MARA on Nasdaq

Marathon Digital Holdings

American patent holding company

MARA Holdings, Inc. (formerly Marathon Digital Holdings and Marathon Patent Group) is an American digital asset technology and cryptocurrency mining company headquartered in Hallandale Beach, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets. MARA is one of the world's largest publicly traded bitcoin miners, commanding approximately 8% of the Bitcoin network's hashrate as of March 2026.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

Feb 23, 2010Founded1

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  • TickerMARA on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersHallandale Beach, Florida1
  • Websitewww.mara.com
  • Incorporated inNV4
  • Business address1010 South Federal Highway, Suite 2700, Hallandale Beach, Fl 330094
  • Filer categoryLarge accelerated filer4

MARA Holdings, Inc. (formerly Marathon Digital Holdings and Marathon Patent Group) is an American digital asset technology and cryptocurrency mining company headquartered in Hallandale Beach, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-2085.5%Operating margin7
-2234.1%Net margin7
-39.2%Revenue growth, 20257
-37.8%Return on equity7
0.92×Debt to equity7
-$1.2BFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Participant brought in 76% of the revenue Marathon Digital Holdings broke down this way in fiscal 2025.

  1. Participant$44.8M776%up 40% from 2024
  2. Operator, Transaction Fees$9.2M716%down 72% from 2024
  3. Hosting Services$4.7M78%down 85% from 2024
Products and services by year
Products and services202320242025
Participant$25.1M$32.0M$44.8M
Operator, Transaction Fees$32.6M$32.9M$9.2M
Hosting Services$0$31.6M$4.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development35¢$30.1M
  • Income tax65¢$56.4M

Out of $58.7M in revenue.7 The company lost money this year.

Financial statements

Revenue8910117$58.7M in 2025+4853% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $1.2M$1.2M20192020: $4.4M$4.4M2020+268%2021: $24.2M$24.2M2021+456%2022: $9.9M$9.9M2022−59%2023: $57.7M$57.7M2023+484%2024: $96.5M$96.5M2024+67%2025: $58.7M$58.7M2025−39%
Gross profit10-$33.7M in 2022
-$50.0M0$50.0M$100.0M$150.0M2021: $116.8M$116.8M20212022: -$33.7M-$33.7M2022
Operating income8910117-$1.2B in 2025+28780% since 2019
-$1.5B-$1.0B-$500.0M0$500.0M2019: -$4.2M-$4.2M20192020: -$9.8M-$9.8M2020+132%2021: -$3.0M-$3.0M2021−70%2022: -$673.5M-$673.5M2022+22442%2023: $220.9M$220.9M20232024: $306.1M$306.1M2024+39%2025: -$1.2B-$1.2B2025
Net income8910117-$1.3B in 2025+37189% since 2019
-$1.5B-$1.0B-$500.0M0$500.0M$1.0B2019: -$3.5M-$3.5M20192020: -$10.4M-$10.4M2020+197%2021: -$29.8M-$29.8M2021+185%2022: -$694.0M-$694.0M2022+2228%2023: $261.2M$261.2M20232024: $541.3M$541.3M2024+107%2025: -$1.3B-$1.3B2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenues$907.1M$656.4M$387.5M
Purchased energy costs$179.0M$98.2M$0
Operating and maintenance costs$96.0M$63.8M$14.3M
Third-party hosting and other energy costs$292.2M$257.3M$212.3M
General and administrative$349.9M$254.0M$83.6M
Depreciation and amortization$772.8M$429.2M$179.6M
Change in fair value of digital assets$304.6M-$813.8M-$331.5M
Change in fair value of derivative instrument-$40.4M$2.0M$0
Impairment of goodwill and other assets$109.0M$0$0
Taxes other than on income$9.2M$8.3M$5.4M
Early termination expenses$5.0M$38.1M$0
Research and development$30.1M$13.2M$2.8M
Restructuring costs$23.8M$0$0
Total costs and operating expenses$2.1B$350.3M$166.6M
Operating income (loss)-$1.2B$306.1M$220.9M
Change in fair value of digital assets - receivable, net-$121.0M$299.8M$0
Net gain from extinguishment of debt$1.0M$13.1M$82.3M
Interest income$55.9M$16.7M$2.8M
Interest expense-$48.4M-$13.0M-$10.3M
Equity in net earnings of unconsolidated affiliate-$4.7M-$1.5M-$617.0K
Other-$26.8M-$4.7M-$17.4M
Total other income (loss)-$144.0M$310.4M$56.7M
Income (loss) before income taxes-$1.4B$616.5M$277.6M
Income tax benefit (expense)$56.4M-$75.5M-$16.4M
Net income (loss)-$1.3B$541.0M$261.2M
Less: Net loss attributable to noncontrolling interest$412.0K$245.0K$0
Net income (loss) attributable to MARA-$1.3B$541.3M$261.2M
Series A preferred stock accretion to redemption value$0$0-$2.1M
Net income (loss) attributable to common stockholders-$1.3B$541.3M$259.1M
Net income (loss) per share of common stock - basic (in dollars per share)-$3.69$1.87$1.41
Weighted average shares of common stock - basic (in shares)355.2M shares290.0M shares183.9M shares
Net income (loss) per share of common stock - diluted (in dollars per share)-$3.69$1.72$1.06
Weighted average shares of common stock - diluted (in shares)355.2M shares311.8M shares192.3M shares

Compare Marathon Digital Holdings with another company

Corporate structure

Marathon Digital Holdings sits at the top of its group. 45 entities, 8 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Marathon Digital Holdings

  • Marathon Digital Holdings Hallandale Beach, Florida
    • Uniloc Subsidiary
    • Abraj AlSia Subsidiary · Saudi Arabia
    • Altitude Leasing Company, LLC Subsidiary · Delaware, United States
    • Arkon Energy Hannibal LLC Subsidiary · Delaware, United States
    • Aventura Leasing Co., LLC Subsidiary · Delaware, United States
    • Crown56 LLC Subsidiary · Wyoming, United States
    • Crypto Currency Patent Holding Company, LLC Subsidiary · Delaware, United States
    • FSI Marathon Project 1 Holding, Ltd. Subsidiary · United Arab Emirates
    • GC Data Center Equity Holdings, LLC Subsidiary · Delaware, United States
    • GC Data Center Granbury, LLC Subsidiary · Delaware, United States
    • GC Data Center Holdings, LLC Subsidiary · Delaware, United States
    • GC Data Center Kearney, LLC Subsidiary · Delaware, United States
    • Great Plains Windpark Legacy, LLC Subsidiary · Delaware, United States
    • Hancock Leasing Company LLC Subsidiary · Delaware, United States
    • Hansford Leasing Company LLC Subsidiary · Delaware, United States
    • Hash2 Labs LLC Subsidiary · Delaware, United States
    • Magnus IP GMBH Subsidiary · Germany
    • MARA Energy Harvesting Corporation Subsidiary · Delaware, United States
    • MARA Energy Holdings Co. Subsidiary · Delaware, United States
    • MARA Energy LLC Subsidiary · Saudi Arabia
    • MARA Energy Trading Co. Subsidiary · Delaware, United States
    • MARA Europe SA Subsidiary · France
    • MARA France SAS Subsidiary · France
    • MARA Garden City LLC Subsidiary · Delaware, United States
    • MARA Pool LLC Subsidiary · Nevada, United States
    • and 19 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Marathon Digital Holdings reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.7B7 Dec 31, 2025$2.1B7 Dec 31, 2024+25.3%
Accumulated depreciation$1.2B7 Dec 31, 2025$593.7M7 Dec 31, 2024+101.3%
Property and equipment, net$1.5B7 Dec 31, 2025$1.5B7 Dec 31, 2024−3.8%
Finance-lease assets$2.8M7 Dec 31, 2025$2.9M7 Dec 31, 2024−1.0%
Operating-lease assets (leased space)$32.3M7 Dec 31, 2025$16.9M7 Dec 31, 2024+91.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$547.1M7 Dec 31, 2025$391.8M7 Dec 31, 2024+39.7%
Stakes in other companies (equity method)$42.7M7 Dec 31, 2025$57.4M7 Dec 31, 2024−25.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$07 Dec 31, 2025$82.8M7 Dec 31, 2024−100.0%
Intangible assets, net (excluding goodwill)$988.0K7 Dec 31, 2025$2.7M7 Dec 31, 2024−63.6%
Finite-lived intangibles, gross$3.9M7 Dec 31, 2025$25.6M7 Dec 31, 2024−84.7%
Accumulated amortization$1.8M7 Dec 31, 2025$22.9M7 Dec 31, 2024−92.0%
Finite-lived intangibles, net$988.0K7 Dec 31, 2025$2.7M7 Dec 31, 2024−63.6%

Properties, in its own words

As of December 31, 2025, we leased office space in Hallandale Beach, Florida, which serves as our corporate headquarters. We lease additional office space throughout the United States. To conduct our digital asset operations, we also own and lease land and facilities throughout the United States.

We believe our facilities are appropriately utilized and suitable to meet the requirements of our present and foreseeable future operations to conduct our business. Refer to Part I, Item 1. Business, “Operations” included in this Annual Report for further information, including locations and descriptions of our significant properties, which information is incorporated herein by reference.

Item 2 of the 10-K filed Mar 2, 2026.16

The story

Marathon Patent Group was incorporated on February 23, 2010, as a patent holding company headquartered in Fort Lauderdale, Florida. Through its subsidiary Uniloc, the company focused on acquiring patents and pursuing litigation against technology firms.

During the 2010s, Marathon acquired patents related to encryption technology. In the late 2010s, the company shifted their focus toward cryptocurrency and blockchain technologies. By 2021, it was known for large-scale purchases of bitcoin and mining equipment, and it entered into a joint venture to power a bitcoin data center using 37 megawatts from the Hardin Generating Station, a coal-fired plant in Montana.

On March 1, 2021, the company changed its name to Marathon Digital Holdings to reflect its new business focus.

In December 2023, Marathon acquired two operational bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million, expanding its mining capacity.

On August 29, 2024, the company rebranded again, adopting the name MARA Holdings, Inc.

From Wikipedia’s article on MARA Holdings, shared under CC BY-SA 4.0.5

Leadership

Who has led Marathon Digital Holdings, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (34)

Subsidiaries and ownership

Subsidiaries

Subsidiaries (Exhibit 21)

  • Abraj AlSia Saudi Arabia6
  • Altitude Leasing Company, LLC Delaware6
  • Arkon Energy Hannibal LLC Delaware6
  • Aventura Leasing Co., LLC Delaware6
  • Crown56 LLC Wyoming6
  • Crypto Currency Patent Holding Company, LLC Delaware6
  • FSI Marathon Project 1 Holding, Ltd. United Arab Emirates6
  • GC Data Center Equity Holdings, LLC Delaware6
  • GC Data Center Granbury, LLC Delaware6
  • GC Data Center Holdings, LLC Delaware6
  • GC Data Center Kearney, LLC Delaware6
  • Great Plains Windpark Legacy, LLC Delaware6
  • Hancock Leasing Company LLC Delaware6
  • Hansford Leasing Company LLC Delaware6
  • Hash2 Labs LLC Delaware6
  • MARA Energy Harvesting Corporation Delaware6
  • MARA Energy Holdings Co. Delaware6
  • MARA Energy LLC Saudi Arabia6
  • MARA Energy Trading Co. Delaware6
  • MARA Europe SA France6
  • MARA France SAS France6
  • MARA Garden City LLC Delaware6
  • MARA Pool LLC Nevada6
  • MARA Tech, Inc. Delaware6
All 44 listed subsidiaries
  • MARA USA Corporation Delaware6
  • MARA Ventures Corporation Delaware6
  • MARA-NGON Joint Venture, LLC Delaware6
  • Magnus IP GMBH Germany6
  • Marathon Compute North 1 LLC Delaware6
  • Marathon Crypto Mining, Inc. Nevada6
  • Marathon Digital Holdings, Ltd. United Arab Emirates6
  • Marathon Digital International, Inc. Delaware6
  • Marathon Digital Leasing, LLC Nevada6
  • Marathon Energy Technology Solutions SPC Oman6
  • Marathon IP GMBH Germany6
  • Marathon Tech International, Ltd. FZCO United Arab Emirates6
  • Medtech GMBH Germany6
  • Soems Acquisition Corp. Delaware6
  • Sullivan Company Leasing LLC Delaware6
  • Swift Business S.A. Paraguay6
  • Synchronicity IP GMBH Germany6
  • TLIC GMBH Germany6
  • ZTM Limited (FZE) United Arab Emirates6
  • ZTM Technology (SP) LLC United Arab Emirates6

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MARATHON DIGITAL HOLDINGS, INC.Mar 16, 2021 to Aug 14, 20244
  • Marathon Patent Group, Inc.Nov 5, 2012 to Feb 19, 20214
  • American Strategic Minerals CorpDec 13, 2011 to Feb 20, 20134
  • VERVE VENTURES INCDec 16, 2010 to Dec 9, 20114

Timeline

  1. Sep 25, 20268-K Entered a material agreement59
  2. Aug 6, 20268-K Results of operations60
  3. Aug 4, 20268-K Executive or director change; Regulation FD disclosure61
  4. Jul 9, 20268-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure62
  5. Jun 25, 20268-K Other events63
  6. Jun 22, 20268-K Executive or director change; Shareholder vote64
  7. May 11, 20268-K Results of operations65
  8. Apr 30, 20268-K Entered a material agreement; Regulation FD disclosure66
  9. Mar 26, 20268-K Other events67
  10. Feb 26, 20268-K Entered a material agreement; Regulation FD disclosure68
  11. Feb 26, 20268-K Results of operations69
  12. Feb 25, 20268-K Executive or director change70
  13. Aug 25, 2021New chief executive Frederick G. Thiel becomes CEO17
  14. Oct 16, 2018New chief executive Merrick D. Okamoto becomes CEO18
  15. Nov 27, 2012New chief executive Douglas B. Croxall becomes CEO21
  16. Jun 26, 2012New chief executive Mark Groussman becomes CEO20
  17. Apr 30, 2012New chief executive George E. Glasier becomes CEO19
  18. Feb 23, 2010Founded Founded1

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.32) a share, on Nov 4, 2025.71

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results60
  2. May 11, 2026Reported quarterly or annual results65
  3. Feb 26, 2026Reported quarterly or annual results69
  4. Nov 4, 2025Reported quarterly or annual results72
  5. Jul 29, 2025Reported quarterly or annual results73
  6. May 9, 2025Reported quarterly or annual results74
  7. Feb 26, 2025Reported quarterly or annual results75
  8. Nov 12, 2024Reported quarterly or annual results76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

524 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 96 major events, 238 insider forms, 21 large holders, 147 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 1, 2026144 EDGAR
  6. Sep 25, 20268-K EDGAR
  7. Sep 18, 2026144 EDGAR
  8. Sep 18, 20264 EDGAR
  9. Sep 18, 20264 EDGAR
  10. Sep 18, 20264 EDGAR
  11. Sep 17, 2026144 EDGAR
  12. Sep 17, 2026144 EDGAR
  13. Aug 21, 2026144 EDGAR
  14. Aug 21, 20264 EDGAR
  15. Aug 19, 20264 EDGAR
  16. Aug 19, 20264 EDGAR
  17. Aug 17, 2026144 EDGAR
  18. Aug 17, 2026144 EDGAR
  19. Aug 10, 20263 EDGAR
  20. Aug 10, 20263 EDGAR

The 524 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

91 open-market trades by officers, directors and large owners since October 2021: 7 buys and 84 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 18, 2026Nowaid ZabiGeneral CounselSale8,376$12.10$101.3KForm 4
Sep 17, 2026Thiel Frederick GChief Executive OfficerSale27,505$11.45$314.9KForm 4
Sep 17, 2026Khan Salman HassanChief Financial OfficerSale16,000$11.45$183.2KForm 4
Aug 21, 2026Nowaid ZabiGeneral CounselSale8,376$12.00$100.5KForm 4
Aug 17, 2026Thiel Frederick GChief Executive OfficerSale27,505$9.21$253.3KForm 4
Aug 17, 2026Khan Salman HassanChief Financial OfficerSale16,000$9.21$147.4KForm 4
Jul 20, 2026Nowaid ZabiGeneral CounselSale8,376$12.00$100.5KForm 4
Jul 17, 2026Thiel Frederick GChief Executive OfficerSale27,505$10.90$299.8KForm 4
Jul 17, 2026Khan Salman HassanChief Financial OfficerSale16,000$10.90$174.4KForm 4
Jun 22, 2026MELLINGER DOUGLAS KDirectorSale7,000$16.00$112.0KForm 4
Jun 17, 2026Khan Salman HassanChief Financial OfficerSale16,000$14.25$228.0KForm 4
Jun 17, 2026Nowaid ZabiGeneral CounselSale7,000$14.25$99.8KForm 4
Jun 17, 2026Thiel Frederick GChief Executive OfficerSale27,505$14.25$391.9KForm 4
May 18, 2026Thiel Frederick GChief Executive OfficerSale27,505$12.00$330.1KForm 4
May 18, 2026Khan Salman HassanChief Financial OfficerSale16,000$12.00$192.0KForm 4
May 18, 2026Nowaid ZabiGeneral CounselSale8,250$12.00$99.0KForm 4
Apr 17, 2026Thiel Frederick GChief Executive OfficerSale27,505$11.68$321.3KForm 4
Apr 17, 2026Khan Salman HassanChief Financial OfficerSale16,000$11.68$186.9KForm 4
Apr 17, 2026Nowaid ZabiGeneral CounselSale42,090$12.00$505.1KForm 4
Mar 17, 2026Thiel Frederick GChief Executive OfficerSale27,505$9.18$252.5KForm 4

All 91 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Fred ThielChief Executive Officer and Chairman of the Board$978.5K$27.1M84
2025Salman KhanChief Financial Officer$643.8K$18.9M84
2025Zabi NowaidGeneral Counsel and Corporate Secretary$386.2K$6.1M84
2024Fred ThielChief Executive Officer and Chairman of the Board$950.0K$43.2M84
2024Salman KhanChief Financial Officer$625.0K$28.4M84
2024Zabi NowaidGeneral Counsel and Corporate Secretary$375.0K$11.6M84
2023Fred ThielChief Executive Officer and Chairman of the Board$800.0K$36.1M84
2023Salman KhanChief Financial Officer$241.1K$21.2M84

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.64,095,643$890.3M0.0%+4,320,342
Vanguard Portfolio Management LLC27,399,926$380.6M0.0%+960,502
Vanguard Capital Management LLC16,544,675$229.8M0.0%+192,236
State Street Corp15,901,746$220.9M0.0%+681,578
Geode Capital Management, LLC10,872,917$188.0M0.0%+557,748
D. E. Shaw & Co., Inc.10,376,069$144.1M0.1%+9,057,890
Marex Group Ltd7,953,008$110.5M0.8%−361,889
Morgan Stanley6,766,861$94.0M0.0%+1,547,465
Bank Of America Corp /de/6,100,582$84.7M0.0%+1,011,371
UBS Group AG5,579,055$77.5M0.0%−2,043,710
Goldman Sachs Group Inc4,977,949$69.1M0.0%−1,054,504
Charles Schwab Investment Management Inc4,727,923$65.7M0.0%+624,239
Dimensional Fund Advisors LP4,513,153$62.7M0.0%+4,408,902
Northern Trust Corp3,702,048$51.4M0.0%+358,847
Van Eck Associates Corp3,473,797$48.3M0.0%−7,678
Healthcare Of Ontario Pension Plan Trust Fund3,354,830$46.6M0.1%New
Susquehanna International Group, Llp3,336,026$46.3M0.0%+1,215,521
Segall Bryant & Hamill, LLC2,756,177$38.3M0.5%New
Bank of New York Mellon Corp2,684,354$37.3M0.0%+222,783
Clear Street Group Inc.2,653,400$36.9M0.1%+304,100
Two Sigma Investments, LP2,569,038$35.7M0.0%New
Jpmorgan Chase & Co2,491,920$35.2M0.0%−2,179,082
Vanguard Fiduciary Trust Co2,520,536$35.0M0.0%+94,523
Quadrature Capital Ltd2,392,374$33.2M0.3%+2,369,307
Canada Pension Plan Investment Board2,318,200$32.2M0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Marathon Digital Holdings is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMARA Holdings, Inc.2
  • CIK0001507605
  • Employer ID (EIN)01-094998416
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inNevada16
  • Fiscal year endsDecember 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address1010 South Federal Highway, Suite 2700, Hallandale Beach, FL 330092
  • Phone(800) 804-16902
  • Shares outstanding386,299,297 as of Jul 30, 202613
  • Public float$5.7B as of Jun 30, 202516
  • AuditorPricewaterhouseCoopers LLP, Baltimore, Maryland PCAOB ID 238; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceDec 16, 20102
  • Filings1,118 in all: 4 (303), 8-K (272), 144 (75), CORRESP (57), 10-Q (47), UPLOAD (47), 3 (45), SC 13G/A (26)2
    All 49 form types

    DEF 14A (21), 8-K/A (19), SC 13G (19), 10-K (15), DEFA14A (14), EFFECT (13), 424B5 (12), PRE 14A (12), 424B3 (9), S-1/A (9), S-3/A (9), S-3 (8), S-1 (7), 10-K/A (6), 10-Q/A (6), D (6), 4/A (5), S-8 (5), NT 10-K (4), NT 10-Q (4), PRER14A (4), RW (4), S-3ASR (4), SC 13D (4), CT ORDER (3), SC 13D/A (3), SCHEDULE 13G (3), 424B4 (2), ARS (2), PRER14C (2), SCHEDULE 13G/A (2), 425 (1), 8-A12B (1), 8-A12G (1), CERTNAS (1), DEF 14C (1), POS AM (1), PRE 14C (1), S-1MEF (1), S-4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 25, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareMARANasdaq

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Marathon Digital Holdings names in Item 1A of its 10-K filed Mar 2, 2026: 52 risks under these headings, as written.16

  • Risks Related to Our Business
  • Risks Related to Regulatory, Political and Macroeconomic Conditions
  • Risks Related to Our Common Stock
  • Bitcoin price volatility may affect our ability to effectively manage our growth plans and profitability.
  • Our bitcoin holdings expose us to market volatility and liquidity risks.
  • We may experience liquidity constraints and need additional capital, which may not be available to us on favorable terms, or at all.
  • Regulatory, commercial, and technical uncertainties may influence bitcoin prices.
  • Failure to increase our hashrate may reduce our competitiveness and negatively impact our financial performance.
  • Our bitcoin lending and other digital asset management activities expose us to credit, market, liquidity and operational risks, and a material portion of our bitcoin holdings is subject to these risks.
  • During periods of market stress and extreme volatility, we may be unable to timely liquidate or hedge our bitcoin or related positions, and exchange-driven liquidations or auto-deleveraging could materially and adversely affect our liquidity, results of operations and financial condition.
  • Significant disruptions in the cryptocurrency markets could materially impair the value of our mining rigs, and prolonged low bitcoin prices could force us to idle mining rigs.
  • Prolonged power and internet outages, shortages or capacity constraints could harm our business.
The other 43 risks
  • We face risks related to technological obsolescence, vulnerability of the global supply chain for cryptocurrency, AI and HPC hardware, potential trade restrictions and difficulty in obtaining new hardware, which may have a material adverse effect on our business.
  • The markets in which we participate are highly competitive, and as we enter new markets, we are competing against companies with greater resources and capitalization.
  • Our Strategic Agreement with Starwood subjects us to significant development, execution, financing and counterparty risks, and we may not realize the anticipated benefits of the transaction.
  • Our acquisition of Exaion exposes us to risks associated with international operations and the possibility of post-closing challenges to the transaction.
  • Our expansion into AI and HPC may divert resources from our core Bitcoin mining operations, limit our power capacity for mining, and introduce operational complexity.
  • Our business expansion into the AI and HPC industry may be capital intensive and could affect our liquidity, results of operations and financial condition.
  • Our AI and HPC business strategy may not perform as planned.
  • Intellectual property disputes related to digital asset technology could threaten our ability to operate.
  • We have engaged in, and may continue to engage in, strategic acquisitions and other transactions that could disrupt our business, dilute our stockholders, strain our financial resources and harm our operating results.
  • Loss of access to our private keys or data could result in a permanent loss of our digital assets.
  • Cybersecurity threats, including hacking and malware, could result in loss of digital assets, reputational damage, and business disruptions.
  • The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business.
  • The lack of legal recourse and insurance for our digital assets increases the risk of total loss in the event of theft or destruction.
  • Noise generated by our mining, AI and HPC operations poses regulatory, legal, operational and reputational risks.
  • The scheduled reduction of Bitcoin mining rewards due to halving events may decrease our revenue and could force us to cease mining operations.
  • The adoption and long-term viability of digital asset networks is uncertain, and a decline in their growth or acceptance could negatively impact our business and the value of our stock.
  • Our reliance on third-party mining pools for a portion of our mining revenue exposes us to operational and financial risks.
  • The open-source structure of the Bitcoin network exposes us to risks related to software development, security vulnerabilities and potential disruptions.
  • Our future success depends on our ability to expand our organization to match the growth of our activities.
  • We are highly dependent on the continued service of our executive team.
  • Developing and protecting new inventions and intellectual property is costly, time-consuming and uncertain.
  • Variability in intellectual property laws may adversely affect our intellectual property position.
  • Bitcoin network forks, where the blockchain splits into two separate networks, could cause disruptions and negatively impact our business.
  • Widespread delays in the recording of transactions could erode confidence in the Bitcoin network and negatively impact our business.
  • A 51% attack on the Bitcoin network could undermine security and market confidence.
  • The rapidly evolving and uncertain regulatory landscape for cryptocurrencies exposes us to legal risks, compliance costs, and potential business disruptions.
  • If bitcoin were determined to be a security, we could be subject to additional regulation, which could result in significant compliance costs and operational limitations.
  • Geopolitical and economic crises could lead to increased uncertainty, large-scale selloffs of digital assets and a decline in bitcoin’s value, negatively impacting our business and stock price.
  • The U.S. political and economic environment could materially impact our business operations and financial performance, and uncertainty surrounding the potential legal, regulatory and policy changes by the U.S. presidential administration may directly affect us and the global economy.
  • Operating in foreign jurisdictions exposes us to political, legal, and regulatory risks that could negatively impact our financial condition.
  • Changes in regulatory interpretations could require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdowns.
  • Changing environmental regulations and public energy policies could increase our costs and threaten our Bitcoin mining, AI or HPC operations.
  • Our interactions with the Bitcoin network may expose us to transactions with sanctioned individuals, leading to regulatory penalties and reputational harm.
  • The lack of a comprehensive and uniform regulatory framework governing many bitcoin trading venues may expose us to market structure risks, fraud, security failures and operational disruptions, which could adversely affect the value and liquidity of our bitcoin holdings.
  • Targeted energy or property regulations and taxes could increase our costs and adversely affect our business.
  • The classification of bitcoin as a commodity could subject us to additional CFTC regulation, resulting in significant compliance costs or the cessation of certain operations.
  • Changes in tax laws or IRS guidance regarding bitcoin’s classification could negatively impact our business and stockholders.
  • Increased scrutiny and changing expectations from stockholders with respect to our environmental, social and governance (“ESG”) practices and the impacts of climate change may result in additional costs or risks.
  • Our stock price is volatile and subject to significant fluctuations.
  • The issuance, conversion, or exercise of convertible notes and other convertible securities, options, and warrants will dilute our stockholders’ ownership.
  • Uncertainty in accounting standards for bitcoin and other cryptocurrencies may lead to financial restatements and business disruptions.
  • Our ongoing at-the-market stock issuances contribute to stockholder dilution.
  • The sale or availability of a substantial number of shares of our common stock may negatively impact our stock price.

Legal proceedings

Other than as disclosed under the caption “Contingencies—Legal Proceedings” in Note 18 – Commitments and Contingencies in the notes to our Consolidated Financial Statements included in this Annual Report, we are presently not a party to any material litigation or regulatory proceeding and are not aware of any pending or threatened litigation or regulatory proceeding against us which, individually or in the aggregate, could have a material adverse effect on our business, operating results, financial condition or cash flows.

The opening of Item 3, Legal Proceedings.16

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