted EBITDA; the development of the site in

Matagorda County, Texas, including the outcome and timing of ERCOT’s Batch Zero interconnection study process and

the verification and audit directed by the Governor of Texas, the amount and timing of any power allocated to the site and

the milestone payments under our purchase agreement with HIF; the expected growth of our power portfolio; expected

demand from enterprise, hyperscale and AI customers, including Exaion’s customer pipeline; expansion into artificial

intelligence, inference and high-performance compute; anticipated benefits of our investment in Exaion, including its

GPU-as-a-service business; the deployment and expected benefits of Vertebrai; our share repurchase program, including

the timing and amount of any repurchases; our bitcoin strategy, including holdings, sales, lending and borrowing and the

use of proceeds; our ability to satisfy holder put rights under our convertible notes; our capital allocation priorities and

liquidity; and potential domestic and international expansion opportunities. Such forward-looking statements are based on

management's current expectations about future events as of the date hereof and involve many risks and uncertainties

that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements.

Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to

change. We do not undertake to update our forward-looking statements except to the extent required by applicable law.

Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements

included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes

could differ materially from those included in these forward-looking statements as a result of various factors, including, but

not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K and any

other periodic reports that we may file with the SEC. 

Exhibit 99.2

MARA Announces Third Quarter 2026 Results

Miami, FL – November 9, 2026 – MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a global, energy-backed digital infrastructure enterprise, today announced its third quarter 2026 unaudited financial results in a letter to shareholders.

Investors are invited to access the third quarter 2026 shareholder letter at MARA’s website at ir.mara.com. A copy of the letter will also be furnished to the Securities and Exchange Commission on a Form 8-K.

MARA will hold a webcast and conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss these financial results. To register to participate in the conference call, please use the link below.

Earnings Webcast and Conference Call Details

Date: Monday, November 9, 2026

Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)

Registration link: LINK

The webcast will also be available for replay at MARA’s website at ir.mara.com. If you have any difficulty connecting to the conference call, please contact MARA’s investor relations team at ir@mara.com.

About MARA

MARA Holdings, Inc. (NASDAQ: MARA) is a global, energy-backed digital infrastructure enterprise. We acquire, develop, and operate scarce powered assets at scale, with 1.9 GW of energized capacity today across nearly 20 sites on 4 continents, and a clear path to approximately 4.8 GW. Our vertically integrated model spans power, land, and compute, designed to deliver the speed, certainty, and reliability that AI, HPC, cloud, and enterprise customers need. Backed by almost a decade of operating power-intensive compute at industrial scale, Bitcoin mining is our operating foundation, providing a source of flexibility and keeping sites operating and generating revenue while we develop higher-value infrastructure paths.

For more information, visit www.mara.com, or follow us on:

X: @MARA

LinkedIn: www.linkedin.com/company/MARAHoldings

Facebook: www.facebook.com/MARAHoldings

Instagram: @MARAHoldingsInc

MARA Company Contact:

Telephone: 800-804-1690

Email: ir@mara.com

MARA Media Contact:

Email: mara-jf@joelefrank.com

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 613.7 KB
• EX-99.2 EX-99.2 8.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.7 KB