Welcome to our dedicated page for MARA Holdings SEC filings (Ticker: MARA), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
MARA Holdings, Inc. filings document material-event disclosures for a digital energy and compute infrastructure company with bitcoin mining operations, digital asset holdings, and data center assets. Form 8-K reports include shareholder letters, operating and financial results, earnings-call materials, and material agreements involving the company’s data center portfolio.
Proxy materials disclose board and shareholder voting matters, executive compensation, equity awards, and governance under MARA’s Amended and Restated 2018 Equity Incentive Plan. The filing record also covers capital-structure disclosures, compensatory arrangements, and governance matters tied to compute infrastructure, power arrangements, and public-company reporting.
MARA: S&N Khan Family Trust reports a Rule 144 sale of 16,000 shares of Common Stock. The filing lists a sale dated 02/17/2026 showing $122,560 as the aggregate amount realized. The excerpt also lists restricted stock vesting of 13,996 shares on 01/31/2025 and 2,004 shares on 02/28/2025 recorded as compensation.
MARA Holdings, Inc. details in its annual report how it has evolved into an energy and digital infrastructure company, with Bitcoin mining remaining its foundation. The company now operates across four continents and 18 data centers with approximately 1.9 gigawatts of total capacity.
As of December 31, 2025, MARA ran about 490,000 mining rigs with 66.4 exahashes per second of energized hashrate and mined 8,799 bitcoin during the year. It held 53,822 bitcoin valued at approximately $4.7 billion at a spot price of $87,498, and earned about $32.1 million of interest income by activating 15,315 bitcoin through lending and related strategies.
The company is reallocating part of its power and data center footprint to artificial intelligence and high-performance computing, including acquiring a majority stake in Exaion and signing a Strategic Agreement with Starwood Digital Ventures to jointly develop more than 1 GW of initial AI and HPC capacity. Management highlights significant risks around bitcoin price volatility, regulation, liquidity, leverage, digital asset lending and cybersecurity.
MARA Holdings reported a sharp swing to loss in Q4 2025 while outlining a major shift toward AI and high-performance computing. Quarterly revenue slipped 6% to $202.3 million, but full-year revenue rose 38% to $907.1 million as bitcoin prices were higher on average.
Net loss reached $1.7 billion in Q4 2025 versus $528.3 million of net income a year earlier, and full-year loss was $1.3 billion versus $541.0 million of income. Results were heavily impacted by a $1.5 billion negative change in the fair value of digital assets, plus much higher depreciation and amortization.
The company ended 2025 with 66.4 EH/s of energized hashrate and 53,822 bitcoin worth about $4.7 billion, along with $547.1 million of cash, giving roughly $5.3 billion in liquid assets. MARA detailed a strategic joint venture with Starwood Digital Ventures targeting more than 1 GW of AI and hyperscale data center capacity, a 64% stake in Exaion to expand AI/HPC capabilities, and acquisitions including a 42 MW Nebraska data center, while beginning to sell bitcoin and pausing its at-the-market equity program in Q4.
MARA Holdings reported a sharp swing to loss in Q4 2025 while outlining a major shift toward AI and high-performance computing. Quarterly revenue slipped 6% to $202.3 million, but full-year revenue rose 38% to $907.1 million as bitcoin prices were higher on average.
Net loss reached $1.7 billion in Q4 2025 versus $528.3 million of net income a year earlier, and full-year loss was $1.3 billion versus $541.0 million of income. Results were heavily impacted by a $1.5 billion negative change in the fair value of digital assets, plus much higher depreciation and amortization.
The company ended 2025 with 66.4 EH/s of energized hashrate and 53,822 bitcoin worth about $4.7 billion, along with $547.1 million of cash, giving roughly $5.3 billion in liquid assets. MARA detailed a strategic joint venture with Starwood Digital Ventures targeting more than 1 GW of AI and hyperscale data center capacity, a 64% stake in Exaion to expand AI/HPC capabilities, and acquisitions including a 42 MW Nebraska data center, while beginning to sell bitcoin and pausing its at-the-market equity program in Q4.
MARA Holdings entered a strategic agreement with Starwood Capital Group to jointly develop, lease and market MARA’s U.S. bitcoin mining data center sites into hyperscale, enterprise and AI-capable digital infrastructure. Starwood will handle pre-development work such as due diligence, permits, power and tenant sourcing, initially at MARA’s cost within agreed caps.
When triggers like an executable lease with a qualifying hyperscaler are met, each party can choose to proceed and contribute the site to a new joint venture where MARA will hold a 10%–50% interest and Starwood will manage day-to-day operations. If Starwood proceeds but MARA does not after a qualifying lease is secured, MARA must sell its powered land rights to Starwood.
MARA retains either rent-free bitcoin mining rights and ownership of mining equipment at each site or receives compensation to relocate. A related press release states the platform is expected to deliver approximately 1 gigawatt of near-term IT capacity, with a pathway to more than 2.5 gigawatts, supporting MARA’s push into high-performance computing while leveraging Starwood’s data center development expertise.
MARA Holdings entered a strategic agreement with Starwood Capital Group to jointly develop, lease and market MARA’s U.S. bitcoin mining data center sites into hyperscale, enterprise and AI-capable digital infrastructure. Starwood will handle pre-development work such as due diligence, permits, power and tenant sourcing, initially at MARA’s cost within agreed caps.
When triggers like an executable lease with a qualifying hyperscaler are met, each party can choose to proceed and contribute the site to a new joint venture where MARA will hold a 10%–50% interest and Starwood will manage day-to-day operations. If Starwood proceeds but MARA does not after a qualifying lease is secured, MARA must sell its powered land rights to Starwood.
MARA retains either rent-free bitcoin mining rights and ownership of mining equipment at each site or receives compensation to relocate. A related press release states the platform is expected to deliver approximately 1 gigawatt of near-term IT capacity, with a pathway to more than 2.5 gigawatts, supporting MARA’s push into high-performance computing while leveraging Starwood’s data center development expertise.
MARA Holdings, Inc. updated its long‑term incentive program by approving new standard agreements for restricted stock units (RSUs) and performance-based RSUs (PSUs) under its 2018 Equity Incentive Plan.
RSUs under the new form vest in eleven substantially equal quarterly installments from April 1, 2026 through December 31, 2028, contingent on continued employment. PSUs now depend on 2026 performance in Economic Triad Megawatt Capacity and Annual Recurring Revenues, with a performance multiplier allowing up to 249% of target before further time-based vesting.
All earned PSUs are also subject to a three-year Relative Total Shareholder Return modifier from January 1, 2026 to December 31, 2028, and the aggregate long‑term incentive payout for a cycle is capped at 200% of target. If a Change in Control occurs before PSUs fully vest, performance goals are deemed met at target and unvested PSUs are treated like RSUs, subject to plan terms.
MARA Holdings, Inc. Chief Executive Officer Frederick G. Thiel reported a tax-related share disposition tied to equity compensation. On the reported date, 91,356 shares of common stock at $7.50 per share were withheld to cover his tax liability arising from vesting restricted stock units. According to the disclosure, this was not an open market sale but a payment of tax obligations using shares. After this withholding, Thiel’s directly held ownership stood at 4,816,459 common shares.
MARA Holdings, Inc. General Counsel Nowaid Zabi reported a tax-related share disposition. On the reported date, 31,087 shares of common stock at $7.50 per share were withheld to cover his tax liability from vesting restricted stock units. The filing states this was not an open market sale but a tax-withholding disposition. After this transaction, Zabi’s direct holdings total 1,061,465 shares of MARA common stock.
MARA Holdings, Inc. Chief Financial Officer Salman Hassan Khan reported a tax-related share disposition. On the vesting of restricted stock units, 77,713 shares of common stock were withheld at $7.50 per share to cover his tax liability, and this was not an open market sale. Following this, he directly owned 1,951,284 common shares.
In addition, the filing notes 359,165 common shares held indirectly through the S & N Khan Family Trust, where he and his spouse serve as trustees and members of his immediate family are the sole beneficiaries.
Thiel Frederick G reported acquisition or exercise transactions in this Form 4 filing.
MARA Holdings, Inc. Chief Executive Officer Frederick G. Thiel reported an award of 752,093 shares of common stock in the form of restricted stock units under the company’s Amended and Restated 2018 Equity Incentive Plan. These RSUs vest in eleven substantially equal quarterly installments from April 1, 2026 through December 31, 2028, contingent on his continued service. Following this grant, Thiel directly holds 4,907,815 shares of common stock.
MARA Holdings, Inc. reported that its General Counsel, Zabi Nowaid, acquired 197,919 shares of common stock through a grant of restricted stock units under the company’s Amended and Restated 2018 Equity Incentive Plan. No cash was paid for this award. Following this grant, his directly held common stock position is 1,092,552 shares.
The RSUs vest in eleven substantially equal quarterly installments from April 1, 2026 through December 31, 2028, and each unit represents a contingent right to receive one share of common stock, subject to his continued service with the company through each vesting date.