Became the underlying reference asset for the Bitwise MARA Option Income Strategy ETF (IMRA), which launched on April 1, 2025 and announced its December 2025 monthly distribution rate on December 24, 2025.

MARA holds 53,250 BTC, the second largest among public companies. Bitcoin treasury companies are projected to buy only 40,000 BTC in Q4 (lowest since Q3 2024), with mining companies accounting for 5% of new additions in November.

MARA deposits 275 BTC ($25.31M) to FalconX.

VanEck analyst Matthew Sigel states MARA's net Bitcoin value is only ~$1.6B after subtracting $3.3B convertible debt, well below its $4.7B market cap, contradicting assumptions that MARA trades at a discount to its BTC holdings.

MARA Holdings listed among 38 companies MSCI considers removing from major JPMorgan-endorsed indexes for exceeding 50% digital asset holdings, with decision scheduled for January 15, 2026.

MARA mined 15 blocks in the last 24 hours.

Newly NYSE-listed competitor Cango Group operates at similar hashrate scale as MARA but trades at 10-20x discount on EV/EH basis (~$4M vs ~$127M per EH/s).

JPMorgan trims price targets for MARA and Riot while upgrading competitors Cipher and CleanSpark in bitcoin miner reset.

MARA deposited 644 BTC to sell and has sold additional BTC previously.

MARA Pool mined their first ever empty block.

MARA trades at half (0.5x) its intrinsic value while competitor IREN trades at 5x its intrinsic value.

CEO warns hyperscalers and Bitcoin miners face risks from tenant construction timeline delays and energization date issues, cautioning that large deal announcements may not be as attractive as they initially appear.

J.P. Morgan analysts rate MARA stock as OVERWEIGHT alongside COIN and RIOT, indicating expected outperformance.

MARA described as solvent, contrasting with competitor IREN which faces potential bankruptcy.

2026 energy cost per BTC projects at $40-50k following MPLX ramp and hosted facility roll off, compared to current Q3 cost of $39k per BTC.

Q3 variable mining cost of $39,000 per BTC, described as the lowest in the industry. Auradine hardware deployment features modular hash boards that continue operating when chips fail and allow board-level upgrades instead of full rig replacement, reducing CapEx and OpEx.

MARA power cost at $0.04/kWh compared to competitor IREN at $0.06-$0.07/kWh. Jeff Yass holds long position in MARA.

Balance sheet holds $6.8 billion in liquidity (cash + BTC) against 0% coupon 2032 convertible bonds with no cash interest payments.

Allegations emerge that MARA mines at a loss and misreports hashrate, prompting calls for the company to pursue legal action against accusers for defamation and market manipulation under SEC Rule 10b-5 and Section 9(a)(2).

Secures two major power partnerships: 1.5 GW natural-gas integration with MPLX and HPC network collaboration with EDF's Exaion using nuclear baseload, both with 20-30 year power agreements.

Rosenblatt Securities issues 'Buy' rating for MARA following quarterly earnings.

Jones Research reissues 'Hold' rating as Q3 EBITDA of $51.0M misses $83.7M projection due to operating cost pressures, with G&A and research expenses up 17.5% sequentially to $57.9M despite revenue of $252.4M beating estimates.

JP Morgan maintains 'overweight' rating after Q3 earnings, calling the MPLX announcement a solid win while noting uncertainty on near-term HPC catalysts and milestones.

Achieves record Q3 revenue of approximately $252M with ongoing AI compute services expansion.

MARA transfers 2,348 BTC ($236M) to FalconX, TwoPrime, Galaxy Digital, and Coinbase Prime in the past 12 hours.

MARA holds 52,850 BTC in reserves.

MARA's acquisition of Exaion, a subsidiary of French electricity and nuclear giant EDF, includes a clause that would ban EDF from high-performance computing activities for 2 years if the deal is finalized.

Company holds $800M in pure cash and $6B in BTC for approximately $7B total liquidity against a $6B market cap, operating 60 EH/s of active hashrate.

MPLX describes the partnership LOI as "critically important" for Texas data center opportunity and will receive electricity from MARA for resale to customers, stating the project is "not a 2026 project."

Q3 2025 revenue totals $252.4M (up 92% YoY) with net income of $123.1M ($0.27 per diluted share) and adjusted EBITDA of $395.6M, compared to a net loss of $124.8M ($0.42 per share) in Q3 2024.

Company signs LOI with MPLX ($51B market cap) to secure Delaware Basin natural gas supply for 1.5 GW energy-to-compute buildout in West Texas.

MARA files federal lawsuit to block November 4 local election in Hood County, Texas, alleging county officials illegally added municipal incorporation measure targeting its data center operations.

Company expands operations into AI/HPC compute segment and trades at 1x book value and 9x EBITDA, significantly below competitors IREN (10-25x book, >25x EBITDA) and CIFR (>25x EBITDA with negative net income).

Public accusations emerge claiming a coordinated group conducts short selling and misinformation campaigns against the company to benefit competitors IREN and CIPHER.

CEO Fred Thiel disclosed at KeyBanc forum that the company established a local entity in France and set up a regional headquarters in Saudi Arabia, with operational presence in UAE.

Internal brief establishes new price target range of $199-$258, substantially higher than previous $94-$160 valuation model.

Price target model establishes $94-$160 valuation range for the stock.

$1 billion notional convertible notes outstanding with conversion strike price of $20-25. Dealer hedging activity represents 15-25% of float per $5 stock price move.

Acquires Exaion, an EDF subsidiary, in a deal that bars EDF from using its computing power for AI or Bitcoin mining.

Company pursues FedRAMP and IL5 federal clearances through Exaion for defense sector compute hosting. NEOM partnership targets 1.5 GW net zero AI project at Oxagon industrial zone, with dual-jurisdiction carbon credit revenue via EU ETS Phase 4 and U.S. 45Q/45V tax credit programs.

Exaion partnership backed by EDF establishes European AI and HPC operations serving Deloitte and Nvidia. Auradine investment delivers patent portfolio covering chip temperature control, overclocking systems, and AI inference network security.

Powell states data-center capex is not rate-sensitive, supporting MARA's HPC (High Performance Computing) pivot strategy that provides compute optionality beyond pure Bitcoin mining hash rate operations.

Q3 2025 earnings estimates show Street EPS of $0.02 and revenue of $251.71 million, with MTM-adjusted figures of $9.50-$9.70 ahead of November 4th report.

Earnings announcement scheduled for November 4th. Company participates in US-Saudi roundtable on technology and energy partnerships ahead of FII mainstage October 29-30, with current short interest at 30%.

Kenya partnership projects foreign investment exceeding $80 million. Current treasury holdings stand at 53,000 BTC while trading at 1x NAV.

Bitcoin mining industry competitors including IREN and CIPHER take short positions against the stock.

France partners with MARA through EDF/Exaion facilities for national Bitcoin accumulation program targeting 420,000 BTC over 8 years, mining coins with EU provenance for chain-of-custody and zero sanctions risk. Former ENGIE CEO Mestrallet identified as key figure connecting French government policy sphere, EDF/Exaion industrial power, and cross-border finance.

Exaion acquisition includes nuclear and hydro-powered HPC facilities in France and Canada serving enterprise clients including Deloitte and Nvidia, operating in a market segment trading at 18-25× EV/EBITDA multiples, with Marathon using facilities to test dual-use chips and orchestration software on enterprise workloads.

Exaion acquisition structured as 64% stake with option to increase to 75%, while zero-coupon convertible proceeds fund BTC accumulation and HPC buildouts.

Zero-coupon convertible notes convert at $20.26 with capped call near $24, creating mechanical feedback loop where bondholders hedge by shorting stock near these levels, trapping price around $20. Short hedge unwind could trigger sharp move higher when fundamentals shift or major announcement forces market repricing.

MARA met with the Department of Defense and Department of Energy in Washington before being sent to Riyadh.

FII Institute partnership announced ahead of FII9 Riyadh conference. Infrastructure includes 114 MW wind capacity with 20-year utility agreements and 53k BTC treasury holdings.

Company raised $850M through zero-coupon convertible senior notes due 2032 with no immediate dilution. Partnerships established with Auradine, Upscale AI, and SkyHammer for open AI-fabric standards to challenge NVIDIA's NVLink monopoly.

MARA acquires Exaion, a subsidiary operating nuclear-backed data centers in France and Canada, and pivots strategy to include AI inference capabilities.

Stock advances 5-10% along with broader Bitcoin mining sector recovery, ranking 5th among 10 competitors in combined social mentions and 24-hour price performance.

$1.3 million deployed in $30 call options expiring November 21st, with aggressive positioning ahead of early month earnings.

Company scheduled to visit Riyadh on October 27 following DC summit. Stock declined 6.8% during broader bitcoin mining sector selloff where competitor stocks fell 7-27%.

Whale activity detected in November 21st $27 call options with decent flow volume, with retail traders following the whale's position at similar entry points.

JonesResearch reiterates hold rating on MARA while issuing buy ratings to competitors HUT, WULF, and RIOT.

Company scheduled to be in Washington on April 22nd. (tweet id: 1980270973136830934)

Acquires 64% stake in Exaion and operates 60 exahash hashrate with 1.5GW operational power capacity.

MARA invested $85 million in Auradine for preferred equity and a board seat, gaining exposure to Auradine's AI spinout Upscale AI which develops SkyHammer interconnect technology competing with NVIDIA's NVLink using open standards.

Institutional research on MARA distributed to private bank advisory and institutional clients on October 17, 2025, framing the company around energy, compute, and sovereignty as "The Next Phase of U.S. Digital Infrastructure."

Stock declines -12.13% today alongside double-digit losses across the entire Bitcoin mining sector after recent strength.

Purchases 400 BTC for $46M, bringing total holdings to 53,250 BTC valued at $6B.

Chief Technology Officer Ashu Swami removed from the executive team, with the departure occurring in summer 2025 after joining the company in January 2022 to oversee Bitcoin mining operations.

MARA holds three patents covering immersion cooling, heat reuse, and cryptosecurity technologies for Bitcoin mining operations.

MARA acquires Exaion, gaining access to France's EDF nuclear power infrastructure for Bitcoin mining expansion in Europe.

Buys 400 BTC for $46M after the market crash, adding to its Bitcoin treasury.

Marathon purchases 400 BTC following Bitcoin price crash, confirmed by on-chain data.

MARA and Antpool reliably mine non-standard BRC-20 transfer inscription transactions to sub-dust outputs that should normally be rejected by standard mempool rules.

Acquires 400 BTC worth $46.31M via FalconX in a direct market purchase.

Analyst thesis positions MARA as potential "Designated Strategic Operator" for U.S. Strategic Bitcoin Reserve with Treasury-auditable mining systems, comparable to SPR contracts with major oil companies, arguing federal designation would collapse cost of capital and re-rate the company as quasi-sovereign infrastructure similar to defense contractors becoming government-backed annuities.

Produces 736 Bitcoin in September 2025 and increases total holdings to 52,850 BTC, winning 218 blocks despite rising global hashrate.

Receives political endorsement from Rep. Tom Emmer calling infrastructure vital for country's future; holds 144k Bitcoin reserve ranking second among public companies behind only MicroStrategy, while CEO Fred Thiel advocates for establishing U.S. national strategic Bitcoin reserve.

Technical resistance identified at $19.50 closing price level for near-term breakout.

Industry observer positions Marathon as the policy-aligned flagship U.S. Bitcoin miner in a cartelizing market structure comparable to "Digital OPEC," suggesting preferential Washington alignment that differentiates it from competitors RIOT and CLSK.

IRS issues guidance exempting unrealized digital asset gains/losses from Corporate Alternative Minimum Tax (CAMT), removing potential multi-billion dollar tax liability that was scheduled to begin in 2026 for Bitcoin treasury companies.

MARA is hosting a Government Summit focused on advocating U.S. control of hashrate and blockspace as a national security objective, positioning the company as the industry's DC representative with "MARA for America" branding.

MARA shifts from discount-to-NAV trading to momentum breakout with gamma tailwind, targeting $64-$107 at BTC $144k and $85-$142 at BTC $192k.

MARA leads Bitcoin miners in a strong trading day with notable price and market activity performance.

Marathon holds 5.17% of corporate Bitcoin treasuries, ranking second only to MicroStrategy among major institutional holders.

CEO Fred Thiel participates in Capitol Hill roundtable advocating for the BITCOIN Act, which proposes U.S. government acquisition of 1 million BTC over five years.

Negative market perception emerges regarding Marathon's AI pivot compared to competitors who have successfully transitioned to AI data centers.

Bitcoin mining sector outperforms all other sectors today with +3.19% average gain, while MARA ranks #2 in social mentions among top 10 Bitcoin mining stocks.

Bitcoin treasury increases to 52,477 BTC valued at ~$5.9B, up from 50K BTC in previous reports, confirming status as second-largest public Bitcoin holder.

Holds 50K BTC with >70% gross margin per coin mined; CPI and FOMC catalysts approaching Sep 13/18.

Treasury sensitivity reveals $500M value change per $10K BTC movement, projecting $5.7B+ at BTC $115K.

Considers $168M acquisition of French data firm stake, expanding European presence and diversifying beyond mining operations.

Q2 revenue increases 12% to $238.5M while Bitmain delivers 187 tons of mining equipment to US operations.

Q2 earnings exceed Wall Street expectations with $238M revenue, representing 64% YoY growth.

Q2 revenue grows 64% YoY with 30K new miners deployed; establishes two strategic AI infrastructure partnerships.

Reports record quarter with adjusted EBITDA surging more than 1,000%.

$950M convertible note offering completed (expandable to $1.15B), with proceeds primarily allocated for Bitcoin purchases.

$900M TWAP order for MARA and $2-2.5B TWAP order for Saylor beginning implementation tomorrow.

J.P. Morgan upgrades with $22 price target, favoring pure-play BTC miners over hybrid computing models.

Completes $950M convertible note raise at 0% interest for Bitcoin acquisition strategy.

Q2 earnings announcement scheduled for July 29.