The company under the name
The entity behind the ticker has changed what it does three times. Its own Form 10-K for 2020 records that it "were incorporated in the State of Nevada on February 23, 2010 under the name Verve Ventures, Inc.", became American Strategic Minerals Corporation in December 2011 to look for uranium and vanadium, switched to real estate in June 2012, and by October 2012 had become Marathon Patent Group, Inc., an intellectual property licensing business. Bitcoin mining arrived in November 2017 through a merger agreement with Global Bit Ventures and the purchase of mining machines for a data center in Canada. The name became Marathon Digital Holdings, Inc. effective 1 March 2021, and the 2025 Form 10-K states plainly: "Previously known as Marathon Digital Holdings, Inc., we changed our name to MARA Holdings, Inc. on August 29, 2024."
What it runs
MARA files as a large accelerated filer with the SEC under Commission file number 001-36555, and its common stock trades on the Nasdaq Capital Market under the symbol MARA. Its FY2025 annual report, filed 2 March 2026, reports roughly 490,000 mining rigs worldwide as of 31 December 2025 with an energized hashrate of about 66.4 exahashes per second, and 8,799 bitcoin mined during the year. It describes a total energy portfolio of approximately 1.9 gigawatts across 18 data centers in North America, the Middle East, Europe and Latin America. Its Granbury, Texas site carries about 300 megawatts of capacity, and five third-party hosted sites supplied 537 megawatts and 29.2 exahashes per second of the total.
The treasury question
MARA held 53,822 bitcoin on 31 December 2025, carried at roughly $4.7 billion, of which 15,315 were loaned out or pledged as collateral. That second number is the point. The company says it treats bitcoin as "a productive asset", lending it, pledging it and trading it to raise income against the mining business. It also changed course during the year: it had held production as a long-term investment, began selling in the second half of 2025 to fund operations, sold about 4,076 bitcoin for $413.1 million over the year, and in 2026 widened the policy to allow sales from the balance sheet. Listing here is not endorsement.