MARA Holdings, Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 165% from December 2022 to July 2026.

  MARA had 165% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.MARA had 165% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $363M vs $85M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years MARA recorded $363M of stock-based pay expense and spent $85M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years MARA recorded $363M of stock-based pay expense and spent $85M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 19% of revenue in 2025.

  MARA paid employees $172M in stock in 2025, 19% of its $907M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Not profitable yet. Reported a loss over the last 12 months.

  MARA reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.