Last reviewed
2026-06-21
Mining data is a dated snapshot. Hashrate and energy figures are approximate.
BTC MiningNasdaq Global Select MarketMARA
Marathon Digital Holdings
6.7/10Overall score = 7.5*25% + 4.5*20% + 8.0*15% + 6.5*15% + 6.5*10% + 7.0*15% = 6.65. Weights: hashrate 25%, energy 20%, BTC held 15%, revenue 15%, dilution 10%, management 15%.
Key Metrics
Hashrate
72.2 EH/s
Global Major (>30 EH/s)
BTC Held
₿35,303
₿0.00009260/share
Market Cap
$5.10B
Nasdaq Global Select Market
Share Price
$13.78
Nasdaq Global Select Market
Revenue TTM
$760.0M
Trailing twelve months
Renewable Energy
51%
Mixed Energy
Grid Energy
49%
Non-renewable mix
Overall Score
6.7/10
Composite rating
Last reviewed
2026-06-21
Manual review date
Score Breakdown
Methodology: Overall score = 7.5*25% + 4.5*20% + 8.0*15% + 6.5*15% + 6.5*10% + 7.0*15% = 6.65. Weights: hashrate 25%, energy 20%, BTC held 15%, revenue 15%, dilution 10%, management 15%.
View full scoring methodology →SCORE FINGERPRINT · 6 FACTORS
The score as a shape.
Each spoke is one of the six sub-factors behind MARA's 6.7/10, plotted 0–10 and ordered by methodology weight. The filled shape is the company's profile. Two miners can share an overall score and still have opposite shapes — a balanced hexagon is a different bet than a spike on one axis with thin edges everywhere else. MARA is strongest on btc treasury (8/10) and thinnest on energy mix (4.5/10).
MARA profileStrong tier (8–10)Factor ≥ 7Factor < 5
Each axis is a 0–10 sub-score from the Pledge mining methodology; spokes ordered by factor weight (w%). Dashed ring = the 8–10 strong tier. The weighted composite is 6.7/10. Scores are a dated editorial assessment, not investment advice.
Hashrate & Scale
Total Hashrate
72.2 EH/s
Tier
Global Major (>30 EH/s)
Self-Mined BTC (TTM)
₿10,500
Share Price
$13.78
Shares Outstanding
381,270,000
Energy & Sustainability
51% RenewableMixed Energy49% grid mix
solar 22%
wind 15%
hydro 14%
grid mix 49%
BTC Treasury
Total BTC Held
₿35,303
BTC per Share
₿0.00009260
BTC Holdings Score
8.0/10
Financial Health
Market Cap
$5.10B
Revenue (TTM)
$760.0M
Total Debt
$1.16B
Share Price
$13.78
Shares Outstanding
381,270,000
Revenue Score
6.5/10
LEVERAGE1.5xdebt ÷ revenue (TTM)
BTC CUSHION3.18xcoin value ÷ debt · illustrative spot
Debt is not an explicit factor in the composite score; these ratios surface the leverage and bitcoin-cushion read directly. BTC cushion uses an illustrative spot, not a live quote.
Dilution & Equity Structure
Total Debt
$1.16B
Dilution Score
6.5/10
MARA has accessed at-the-market equity programs during 2024–2025, contributing to share-count growth. Ongoing ATM usage is disclosed in SEC filings.
Highlights
- +Operates a record ~72.2 EH/s energized hashrate (+33% YoY as of Q1 2026) — the largest of any pure-play public miner.
- +Holds 35,303 BTC on its balance sheet (including ~9,995 BTC loaned or pledged as collateral), the largest treasury in the peer group.
- +Q1 2026 revenue of ~$174.6M; full-year run-rate reflects the scale of its mining operations.
- +Has expanded its renewable energy portfolio; approximately 51% of power from renewable or low-carbon sources.
- +Began a strategic pivot into AI/HPC infrastructure in 2026, selling ~$1.5B of BTC to fund the shift and retire ~30% of debt.
Considerations
- !Energy mix is only 51% renewable, with a significant reliance on grid electricity.
- !Ongoing ATM equity issuance contributes to share-count dilution.
- !Total debt of ~$1.16B is substantial relative to current revenue.
- !BTC market cycles can significantly impact mining profitability and cash flow.
- !Concentrated in U.S. operations; limited geographic diversification.
Best For
Investors seeking a large-scale U.S. mining operation with a meaningful BTC treasury component and established operational track record.
Evidence
Why trust this view
Verification
Sources
4 cited
Each data point is traced back to a named source listed below.
How we score
Mining methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedSEC Filing
MARA Q1 2026 shareholder letter (8-K)
Official Q1 2026 shareholder letter discloses a record ~72.2 EH/s energized hashrate (+33% YoY) and 35,303 BTC held (including ~9,995 BTC loaned or pledged) as of March 31, 2026, plus the ~$1.5B BTC sale funding the AI pivot.
https://www.sec.gov/Archives/edgar/data/0001507605/000150760526000014/q126shareholderletter.htm ↗verifiedSEC Filing
MARA 2025 Form 10-K
Annual report discloses debt outstanding, equity program details, energy mix, revenue, and operational metrics for fiscal year ending December 31, 2025.
https://www.sec.gov/Archives/edgar/data/0001628013/000162801326000021/mara-20251231.htm ↗partialMarket Data
StockAnalysis MARA statistics
Market data snapshot used for share price, shares outstanding, market capitalization, and valuation metrics; treated as partial due to potential delay.
https://stockanalysis.com/stocks/mara/statistics/ ↗partialResearch
CoinGecko MARA BTC treasury
Research treasury profile tracks MARA BTC holdings, BTC per share, estimated market value, and ticker/website details.
https://www.coingecko.com/en/treasuries/marathon-digital-holdings ↗Notes
Hashrate (72.2 EH/s) and BTC held (35,303) from the MARA Q1 2026 shareholder letter (period ending March 31, 2026). selfMinedBtcTtm is an approximation pending updated TTM disclosure. Energy mix from company sustainability disclosures. Market data (share price ~$13.78, ~381.3M shares) from June 2026 snapshots and is delayed/estimated. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
Mining metrics. Hashrate, energy mix, and BTC treasury figures are based on reported data and may not reflect current holdings or operational status.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.