Stocks›Financial Services›MARA

MARA Mara Holdings, Inc.

NasdaqResearch view

Mara Holdings, Inc. operates in the Finance Services industry.

$7.53−9.60%

Oct 16 close · 1D EOD · Databento

Financial ServicesFinance ServicesMid-capSEC EDGAR FY 2025-12-31

On the Wire · latest 2

All stories →

Jun 23 · CoinDeskMSTR hits 52-week low as bitcoin drops to $62,000 amid global equity routStrategy (MSTR) hit a new 52-week low as bitcoin dropped to $62,000 amid a global equity rout triggered by a 10% crash in South Korea's Kospi. MSTR's extreme leverage to BTC — combined with deeply negative net margins (-806%) — amplifies the drawdown risk beyond spot crypto alone.
Jun 19 · CoinDeskBitcoin miners liquidated over 32,000 BTC in Q1 as roughly 20% face unprofitabilityPublicly traded Bitcoin miners sold over 32,000 BTC in Q1 alone — more than all of 2025 — as ~20% of miners are now unprofitable, with Saylor commentary adding pressure to BTC spot. The forced selling cycle creates a structural headwind for miners already running deep net losses, raising the question of whether the sector can sustain current hash rates without further equity dilution or BTC liquidation.

On the Wire · latest 2

All stories →

What happened

Daily closes · dots are Wire stories

What’s next

Expected around early November, going by its own filing history. The company has not announced a date yet. Its matching report came Nov 4, 2025 and Nov 12, 2024, after the close.

Last report

Aug 6, 2026−5.26%

after the close

Last 4, next close

median 5.53% either way

up 1 of 4

Every report since 2016 →Earnings calendar →

DateEventSourceNext close

Aug 6Earnings release, after the close · 8-KSEC EDGARSEC EDGAR ↗−5.26%

Next close = the first close after the event against the close before it. Prior-session closes only; not a call, not advice.

What happened · big days

13 big days in a year, and what we hold on each

A big day is a close more than 10.37% from the one before, three times MARA’s median day (3.46%). On 1 of the 13, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±10.37%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMARAWhat we hold that dayGroup (median of 4) · each

1 Oct 16, 2025−11.27%
Before our storiesgroup −2.6%, did not move with it
1Oct 16, 2025−11.27%
Before our stories
−2.6% did not move with itMSTR −4.3 · SYF −2.9 · AXP −2.3 · COIN −1.8
2 Nov 13, 2025−11.31%
Before our storiesgroup −4.5%, did not move with it
2Nov 13, 2025−11.31%
Before our stories
−4.5% did not move with itMSTR −7.2 · COIN −6.9 · SYF −2.3 · AXP −2.2
3 Nov 24, 2025+11.32%
Before our storiesgroup +2.9%, did not move with it
3Nov 24, 2025+11.32%
Before our stories
+2.9% did not move with itCOIN +6.5 · MSTR +5.0 · AXP +0.9 · SYF −0.1
4 Feb 5, 2026−18.72%
Before our storiesgroup −7.5%, did not move with it
4Feb 5, 2026−18.72%
Before our stories
−7.5% did not move with itMSTR −17.1 · COIN −13.3 · SYF −1.6 · AXP +0.3
5 Feb 6, 2026+22.44%
Before our storiesgroup +7.3%, did not move with it
5Feb 6, 2026+22.44%
Before our stories
+7.3% did not move with itMSTR +26.1 · COIN +13.0 · SYF +1.6 · AXP +1.3
6 Apr 30, 2026+11.85%
Before our storiesgroup +2.8%, did not move with it
6Apr 30, 2026+11.85%
Before our stories
+2.8% did not move with itMSTR +4.6 · COIN +3.3 · AXP +2.3 · SYF +1.4
7 Jun 5, 2026−11.24%
Before our storiesgroup −3.8%, did not move with it
7Jun 5, 2026−11.24%
Before our stories
−3.8% did not move with itCOIN −7.2 · MSTR −6.9 · AXP −0.6 · SYF +0.1
8 Jun 8, 2026+11.85%
Before our storiesgroup +3.1%, did not move with it
8Jun 8, 2026+11.85%
Before our stories
+3.1% did not move with itCOIN +6.4 · MSTR +5.6 · AXP +0.5 · SYF −0.4
9 Jul 29, 2026−11.69%
Nothing on MARAgroup −2.9%, did not move with it
9Jul 29, 2026−11.69%
Nothing on MARANo MARA story, brief or results filing in our record that day
−2.9% did not move with itCOIN −4.7 · MSTR −2.9 · SYF −2.8 · AXP −1.5
10 Jul 30, 2026+17.61%
Nothing on MARAgroup +2.6%, did not move with it
10Jul 30, 2026+17.61%
Nothing on MARANo MARA story, brief or results filing in our record that day
+2.6% did not move with itMSTR +4.7 · SYF +2.9 · COIN +2.2 · AXP +1.8
11 Aug 20, 2026+15.54%
Nothing on MARAgroup +2.5%, did not move with it
11Aug 20, 2026+15.54%
Nothing on MARANo MARA story, brief or results filing in our record that day
+2.5% did not move with itMSTR +7.8 · COIN +7.6 · AXP −2.6 · SYF −3.6
12 Sep 3, 2026+10.79%
Nothing on MARAgroup +6.0%, moved with MARA
12Sep 3, 2026+10.79%
Nothing on MARANo MARA story, brief or results filing in our record that day
+6.0% moved with MARAMSTR +17.6 · COIN +10.1 · SYF +1.9 · AXP −0.1
13 Sep 18, 2026+13.75%
Nothing on MARAgroup +6.3%, did not move with it
13Sep 18, 2026+13.75%
Nothing on MARANo MARA story, brief or results filing in our record that day
+6.3% did not move with itMSTR +16.4 · COIN +11.7 · SYF +0.8 · AXP +0.1

A story on the same day is not a cause, and a group move is not proof either. Group: the median of AXP, COIN, MSTR and SYF that day, the largest companies in MARA’s SEC industry; “moved with MARA” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). Day 1 is the first close after each filing: the next day’s for a filing after the close, the same day’s otherwise. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 4, 2025

day 1−6.68%day 6−17.86%

Reported Feb 26, 2026

day 1+5.80%day 6−5.21%

Reported May 11, 2026

day 1−5.00%day 6−7.09%

Reported Aug 6, 2026

day 1−5.26%day 6−13.62%

Next report: expected early NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 6 report: −29.30%. Four reports is a small sample.

Every report since 2016 →

Each line is MARA’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

The numbers · FY2025, filed

SEC EDGAR

Market cap$2.9B

Revenue$907.1M+38.20%

Net income$-1.3B

EPS, diluted$-3.69−314.50%

Operating margin-135.0%

Return on equity-37.7%

Debt / equity1.15

All filed figures

Snapshot

SEC EDGAR · FY 2025-12-31

SectorFinancial Services

Market Cap$2.9B

Enterprise Value$6.3B

Income$-1.3B

Sales$907.1M

Book/sh$9.00

Cash/sh$1.45

Dividend TTM—

Payout—

Employees—

IPO—

Quick Ratio—

Current Ratio1.27

Debt/Eq1.15

EPS (ttm)$-3.69

EPS this Y-314.5%

EPS past 3/5Y—

Sales past 3/5Y97.5%

EPS Y/Y TTM-314.5%

Sales Y/Y TTM38.2%

Shs Outstand386.30M

ROA-18.0%

ROE-37.7%

ROIC-17.0%

Gross Margin—

Oper. Margin-135.0%

Profit Margin-144.6%

Every figure here is filed with the SEC. Valuation and estimate metrics (P/E, PEG, EV/EBITDA, price targets, forward EPS) are omitted until our market-data feed is licensed for display — we’d rather show fewer numbers than blank ones. Deeper lines (cash flow, balance sheet) below.

Revenue by fiscal year

$159.2M

FY21

$117.8M

FY22

$387.5M

FY23

$656.4M

FY24

$907.1M

FY25

Operating leverage — margins

GrossOperatingNet

Financials, annual · income and cash flowSEC EDGAR · open ▸

Financials — annual

SEC EDGAR · last 5 FY · tap a row to explain it

USD	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$159.2M	$117.8M	$387.5M	$656.4M	$907.1M
Gross Profit	$116.8M	$-33.7M	—	—	—
Operating Income	$-3.0M	$-673.5M	$220.9M	$306.1M	$-1.2B
Net Income	$-29.8M	$-694.0M	$259.1M	$541.3M	$-1.3B
Diluted EPS	$-0.30	$-6.12	$1.06	$1.72	$-3.69
Operating Cash Flow	$-19.0M	$-176.5M	$-315.7M	$-677.0M	$-802.7M
Free Cash Flow	$-292.8M	$-217.6M	$-343.3M	$-927.8M	$-1.2B

Same industry

MARA against four same-industry peers, a year at 100

MARA is down 61.5% in a year. Synchrony Financial is up 3.0%, American Express is down 9.5%, Coinbase Global 48.5% and Strategy 52.8%. All four did more. Weekly closes, Oct 17, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

MARA −61.5%. Synchrony Financial +3.0%, American Express −9.5%, Coinbase Global −48.5%, Strategy −52.8%. Weekly closes, Oct 17, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MARA’s SEC industry (Finance Services) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

Same industry

In the screener →

AXP$211.8B COIN$49.7B MSTR$38.0B SYF$24.0B SOFI$18.8B BMNR$13.1B CRCL$13.0B IREN$9.6B

Follow the news. Track the move.

MARA story timeline

Company updates and connected market context, with the dated price move attached.

Stories

Direct

Sector context/Market context

Jun 23

MSTR hits 52-week low as bitcoin drops to $62,000 amid global equity rout

Strategy (MSTR) hit a new 52-week low as bitcoin dropped to $62,000 amid a global equity rout triggered by a 10% crash in South Korea's Kospi. MSTR's extreme leverage to BTC — combined with deeply negative net margins (-806%) — amplifies the drawdown risk beyond spot crypto alone.

Since story

-48.8%

2026-06-23 → 2026-10-16

CoinDesk · 118d ago

View both sides →

Sector context/Earnings

Jun 19

Bitcoin miners liquidated over 32,000 BTC in Q1 as roughly 20% face unprofitability

Publicly traded Bitcoin miners sold over 32,000 BTC in Q1 alone — more than all of 2025 — as ~20% of miners are now unprofitable, with Saylor commentary adding pressure to BTC spot. The forced selling cycle creates a structural headwind for miners already running deep net losses, raising the question of whether the sector can sustain current hash rates without further equity dilution or BTC liquidation.

Since story

-49.3%

2026-06-22 → 2026-10-16

CoinDesk · 122d ago

View both sides →

Follow the news. Track the move.