MARA at a glance
MARA Holdings, Inc. (MARA, SEC CIK 1507605) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 25, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), MARA Holdings, Inc. (MARA) reported revenue of $58.7 million (down 39.2% from FY2024) and a net loss of $1.3 billion. Diluted EPS was -$3.69.
- As of June 30, 2026, 34 institutional investment managers tracked by SignalX reported holding MARA Holdings, Inc. (MARA) shares worth $2.6 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Thiel Frederick G on October 1, 2026 of 27,505 shares at $11.22 per share.
- In the last 90 days, MARA insiders reported 0 open-market purchases ($0) and 10 open-market sales ($2.0M) on Form 4, a net sale of $2.0M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $58.7M
- −39.2% vs prior year
- Insiders · 90 days
- 0 buys · 10 sells
- Net −$2.0M
- 13F holders
- 34 funds
- $2.6B · +1 vs prior quarter
- Latest 8-K
- Sep 25, 2026
- Item 1.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Energy and digital infrastructure company leveraging Bitcoin mining to optimize power use and develop AI inference and HPC capabilities
- New emphasis: Acquisition of majority interest in Exaion SaS and joint venture with Starwood to develop AI and HPC infrastructure on power-rich sites
- Strategic shift: Transition to asset-heavy model with ~70% owned portfolio capacity, enhancing control and margin durability versus prior asset-light approach
- Quantitative highlight: 20% growth in total bitcoin holdings to 53,822 with $4.7 billion valuation and operating 490,000 mining rigs with 66.4 EH/s hashrate
- Noteworthy fact: Acquisition of 240 MW wind farm in Texas for low-cost behind-the-meter data center and letter of intent with MPLX for expanded natural gas access
Risk Factors
- Legal risk: Goodwill impairment $82.8M due to ASC 350 triggered by sustained market capitalization decline and market conditions in 2025
- Macroeconomic risk: Bitcoin price dropped to $87,498 at 2025 year-end from $93,354 in 2024, causing $422.2M loss in bitcoin asset value
- Operational risk: $26.0M impairment from storm-damaged mining equipment at Garden City site in 2025
- Competitive risk: Increased global network hashrate and difficulty post-April 2024 halving reduced bitcoin mined by 7% YoY to 8,799 BTC in 2025
- Financial risk: $350M borrowings collateralized by 5,938 bitcoin with 8.85%-10.5% interest rates, exposing balance sheet to bitcoin price volatility
Management Discussion & Analysis
- Revenue and bitcoin monetization strategy: began selling bitcoin in H2 2025 to fund operations; plan to continue opportunistic monetization in 2026 for liquidity and capital projects
- Operational scale: total energized hashrate 66.4 EH/s across 1,861 MW capacity including 779 MW owned sites; Granbury TX lead site with 12.3 EH/s energized hashrate
- Segment performance: Granbury TX best performing with 12.3 EH/s; international sites 2.3 EH/s; hosted sites provide 29.2 EH/s at 537 MW capacity
- Capital allocation: expanded by acquiring Exaion (France) and 42 MW data center in Nebraska post-year-end; no specific buybacks/dividends or capex amounts disclosed
- Outlook and risks: continuing diversification into AI and HPC markets leveraging energy ownership; regulatory uncertainty around Bitcoin mining and AI expansion highlighted as key risks
AI summary of the MARA 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- Newly added acquisition risk: Long Ridge closing deadline November 30, 2026, with potential $75.0 million termination fee
- Most material strategic risk: Project Company acquisition depends on ERCOT approval for contracted 2,000 MW allocation
- Regulatory risk: Texas Governor’s August 3, 2026 directive requires comprehensive ERCOT data-center interconnection audits
- Financing risk: Long Ridge acquisition requires up to $785.0 million 364-day bridge facility for approximately $1.5 billion enterprise value
- Liquidity risk: Bitcoin-backed debt may trigger margin calls and collateral liquidation after significant bitcoin-price declines
AI summary of the MARA 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 1.01: Entry into a Material Definitive Agreement
- $100 million security deposit posted for 2,000 megawatts of planned Texas power capacity, withdrawable at Buyer’s discretion
- Maximum purchase price remains $600 million if all project milestones are achieved
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026, announced August 6, 2026
- Shareholder letter contains financial results and management commentary
Item 7.01: Regulation FD Disclosure
- Item 7.01 identifies Exhibit 99.1 as the substantive Regulation FD disclosure
- Exhibit 99.1 is furnished, not filed, limiting its use for Exchange Act liability and incorporation by reference
Item EX-99.1: Item EX-99.1
- Craig Hart and Nancy Novak appointed independent directors effective August 1, 2026
- Barbara Humpton and Georges Antoun departed as part of a planned transition effective July 31, 2026
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Barbara Humpton and Georges Antoun resigned July 31, 2026 for personal reasons, with no reported disagreements
- Nancy Novak and Craig Hart appointed August 1, 2026, preserving full Board vacancies coverage
AI summaries of MARA 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MARA
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Thiel Frederick G | Sell | Oct 1, 2026 | 27,505 | $11.22 |
| Nowaid Zabi | F | Sep 30, 2026 | 20,923 | $11.33 |
| Thiel Frederick G | F | Sep 30, 2026 | 63,101 | $11.33 |
| Khan Salman Hassan | F | Sep 30, 2026 | 52,307 | $11.33 |
| Nowaid Zabi | Sell | Sep 18, 2026 | 8,376 | $12.10 |
| Thiel Frederick G | Sell | Sep 17, 2026 | 27,505 | $11.45 |
| Khan Salman Hassan | Sell | Sep 17, 2026 | 16,000 | $11.45 |
| Nowaid Zabi | Sell | Aug 21, 2026 | 8,376 | $12.00 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | $57.7M | $96.5M | $58.7M |
| Operating Income | - | $306.1M | -$1.2B |
| Net Income | - | $541.3M | -$1.3B |
| Op. Margin | - | 317.1% | -2085.5% |
| Net Margin | - | 560.7% | -2234.1% |
| Balance Sheet | |||
| Total Assets | $2.0B | $6.8B | $7.3B |
| Equity | - | $4.1B | $3.5B |
| ROE | - | 13.1% | -37.8% |
| Per Share | |||
| EPS | $1.06 | $1.72 | $-3.69 |
| Cash Flow | |||
| Operating CF | - | -$677.0M | -$802.7M |
| CapEx | $27.6M | $250.8M | $407.1M |
Source: XBRL data in MARA Holdings, Inc. (MARA)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MARA share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 34 | $2.60B |
| Q1 2026 | 33 | $1.34B |
| Q4 2025 | 31 | $1.72B |
| Q3 2025 | 33 | $3.83B |
| Q2 2025 | 27 | $2.65B |
| Q1 2025 | 24 | $1.14B |
| Q4 2024 | 21 | $1.43B |
| Q3 2024 | 20 | $588.7M |
- D.E. Shaw & Co+9.06M (+687%)
- Dimensional Fund Advisors+4.41M (+4229%)
- BlackRock+4.32M (+7%)
- Morgan Stanley+1.55M (+30%)
- Bank of America Corp+1.01M (+20%)
- JPMorgan Chase & Co−2.18M (-47%)
- Goldman Sachs Group−1.05M (-17%)
- Citadel Advisors LLC−931.4K (-97%)
- Marex Group plc−361.9K (-4%)
- Invesco Ltd−334.3K (-21%)
- Raymond James Financial−47.9K
Source: 13F-HR filings on SEC EDGAR (aggregated from 223 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MARA filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 8-K | Sep 25, 2026 | - | Analysis | - |
| 4 | Sep 18, 2026 | - | - | - |
| 4 | Sep 18, 2026 | - | - | - |
| 4 | Sep 18, 2026 | - | - | - |
| 4 | Aug 21, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 8-K | Aug 4, 2026 | - | Analysis | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 4, 2026 | - | - | - |
| 4 | Aug 3, 2026 | - | - | - |
| 4 | Aug 3, 2026 | - | - | - |
| 4 | Aug 3, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 8-K | Jul 9, 2026 | - | Analysis | - |
| 4 | Jul 2, 2026 | - | - | - |
| 4 | Jul 2, 2026 | - | - | - |
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MARA SEC filings: frequently asked questions
Are MARA insiders buying or selling?
In the last 90 days, MARA Holdings, Inc. (MARA) officers, directors and 10% owners reported no open-market purchases and 10 open-market sales worth $2.0 million by 3 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MARA stock?
As of June 30, 2026, the largest MARA Holdings, Inc. (MARA) holders among the 13F filers tracked by SignalX were BlackRock ($890.3 million), Vanguard Portfolio Management LLC ($380.6 million), Vanguard Capital Management LLC ($229.8 million), State Street Corp ($220.9 million), D.E. Shaw & Co ($144.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MARA's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), MARA Holdings, Inc. (MARA) reported revenue of $58.7 million (down 39.2% from FY2024) and a net loss of $1.3 billion. Diluted EPS was -$3.69. The figures come from the XBRL data in the 10-K.
What are the main risks in MARA's latest 10-K?
In the 10-K filed March 2, 2026, MARA Holdings, Inc. (MARA) flagged: Legal risk: Goodwill impairment $82.8M due to ASC 350 triggered by sustained market capitalization decline and market conditions in 2025. Macroeconomic risk: Bitcoin price dropped to $87,498 at 2025 year-end from $93,354 in 2024, causing $422.2M loss in bitcoin asset value. (AI summary of the Risk Factors section.)
What did MARA report in its latest 8-K?
MARA Holdings, Inc. (MARA) filed an 8-K on September 25, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement). $100 million security deposit posted for 2,000 megawatts of planned Texas power capacity, withdrawable at Buyer’s discretion.
What are the latest MARA SEC filings?
MARA Holdings, Inc. (MARA) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on September 25, 2026 and a Form 4 insider filing on October 2, 2026.
What is MARA's SEC CIK number?
MARA Holdings, Inc. (MARA)'s SEC Central Index Key (CIK) is 1507605. EDGAR lists every MARA filing under that number.
Ask anything about MARA
The research agent reads MARA's filings, financials, insider trades and 13F holders, then answers with sources.