MARA

Marathon Digital Holdings

Bitcoin-First Pivot

The absolute behemoth of Bitcoin mining hash rate. MARA has traditionally been a pure-play Bitcoin maximalist company, holding massive amounts of BTC on its balance sheet, but is now exploring ways to monetize excess heat and stranded power.

Total Secured Power

1,500 MW

AI/HPC Allocated

20 MW

Current Hashrate

50 EH/s

Target Hashrate (2026)

75 EH/s

The Investment Thesis

The Bull Case

If Bitcoin goes to $250k, MARA offers the most leveraged, pure upside exposure. They are the apex predator of hash rate and hold a massive treasury of actual BTC.

The Bear Case

By ignoring the HPC pivot, they are missing out on highly stable, fiat-denominated revenue that their competitors are securing. Their revenue remains wildly volatile.

AI Infrastructure Details

GPU Fleet Status

Pilot programs / heat reuse projects

Key HPC Partnerships

Experimental / Stealth

Infrastructure Visualization

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