Why Did MARA Stock Fall

Between October 6 and October 13, 2026, shares of MARA Holdings (MARA) fell 17.0%, while the S&P 500 slipped 0.2%. A news report on October 10 reported that MARA sold about $81 million of bitcoin, even as large buyers committed capital following a sharp decline in the cryptocurrency. Other bitcoin miners fell too: CleanSpark dropped 17.4%, Riot Platforms 11.9%, and Hut 8 9.3% over the same week. So how closely is MARA tied to bitcoin's price?

How Exposed Is MARA To Bitcoin's Price?

Management detailed the company's financial sensitivity to the cryptocurrency on an August 6 call. Every $10,000 change in the price of bitcoin translates to a non-cash gain or loss of about $350 million for MARA. A swing of that magnitude represents roughly a tenth of the company's $3.5 billion market value, and it comes from the bitcoin MARA holds on its books.

The underlying price of bitcoin shaped MARA's revenue and losses in the second quarter of 2026. Revenue came in at $175 million, down from $239 million a year earlier. According to management, a 28% lower average bitcoin price cut revenue by $65.9 million. At the same time, paper losses on digital assets accounted for about $343 million of the company's $611 million net loss during the quarter.

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MARA Has Borrowed Against Its Bitcoin

The company faces steep operational deficits. Over the last twelve months, MARA reported an operating loss larger than its revenue, resulting in an operating margin of -126.1%. Amid these financial realities, MARA has borrowed against its bitcoin while losing money.

Management noted on the August call that MARA added $600 million of borrowings secured by its bitcoin. That move left 54% of the company's holdings pledged as collateral. MARA's debt now equals 70.8% of its market value, compared to 20.1% for the S&P 500. If bitcoin's price falls, the bitcoin MARA holds is worth less, and that includes the 54% pledged against its loans.

What MARA Is Building Beyond Bitcoin Mining

Management has identified digital infrastructure as MARA's primary growth focus. This strategy involves building campuses tailored for AI customers. Management indicated the company can mine bitcoin at a newly powered site during the design, permitting, and construction phases of an AI facility. Investors are currently paying 4.3 times sales for MARA, against 3.1 for the S&P 500. Those buyers may be betting on the infrastructure plan rather than on mining alone.

The latest update on that expansion came on the August 6 call. At the time, management expected MARA's power portfolio to reach about 4.8 gigawatts upon the completion of pending deals, including the Long Ridge acquisition. A portfolio that size would more than double MARA's current capacity. Closing those transactions required FERC approval, and in August, management expected that approval soon. The company also expressed confidence in signing at least two leases by the end of 2026. The actual number of leases MARA signs is the measure to watch.

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