MARA Holdings
MARA · NasdaqMinerHighUnited States
BTC held
35,577
as of Jun 30, 2026 · 0.169% of 21M
Value now
$2.7B
at BTC $77,097
Basic mNAV
1.49×
mkt cap $4.1B as of Aug 31, 2026
Sats per share
9,210
386M shares as of Jul 30, 2026
Cost basis
- Average cost per BTC
- $54,663
- Total invested
- $1.9B
- Unrealized gain
- $798M (+41%)
Treasury debt
- Remnant of $747.5M December 2026 Convertible Senior Notes (issued Nov 2021) · 1.0%$48M · due 2026-12-01
- March 2030 Notes ($1.0B at issuance; ~$367.5M repurchased Mar 2026); conversion price $25.91; holder put Dec 1, 2027 · 0%$633M · due 2030-03-01
- June 2031 Notes ($925M at issuance; ~$633.4M repurchased Mar 2026); holder put Jun 2027, so classified as current liability; conversion price $34.58 · 0%$292M · due 2031-06-01
- September 2031 Notes; conversion price $18.89; holder put Mar 1, 2029 · 2.125%$300M · due 2031-09-01
- August 2032 Notes (issued Jul 2025); conversion price $20.26; holder put Jan 4, 2030. Additionally: $150M BTC-collateralized line of credit (7.0%, due Jan 2027, 3,250 BTC collateral) and, post-Q2, $600M of BTC-backed credit facilities with Coinbase and Two Prime at 7.56% weighted average cost to fund the Long Ridge acquisition · 0%$1B · due 2032-08-01
Recent activity
MARA pivoted from pure HODL to monetization: it sold ~23,093 BTC for ~$1.63B in H1 2026 (including 2,213 BTC in Q2 at an average $73,078) to repurchase ~$1.0B principal of convertible notes and fund its AI/HPC infrastructure build-out, while mining 2,422 BTC in Q2 2026. Holdings fell 29% y/y to 35,577 BTC at Jun 30, 2026 (valued ~$2.1B at $58,524/BTC), of which 9,270 BTC were loaned or pledged as collateral.
Risk notes
Q2 2026 net loss was $611.3M on digital-asset mark-to-market, and the company now sells balance-sheet bitcoin opportunistically - avg cost figure is the GAAP cost basis of (mostly self-mined) held coins per the 10-Q, not a purchase price. ~$2.3B of converts remain with the Dec 2026 maturity, holder puts beginning June 2027, and new BTC-backed borrowings at ~7.6% add collateral-liquidation risk; strategy is shifting capital from BTC accumulation toward AI/HPC data centers (Exaion, Long Ridge, 2GW Texas site). Holdings scope per Q2 2026 10-Q: of 35,577 BTC, 9,270 are under digital asset management, 4,742 loaned and 4,528 pledged — 26,307 unrestricted. MARA sold ~23,093 BTC in H1 2026 to delever.
Sources
- https://www.sec.gov/Archives/edgar/data/1507605/000150760526000020/q226shareholderletter.htm
- https://www.sec.gov/Archives/edgar/data/1507605/000150760526000022/mara-20260630.htm
- https://bitcointreasuries.net/public-companies/mara
- https://crypto.news/mara-sold-1-63b-in-bitcoin-as-treasury-holdings-fell-in-2026/
- https://blockspace.media/insight/mara-sells-bitcoin-debt-infrastructure/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding MARA securities.