Overview
MARA Holdings, Inc. is an energy and digital-infrastructure company that develops and operates infrastructure for energy-intensive computing. Bitcoin mining is its foundational business, and the company is also developing capabilities for AI inference and high-performance computing. Its stated mission centers on supporting a more sustainable and inclusive future by converting clean, stranded or underused energy into economic value.[1][2][3][4]
MARA’s 2025 annual filing describes operations across four continents, with 18 data centers in North America, the Middle East, Europe and Latin America. For the year ended December 31, 2025, it reported $907 million in revenue and approximately 266 full-time employees in the United States and United Arab Emirates.[1][5][6] [1][2][3][5][4][6][4][6]
Products & services
MARA’s principal service is Bitcoin transaction verification through mining: its operations validate blocks and earn Bitcoin block rewards and transaction fees. The 2025 Form 10-K describes a block subsidy of 3.125 BTC per block.[7] In 2025, revenue from operator activity was $839.2 million, approximately 92.5% of the company’s stated $907 million in total revenue.[5]
MARA operates its named mining pool, MaraPool, and also performs hash calculations for third-party pool operators in return for Bitcoin rewards determined by each pool’s model.[8] This third-party hash-calculation activity generated $44.8 million in 2025, approximately 4.9% of stated total revenue.[5] The company describes MaraPool as part of its mining technology stack.[9]
MARA’s Exaion business offers virtual desktops, data-security solutions, and regulated AI-inference solutions for enterprise and regulated-industry customers.[10] MARA also has an AI/HPC data-center development initiative with Starwood, but disclosures describe this as in progress rather than a separately established revenue-generating service.[11][12] The company has not disclosed a separate Exaion revenue percentage, and its Q2 2026 presentation reports consolidated revenue without a product-level breakdown.[10][13] [7][5][8][10][11][12][13][9]
Geographic presence
MARA Holdings’ mining and data-center footprint spans the United States and Paraguay. Its operations page, dated September 1, 2026, lists 19 data centers with 1,244.8 MW of capacity, including sites in Texas (McCamey, Garden City and Granbury), North Dakota (Ellendale and Jamestown), Nebraska (Kearney) and Hernandarias, Paraguay [14]. In its 2025 capacity disclosure, the company also reported owned-site operations in Central Texas, East Ohio, North Texas, Central Ohio, Central Nebraska and internationally, and hosted capacity in Central North Dakota, West Texas and other locations [15].
MARA’s geographic presence also includes France and Canada through Exaion, which operates data centers in both countries; the company identifies Paris as its European headquarters [16][17][18]. Its listed U.S. corporate office is in Hallandale Beach, Florida [19]. The latest available filing, for the six months ended June 30, 2026, reports consolidated revenue but does not provide a geographic revenue breakdown; it also gives no employee-location distribution [20][21]. [15][16][20][21][14][17][18][19]
Business segments
MARA Holdings reports one operating segment; it does not disclose separate segment revenue or profit figures. Management evaluates performance and allocates resources on a consolidated basis.[22]
The company’s described activities include Bitcoin mining and energy management, with mining used as a flexible workload to monetize excess or underused power, as well as developing AI inference and high-performance computing (HPC) capabilities. These are business activities, not separately reported segments.[1]
Accordingly, the sole reported segment represents 100% of consolidated revenue by reporting structure. MARA does not disclose percentages of revenue attributable to mining versus AI/HPC or other activities.[22][1] [22][1]
Company history
MARA Holdings was incorporated in Nevada in 2010 as Verve Ventures, Inc. After changing its name to American Strategic Minerals Corporation in 2011, it abandoned mineral exploration and, in 2012, shifted first toward real estate and then patent licensing, becoming Marathon Patent Group, Inc.[23][24] The company entered Bitcoin mining in 2018, when its Quebec facility began operations; a proposed 2017 acquisition of miner Global Bit Ventures did not close.[23][25][26]
In 2020–21, Marathon substantially expanded its planned mining fleet and renamed itself Marathon Digital Holdings, effective March 1, 2021.[27][28] It expanded internationally through a 2023 Abu Dhabi mining venture and added U.S. mining sites in 2024.[29][30][31] The company adopted its current name, MARA Holdings, Inc., in August 2024.[32][33] In 2025–26, it announced initiatives to expand into AI and high-performance-computing infrastructure, including an agreement concerning Exaion and a proposed acquisition of Long Ridge Energy & Power.[34][35] [23][24][25][26][27][28][29][30][31][32][33][34][35][25][26][27][28][29][30][31][33][34][35]
Sources
- MARA Holdings, Inc. — Full financial report (2025 Y)
- ir.mara.com[4]
- ir.mara.com[6]
- www.mara.com[9]
- MARA Holdings, Inc. — Full financial report (2026 Q 2)
- MARA Holdings, Inc. — Presentation (2026 Q 2)[13]
- www.mara.com[14]
- www.mara.com[17]
- www.mara.com[18]
- www.mara.com[19]
- MARA Holdings, Inc. — Full financial report (2017 Y)[23][24]
- ir.mara.com[25]
- ir.mara.com[26]
- ir.mara.com[27]
- ir.mara.com[28]
- ir.mara.com[29]
- ir.mara.com[30]
- ir.mara.com[31]
- ir.mara.com[33]
- ir.mara.com[34]
- ir.mara.com[35]
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