MARA Holdings, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 11, 2026
MARA$6.35+8.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-04.
0001507605-25-000028
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001507605-26-000016
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 193 previous paragraphs and 178 current paragraphs.
55 unchanged; 46 reworded; 76 added; 79 removed; 13 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (76)
Current report
MARA is a digital infrastructure company built to convert energy into high-value compute workloads. We primarily leverage Bitcoin mining as our core business. Building on this foundation, we have begun pursuing opportunities to expand our infrastructure capacity into adjacent high-value workloads, including artificial intelligence (“AI”), high-performance computing (“HPC”) and critical IT. As our expansion progresses, we intend to allocate capacity across workloads based on economics and demand to optimize asset utilization.
Current report
We believe the next phase of digital infrastructure value creation will be shaped by control of power: where it is located, how flexibly it can be deployed and what returns it can generate across compute markets. Our strategy is organized around three reinforcing priorities.
Current report
Own and control low-cost energy. We believe energy is increasingly becoming the binding constraint on infrastructure growth. By acquiring and operating energy generation assets at below-market costs, we believe we can reduce our overall cost structure, protect against energy price volatility, and create a durable supply of power for high-value compute workloads.
Current report
Build AI and digital infrastructure at scale. We are developing large-scale data center campuses. including co-located generation, land, water access and grid interconnection, to serve the growing demand for training, inference and critical IT workloads.
Current report
Bitcoin mining is our foundation. Bitcoin mining remains the foundation of our platform and the current primary monetization pathway for our energy assets. We intend to maintain a leading position as one of the world’s largest publicly traded Bitcoin mining companies while expanding our revenue base into AI, critical IT, and power markets over time.
Current report
Long Ridge Acquisition
Current report
On April 29, 2026, we, through our wholly owned subsidiary MARA USA Corporation, entered into an equity purchase agreement to acquire 100% of the issued and outstanding membership interests in Long Ridge Energy & Power LLC (“Long Ridge”) from subsidiaries of FTAI Infrastructure Inc. for a base purchase price of approximately $1.5 billion, subject to customary purchase price adjustments, including the assumption of Long Ridge’s existing indebtedness. The acquisition is expected to close in the second half of 2026, subject to regulatory approvals under the Hart-Scott-Rodino Act and from the Federal Energy Regulatory Commission, as well as satisfaction of other customary closing conditions.
Current report
Long Ridge’s assets include a 505 megawatt (“MW”) nameplate capacity combined-cycle gas turbine power plant in Hannibal, Ohio (currently authorized to sell 485 MW and expected to increase to the full 505 MW in the second half of 2026) and over 1,600 contiguous acres with access to water, fiber, and rail infrastructure. The facility operates within the PJM interconnection with approximately 100 million cubic feet per day of vertically integrated fuel supply and long-dated power hedge agreements, and all-in operating costs are expected to be less than $15 per MWh. The facility is adjacent to our existing Hannibal, Ohio Bitcoin mining site.
Current report
We believe the Long Ridge site is distinctly positioned to support multiple monetization pathways over time, including AI, HPC, critical IT workloads, flexible compute operations (including Bitcoin mining) and wholesale power generation into the PJM grid. The Hannibal campus has attracted interest from potential investment-grade tenants. We expect to commence construction of an initial AI and critical IT build out in the first half of 2027, with initial capacity targeted to be ready for service in mid-2028.
Current report
To finance the acquisition, we entered into a commitment letter with Barclays Bank PLC (“Barclays”) pursuant to which Barclays committed to provide a 364-day senior secured bridge term loan facility in an aggregate principal amount of up to $785.0 million, which is intended to backstop the assumption of Long Ridge’s existing indebtedness. The equity purchase agreement may be terminated by either party if the acquisition has not closed by November 30, 2026 (or June 30, 2027 if certain regulatory conditions remain unsatisfied). Under certain circumstances, we may be required to pay a termination fee of $75.0 million.
Current report
•On January 21, 2026, we increased our footprint in Central Nebraska through an acquisition of a 42 MW total capacity data center adjacent to an existing site, expanding our Nebraska campus capacity by approximately 40%.
Current report
•On January 29, 2026, we secured a $150.0 million line of credit, collateralized by a portion of our bitcoin holdings. We utilized the proceeds, together with proceeds from bitcoin sales, to fully repay $350.0 million of our Previous Line of Credit.
Current report
•On February 20, 2026, we acquired a majority equity interest in Exaion SaS (“Exaion”), a subsidiary of EDF Pulse Holding, strengthening our position in high-performance computing and secure cloud and AI infrastructure.
Current report
•On February 26, 2026, we announced a strategic agreement (the “Strategic Agreement”) with Starwood Digital Ventures (“Starwood”), marking an important step toward our AI and high-performance computing (“HPC”) initiatives. Under the Strategic Agreement, we will jointly develop, finance and operate AI and HPC infrastructure on select power-rich sites within our existing portfolio.
Current report
•During the quarter, we repurchased approximately $1.0 billion of our 0.00% convertible senior notes. In connection with the repurchases, we sold approximately 15,133 bitcoin, generating proceeds of approximately $1.1 billion, used to fund the notes repurchase transactions, with the remainder of the proceeds available for general corporate purposes. Refer to Note 13 – Debt, in the notes to our Condensed Consolidated Financial Statements for further information.
Current report
•During the quarter, we committed to and initiated a restructuring plan (the “2026 Restructuring Plan”) focused on improving operational efficiency and aligning resources with our strategic objectives. As a result, we incurred restructuring costs of approximately $45.9 million.
Current report
•Subsequent to quarter end, we entered into an equity purchase agreement to acquire Long Ridge for approximately $1.5 billion. In connection with the Long Ridge equity purchase agreement, we entered into a commitment letter with Barclays to provide a senior secured bridge term loan facility for an aggregate amount of up to $785.0 million.
Current report
On January 21, 2026, we acquired an operational data center in Central Nebraska with 35 MW of operational mining capacity and a nameplate capacity of 42 MW. The acquisition increased our total operational capacity in Central Nebraska by approximately 40% to 142 MW, expanding our owned infrastructure footprint and lowering our average cost to mine by adding low-cost, immediately operational capacity adjacent to our existing Nebraska operations.
Current report
Our revenues are generally comprised of block rewards earned in bitcoin as a result of successfully solving blocks, and transaction fees earned for verifying transactions in support of the blockchain. Historically, we have held bitcoin produced from our mining operations or purchased on the open market on our Condensed Consolidated Balance Sheets and in 2025, we changed our digital asset management strategy to permit sales of bitcoin generated from operations. In 2026, we expanded the strategy to allow for sales of bitcoin held on our balance sheet. Accordingly, we may hold bitcoin for long-term investment purposes and may also sell bitcoin from time to time, as well as purchase bitcoin opportunistically, in each case subject to market conditions and our capital allocation priorities. During the three months ended March 31, 2026, we sold approximately 20,880 bitcoin as part of our strategy to fund operations, support growth opportunities and manage liquidity.
Current report
Our ability to access power at $0.04 per kilowatt hour (“kWh”) across our owned and operated sites provides the economic foundation for each of our workloads across AI, HPC, critical IT, and Bitcoin mining. We believe that owning and controlling power at this scale and cost allows us to allocate energy dynamically across workloads based on market conditions and demand, maximizing the economic return on each megawatt under our control.
Current report
The following table presents our owned and operated facility statistics:
Current report
Historically, we held the bitcoin we produced as a long-term investment and in 2025, we changed our strategy to permit sales of bitcoin generated from operations. In 2026, we expanded this strategy to allow for sales of bitcoin held on our balance sheet. Accordingly, we may hold bitcoin for long-term investment purposes and may also buy or sell bitcoin from time to time, subject to market conditions and our capital allocation priorities.
Current report
AI, HPC, Critical IT, and Inference
Current report
Growing demand for AI, HPC, critical IT, and inference workloads is creating significant opportunities for companies that own and operate digital infrastructure at scale. As one of the largest owners and operators of energized, low-cost power capacity, we are making strategic investments to extend our digital infrastructure platform, serve new categories of compute demand, and drive long-term shareholder value.
Current report
We are investing in our digital infrastructure to serve growing external demand for large-scale, power-dense compute capacity. Hyperscalers, enterprise AI customers, and cloud service providers require immediate access to energized sites with the operational expertise to support sustained, high-intensity workloads, capabilities that are central to our platform.
Current report
During the three months ended March 31, 2026, we acquired a majority interest in Exaion, a European company that develops and operates data centers and provides secure cloud and AI inference infrastructure, serving enterprise and regulated-industry customers across three primary product lines: (i) virtual desktops; (ii) data security solutions; and (iii) regulated AI inference solutions. The acquisition expands our capabilities in digital infrastructure, enhances our ability to deliver secure and scalable compute and inference solutions to customers who require data sovereignty and control, and establishes our presence in international markets where demand for private, domestically controlled AI compute is growing. For the three months ended March 31, 2026, the impact of this acquisition on our consolidated results was not material.
Current report
Additionally, as part of this expansion, we entered into a Strategic Agreement with Starwood to develop, finance and operate digital infrastructure on select power-rich sites within our existing portfolio. Under the Strategic Agreement, we will contribute certain sites to and retain up to a 50% ownership interest in a newly formed joint venture, while Starwood will lead engineering, procurement and construction activities, secure hyperscale tenancy and operate the assets. During the three months ended March 31, 2026, we advanced from announcement to execution under the Strategic Agreement. Site selection negotiations across our portfolio are ongoing, permitting and retrofit work are advancing, and we have commenced discussions with prospective hyperscale tenants. We expect to account for our interest in the joint venture under the equity method of accounting, and accordingly, our share of the joint venture's results of operations will be reflected as a single line item in our Condensed Consolidated Statements of Operations.
Current report
In April 2026, we entered into a definitive agreement to acquire Long Ridge, a vertically integrated gas and power business located in Hannibal, Ohio, built around a 505 MW combined cycle gas turbine power plant operating at approximately 91% capacity factor, co-located with our existing Bitcoin mining site. The facility is interconnected with the PJM transmission network and anchored by vertically integrated natural gas supply through associated exploration and production operations, delivering an expected all-in operating cost of approximately $15 per megawatt-hour. The combination of owned dispatchable generation, vertically integrated fuel, PJM interconnection, and co-located operational infrastructure positions Long Ridge as a premier HPC campus capable of supporting sustained, power-intensive AI workloads at scale. We have received formal indications of interest from investment-grade hyperscale tenants. The acquisition is subject to customary closing conditions and regulatory approvals.
Current report
Together, Exaion and the Starwood joint venture establish two distinct pathways on the same energy base. The Starwood joint venture is intended to support hyperscale and large-scale compute workloads, while Exaion focuses on private cloud and regulated enterprise compute. The Long Ridge acquisition, if completed, is expected to support the hyperscale pathway with owned, dispatchable generation and a low-cost power structure. These initiatives are supported by a platform organized around the workloads of: (i) AI, including training, inference, and agentic applications, (ii) critical IT load, including traditional enterprise applications, and (iii) Bitcoin mining. Each workload is supported by a common energy infrastructure layer comprising of owned and operated generation, grid-connected capacity, and behind-the-meter supply.
Current report
Our sites are designed to shift between workloads based on economics, demand, and grid conditions, maximizing utilization of our energy assets within a unified operating model, with Bitcoin mining remaining the foundation of our platform.
Current report
Revenues
Current report
Hosting services revenue decreased $0.1 million to $1.1 million for the three months ended March 31, 2026, compared to $1.2 million in the prior year period, primarily due to the expiration of hosting agreements during the quarter. As of March 31, 2026, we had no remaining customers associated with hosting services.
Current report
Third-party hosting and other energy costs for the three months ended March 31, 2026 totaled $70.0 million compared to $68.2 million in the prior year period, an increase of $1.9 million, or approximately 3%. The increase was primarily driven by higher power consumption and utilization at certain third-party hosted sites, partially offset by downtime due to winter storms at other third-party hosted sites, primarily in Texas, during the quarter.
Current report
General and administrative
Current report
General and administrative expenses were $86.9 million for the three months ended March 31, 2026, compared to $85.9 million in the prior year period. The $1.0 million, or approximately 1%, increase was primarily due to acquisition and integration costs incurred in connection with our expanding global footprint, as well as higher personnel costs to support our growing operations, partially offset by stock-based compensation expense compared to the prior year period.
Current report
Stock-based compensation expense decreased $19.8 million compared to the prior year period primarily due to the reversal of stock-based compensation expense associated with forfeitures related to our 2026 Restructuring Plan, partially offset by incremental expense related to equity awards granted under our new long-term incentive plan.
Current report
Depreciation and amortization for the three months ended March 31, 2026 totaled $191.6 million compared to $157.9 million in the prior year period. The $33.7 million, or approximately 21%, increase was primarily driven by $20.1 million of accelerated depreciation related to the reassessment of expected future use of certain mining rigs, as well as the expansion of our mining fleet and owned infrastructure.
Current report
We recognized a loss on digital assets of $714.7 million for the three months ended March 31, 2026 compared to a loss of $394.2 million in the prior year period. The $320.5 million decrease was primarily attributable to the significant decline in the price of bitcoin during the quarter.
Current report
During the first quarter of 2026, management committed to and initiated the 2026 Restructuring Plan in response to our strategic decision to reallocate resources as part of the strategic shift toward AI and critical IT. As part of the 2026 Restructuring Plan, we realigned our business operations and reduced our workforce by approximately 15%, providing combined annualized savings of $12.0 million. Restructuring costs were $45.9 million for the three months ended March 31, 2026, primarily consisting of $41.8 million related to the elimination of certain business activities and $3.9 million of employee-related separation costs. Costs related to employee separation benefits of $2.9 million were accrued as of March 31, 2026, and are expected to be paid out in the following quarter. There were no such expenses in the prior year period.
Showing the first 40 of 76 passages. Open the source sections for the rest.
Removed paragraphs (79)
Previous report
While we remain a dominant player in Bitcoin mining, we have expanded our footprint in energy generation and are investing in research and development to establish a presence in AI and adjacent markets, creating additional revenue opportunities over the long term. We believe the AI industry is shifting towards inference computing, which requires distributed, low-latency, and energy-efficient infrastructure. To support this shift, we are developing inference-dedicated sites and forging partnerships that reflect our vision. We are also exploring power management solutions, including load balancing, to provide services to the variable energy demands of AI inference workloads and international expansion opportunities. We intend to continue vertically integrating and further reduce energy costs.
Previous report
•As of September 30, 2025, we reached a new record high of 60.4 exahashes per second (“EH/s”).
Previous report
•On July 25, 2025, we issued an aggregate principal amount of $1.0 billion of 0.0% Convertible Senior Notes due 2032 (the “August 2032 Notes”) and in connection with the issuance, repurchased approximately $19.4 million principal amount of a portion of the December 2026 Notes. Refer to Note 14– Debt in the notes to our Condensed Consolidated Financial Statements, for further information.
Previous report
•We used approximately $100.0 million of proceeds from the August 2032 Notes to purchase 860 bitcoin at an average price of $116,117 per bitcoin.
Previous report
•On August 11, 2025, we announced the signing of an investment agreement to acquire a 64% ownership interest in Exaion SAS, a subsidiary of EDF Pulse Ventures, specializing in high-performance computing and secure cloud/AI infrastructure, for approximately $168.0 million, with the option to increase our ownership in the future. Subject to regulatory approvals and customary closing conditions, the acquisition is intended to expand our capabilities into AI/HPC infrastructure and enhance our ability to deliver secure, scalable cloud solutions.
Previous report
•During the quarter, we initiated a restructuring plan of our technology operations to better align resources with our strategic priorities, moving from a centralized unit to embedding technology across the business. As part of this plan, we exited our two-phase immersion cooling product line, which represented a majority of our technology operations, incurring $20.9 million in restructuring costs during the quarter.
Previous report
•We revised our bitcoin investment strategy and may opt to sell a portion of the bitcoin produced from our mining operations to fund operational costs, while continuing to hold the majority of our bitcoin for long-term investment purposes.
Previous report
Subsequent to the quarter ended September 30, 2025:
Previous report
•We deployed the first ten AI racks at our Granbury site within an air-cooled modular data center, launching our first operational hybrid AI and Bitcoin mining site.
Previous report
•On November 4, 2025, we announced our entry into a letter of intent with MPLX LP (NYSE: MPLX), a separately traded public company formed by Marathon Petroleum Corporation (NYSE: MPC), to expand our access to lower-cost natural gas and scalable power capacity to support the development of on-site power generation and compute infrastructure.
Previous report
In response to an increased demand for bitcoin, we anticipate additional mining operators entering the market and existing competitors scaling their operations, which will grow the blockchain’s network hashrate and difficulty associated with solving a new block. To maintain our competitive position, we will need to expand our hashrate accordingly and continue investing in efficient mining operations.
Previous report
Our revenues are generally comprised of block rewards earned in bitcoin as a result of successfully solving blocks, and transaction fees earned for verifying transactions in support of the blockchain. After the halving event of April 2024, the current reward for each solved block is equal to 3.125 bitcoin plus transaction fees. The impacts of halving on our results of operations and financial condition may be exacerbated by changes in the market value of bitcoin, which has historically been subject to significant volatility. For example, as of September 30, 2025, the price of a bitcoin was $114,068, compared to $63,301 as of September 30, 2024.
Previous report
Historically, we have held bitcoin produced from our mining operations or purchased on the open market on our Condensed Consolidated Balance Sheets. During the quarter, we revised our bitcoin investment strategy and may opt to sell a portion of the bitcoin produced from our mining operations to fund ongoing operating expenses. In addition, as part of our digital asset management strategy, we may, from time to time, buy or sell bitcoin to generate incremental return or manage exposure to market conditions.
Previous report
(2) In 2024, the Company scaled its mining operations through acquisitions and deployment of additional infrastructure, resulting in an increase in its share of BTC block rewards. The growth was partially mitigated by the BTC halving event.
Previous report
We continue to actively manage these costs by renegotiating contracts, evaluating alternative providers and transitioning certain hosted sites to self-owned mining sites as agreements expire. This approach is intended to enhance operational flexibility, mitigate exposure to energy price volatility and support long-term profitability as our business continues to scale.
Previous report
In July 2025, we formalized a minority interest in Two Prime LLC (“Two Prime”), an external full-service registered investment advisor, to strengthen our risk-optimized return strategies and further align with a key partner. In addition to our structured trading initiatives, we have also deployed a portion of our bitcoin holdings through lending arrangements designed to generate incremental return and, to a lesser extent, used bitcoin as collateral to borrow under lines of credit.
Previous report
In prior periods, we presented certain bitcoin yield metrics to illustrate trends in the growth of our bitcoin holdings. Beginning this quarter, these metrics are no longer presented, as management determined they are no longer meaningful given our decision to sell bitcoin from production to fund operations and our focus on the active management of our digital assets rather than passive bitcoin ownership.
Previous report
During the second quarter of 2025, we entered into a separately managed account (“SMA”) agreement with Two Prime and transferred 2,000 bitcoin. During the quarter ended September 30, 2025, the SMA incurred a net loss of approximately 101 bitcoin, or $10.9 million, primarily attributable to trading activities. As of September 30, 2025, a total of 1,903 bitcoin were held and actively managed within the SMA. The SMA is managed within defined parameters intended to generate returns while limiting downside risk, and it maintains liquidity with short-term notice.
Previous report
We generated revenues of $252.4 million for the three months ended September 30, 2025, compared to $131.6 million in the prior year period. The $120.8 million, or approximately 92%, increase in revenues was primarily driven by an increase in Bitcoin mining revenue and, to a lesser extent, other revenue, partially offset by a decrease in other digital asset mining revenue.
Previous report
Purchased energy costs for the three months ended September 30, 2025 totaled $43.1 million compared to $27.0 million in the prior year period, an increase of $16.1 million, or approximately 60%. The increase was primarily driven by the expansion of our owned mining sites and the growth in our total hashrate to 60.4 EH/s, a 64% increase from the prior year period. Purchased energy costs consist of power expenses paid to power providers for power consumed related to our owned Bitcoin mining operations and, to a lesser extent, energy generated and consumed directly by us. Despite higher overall energy costs, our Cost per Petahash per day improved from $37.0 to $31.3, or approximately 15%, in the current period. However, for the three months ended September 30, 2025, Purchased energy costs per bitcoin for our owned mining sites were $39,235 compared to $32,433 in the prior year period, primarily due to higher network difficulty resulting from an increase in global hashrate.
Previous report
Operating and maintenance costs for the three months ended September 30, 2025 were $26.3 million compared to $9.4 million in the prior year period, an increase of $16.9 million or approximately 181%, primarily due to higher shipping and warehouse expenses and increased labor costs compared to the prior year period.
Previous report
Third-party hosting and other energy costs for the three months ended September 30, 2025 totaled $75.7 million compared to $63.7 million in the prior year period, an increase of $12.0 million, or approximately 19%. These costs primarily consist of colocation services related to third-party hosted sites and energy expenses related to mining other digital assets. The increase was primarily due to the addition of energized miners and the expansion of third-party hosted facilities compared to the prior year period.
Previous report
Refer to Note 2– Summary of Significant Accounting Policies in the notes to our Condensed Consolidated Financial Statements for further information on our presentation change relating to our costs.
Previous report
General and administrative expenses
Previous report
General and administrative expenses were $85.3 million for the three months ended September 30, 2025, compared to $58.7 million in the prior year period. These expenses consist of stock-based compensation, professional and legal fees and other personnel and office expenses. The $26.6 million, or approximately 45% increase, was driven by the continued strategic expansion of our business and our pivot from asset-light to a vertically integrated model, partially offset by lower marketing-related costs in the current period. The increase reflects the scaling of our operations, higher personnel costs associated with headcount growth from approximately 130 to 228 and increased professional and administrative fees in support of our expanded footprint. Stock-based compensation expense increased by $14.3 million, primarily due to the 2025 long-term incentive plan (“LTIP”) grants, an accounting charge due to the modification to the 2024 LTIP awards at the end of 2024, and an increase in headcount. This increase was partially offset by reduced expense associated with the 2023 LTIP awards on a comparative basis.
Previous report
Depreciation and amortization for the three months ended September 30, 2025 totaled $167.3 million compared to $101.9 million in the prior year period. The $65.5 million, or approximately 64%, increase was primarily due to the deployment of additional mining rigs and an overall increased scale of business.
Previous report
We recognized a gain on digital assets of $234.2 million for the three months ended September 30, 2025 compared to a gain of $30.1 million in the prior year period. The $204.2 million increase was primarily attributable to the rise in the price of bitcoin and increase in our bitcoin holdings compared to the prior year period.
Previous report
Early termination expenses
Previous report
Early termination expenses of $5.0 million for the three months ended September 30, 2025 were related to the termination of a management agreement at one of our owned mining facilities, which subsequently transitioned to internal management. In the prior year period, early termination expenses of $10.3 million were related to the termination of a data center hosting agreement with a customer acquired in the GC Data Center Acquisition prior to the maturity date of such hosting agreement, net of a deposit refund.
Previous report
During the third quarter of 2025, management committed to and initiated a restructuring plan in order to support data center initiatives and sovereign AI solutions, by reallocating our technology resources. Restructuring costs incurred for the three months ended September 30, 2025 were $20.9 million, primarily consisting of asset write-off charges, contract termination expenses and facility exit costs. The majority of the restructuring plan actions were completed during the quarter. There were no such expenses in the prior year period.
Previous report
Other income (loss)
Previous report
We recognized a gain on digital assets - receivables, net of $108.9 million for the three months ended September 30, 2025, resulting from an increase in the fair value associated with our bitcoin loaned, actively managed and pledged as collateral. There were no such activities in the prior year period.
Previous report
Other of $1.1 million for the three months ended September 30, 2025 was primarily due to net losses on bitcoin trading activities, including trading within our SMA account and internal digital asset management activities, partially offset by a reduction to the allowance for credit loss resulting from an updated credit assessment and a gain on extinguishment of debt related to the December 2026 Notes in connection with the issuance of the August 2032 Notes.
Previous report
Income tax benefit (expense)
Previous report
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Previous report
(1) Includes 135 and 313 bitcoin representing our share of the equity method investee, the ADGM entity, for the nine months ended September 30, 2025 and 2024, respectively.
Previous report
The $287.4 million increase in Bitcoin mining revenue was primarily driven by a 73% increase in the average price of bitcoin mined, which contributed $285.8 million, in addition to a $1.6 million increase from bitcoin production during the nine months ended September 30, 2025.
Previous report
Hosting services was $3.5 million and $29.8 million, for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $26.3 million primarily due to planned terminations of various hosting agreements following the GC Data Center Acquisition in 2024.
Previous report
Costs and operating expenses
Previous report
Third-party hosting and other energy costs for the nine months ended September 30, 2025 totaled $212.9 million compared to $187.3 million in the prior year period, an increase of $25.6 million or approximately 14%. The increase was primarily due to the addition of energized miners and the expansion of third-party hosted facilities.
Showing the first 40 of 79 passages. Open the source sections for the rest.
Reworded paragraphs (46)
Previous wording
MARA is a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as Bitcoin mining, to monetize excess energy and optimize power management. We are focused on two key priorities: strategically growing by shifting our model toward low-cost energy with more efficient capital deployment and working to develop and deploy a full suite of solutions for data centers and edge inference, including energy management and load balancing. As of September 30, 2025, our total energy portfolio consisted of approximately 1.8 gigawatts (“GW”) of capacity with 18 data centers deployed across North America, the Middle East, Europe, and Latin America. We believe we are one of the world’s largest publicly traded Bitcoin mining companies, with the majority of our production in the United States.
Current wording
As of March 31, 2026, our total energy portfolio consists of approximately 1.9 gigawatts (“GW”) of capacity across 19 data centers in North America, the Middle East, Europe, and Latin America.
Previous wording
During the nine months ended September 30, 2025, we mined 6,788 bitcoin, a decrease of 150 bitcoin, or 2%, from the prior year period. The decrease was primarily due to the result of the April 2024 halving event, an increase in the global hashrate and network difficulty level, the temporary deployment of less efficient miners while damages at our mining site were remediated and power curtailment limitations.
Current wording
During the three months ended March 31, 2026, we mined 2,247 bitcoin, a decrease of 39 bitcoin, or 2%, from the prior year period. The decrease was primarily due to an increase in the global hashrate, resulting in higher network difficulty and fewer blocks mined, partially offset by an increase in our average operational hashrate driven by the continued fleet expansion and the energization of new mining capacity.
Previous wording
As of September 30, 2025, we owned approximately 455,000 mining rigs globally, including our share of mining rigs from our equity method investee, the ADGM entity, with an energized hashrate of approximately 60.4 EH/s. To stay competitive, we remain focused on strategically deploying additional mining rigs and scaling our operations, while managing our fleet as it ages along the obsolescence curve. In addition, we continuously evaluate strategic opportunities to support our growth strategy and seek to enhance operational efficiencies by utilizing efficient mining rigs and securing contracts with price protection clauses.
Current wording
As of March 31, 2026, we owned approximately 495,000 mining rigs globally, including our share of mining rigs from our equity method investee, the Abu Dhabi Global Markets company (the “ADGM Entity”), with an energized hashrate of approximately 72.2 exahashes per second (“EH/s”). To stay competitive, we remain focused on strategically deploying additional mining rigs and scaling our operations, while managing our fleet as it ages along the obsolescence curve. In addition, we continuously evaluate strategic opportunities to support our growth strategy and seek to enhance operational efficiencies by utilizing efficient mining rigs and securing supply contracts. During the quarter we purchased 2.4 EH of next-generation used ASIC miners, still under warranty, at below-market prices, to replace legacy machines and enhance operational efficiency. Going forward, we expect to make smaller, targeted replacements only when the economics are accretive, rather than large-scale purchases.
Previous wording
As of September 30, 2025, we held approximately 52,850 bitcoin, including 17,357 bitcoin under our digital asset management strategy, on our Condensed Consolidated Balance Sheets, with acarrying value of approximately$6.0 billion. The fair value of our bitcoin may be materially impacted as the market value of bitcoin fluctuates.
Current wording
As of March 31, 2026, we held approximately 35,303 bitcoin, including 9,995 bitcoin under our digital asset management strategy, on our Condensed Consolidated Balance Sheets, with a carrying value of approximately $2.4 billion. The fair value of our bitcoin may be materially impacted as the market value of bitcoin fluctuates. Management believes, given our recent investments, coupled with our relative position and liquidity, we are well-positioned to execute our long-term growth strategy.
Previous wording
The following table presents our bitcoin digital asset holdings (including bitcoin under our digital asset management strategy) and the fair value per bitcoin:
Current wording
The following table presents our total bitcoin holdings, including bitcoin under our digital asset management strategy, and the fair value per bitcoin:
Previous wording
Energy cost is the most significant cost driver for Bitcoin mining and represented 34.3% and 35.4%, as a percentage of our owned mining revenues for the three and nine months ended September 30, 2025, respectively. This excludes energy costs from third-party hosted sites.
Current wording
Energy cost is the most significant cost driver for Bitcoin mining and represented 52.5% and 38.3%, as a percentage of our owned mining revenues for the three months ended March 31, 2026 and 2025, respectively. This excludes energy costs from third-party hosted sites.
Previous wording
Energy cost can be highly volatile, cyclical and sensitive to geopolitical events and weather conditions or natural disasters, such as weather-related storms and earthquakes, which impact supply and demand for power regionally. All of our owned mining sites and our miners at third-party hosted sites are subject to variable prices and market rate fluctuations with respect to wholesale energy costs. Such costs are governed by various power purchase agreements, and energy prices can change hour to hour and by location. While this renders energy prices less predictable, it also gives us greater ability and flexibility to actively manage the energy we consume with a goal of increasing profitability and energy efficiency. When prices rise or supply is constrained, we may curtail our operations to avoid using power at increased rates. Although we do not receive significant compensation for curtailment, the dispatchable load of our Bitcoin mining operations helps balance the grid and provides electricity to communities when in need. The average price of direct energy we paid for our owned facilities was $0.04 per kilowatt hour (“kWh”) for both the three and nine months ended September 30, 2025.
Current wording
Energy cost can be highly volatile, cyclical and sensitive to geopolitical events and weather conditions or natural disasters, such as weather-related storms and earthquakes, which impact supply and demand for power regionally. All of our owned mining sites and our miners at third-party hosted sites are subject to variable prices and market rate fluctuations with respect to wholesale energy costs. Such costs are governed by various power purchase agreements, and energy prices can change hour to hour and by location. While this renders energy prices less predictable, it also gives us greater ability and flexibility to actively manage the energy we consume with a goal of increasing profitability and energy efficiency. When prices rise or supply is constrained, we may curtail our operations to avoid using power at increased rates. Although we do not receive significant compensation for curtailment, the dispatchable load of our Bitcoin mining operations helps balance the grid and provides electricity to communities when in need.
Previous wording
In addition to energy costs incurred at our owned mining sites, third-party hosting and other energy costs remain a significant part of our overall cost structure and are subject to similar volatility and market dynamics. For the three months ended September 30, 2025, these costs totaled $75.7 million, reflecting both the expansion of our hosted mining operations and higher variable energy pricing at third-party facilities. Our hosting arrangements typically include energy charges, as well as maintenance and management fees for colocation and operational support. Such hosting arrangements have contractual commitments extending over the next three years and minimum future payments of approximately $385.5 million.
Current wording
In addition to energy costs incurred at our owned mining sites, third-party hosting and other energy costs remain a significant part of our overall cost structure and are subject to similar volatility and market dynamics. For the three months ended March 31, 2026 and 2025, these costs totaled $70.0 million and $68.2 million, respectively, reflecting both the expansion of our hosted mining operations and higher variable energy pricing at third-party facilities. Our hosting arrangements typically include energy charges, as well as maintenance and management fees for colocation and operational support. Such hosting arrangements have contractual commitments extending over the next two years and minimum future payments of approximately $374.5 million.
Previous wording
As the second-largest corporate holder of bitcoin globally, our strategy is focused on enhancing shareholder value through disciplined, risk-managed deployment of bitcoin beyond passive holdings. We view bitcoin as a productive asset, a source of liquidity, returns, and long-term capital appreciation. By activating a portion of our holdings through lending, structured trading arrangements, and collateralized financing, we seek to generate incremental income to help fund operations, expand infrastructure, and reduce our cost of capital. Our strategy balances upside participation in bitcoin appreciation with near-term cash flow generation, while maintaining substantial liquidity to respond to market opportunities.
Current wording
As one of the largest corporate holders of bitcoin globally, our strategy is focused on enhancing shareholder value through disciplined, risk-managed deployment of bitcoin beyond passive holdings. We view bitcoin as a productive asset, a source of liquidity, returns, and long-term capital appreciation and may activate a portion of our holdings through lending, structured trading arrangements, and collateralized financing. We seek to generate incremental income to help fund operations, expand infrastructure, and reduce our cost of capital. Our strategy balances upside participation in bitcoin appreciation with near-term cash flow generation, while maintaining substantial liquidity to respond to market opportunities. These activities are intended to complement our core mining operations by providing additional sources of liquidity and income.
Previous wording
As of September 30, 2025, we held a total of 52,850 bitcoin, including 17,357 bitcoin that were loaned, actively managed or pledged as collateral. As such, approximately 33% of our total holdings were activated through our digital asset management strategy.
Current wording
As of March 31, 2026, we held a total of 35,303 bitcoin, including 9,995 bitcoin that were loaned or pledged as collateral. As such, approximately 28% of our total holdings were activated through our digital asset management strategy. During the three months ended March 31, 2026, the fair value of our bitcoin holdings decreased approximately $1.0 billion, primarily due to the significant decline in the market price of bitcoin during the quarter.
Previous wording
Our digital asset management strategy resulted in an increase in the fair value of our bitcoin holdings of approximately $343.3 million and $1.0 billion during the three and nine months ended September 30, 2025, respectively, reflecting appreciation in the market price of bitcoin. In addition, we generated interest income from our bitcoin lending activities and recognized net investment losses from our bitcoin trading activities.
Current wording
Partially offsetting this decline, we generated interest income from our bitcoin lending activities and recognized net investment income from our bitcoin trading activities for the three months ended March 31, 2026.
Previous wording
We retain the majority of our bitcoin holdings as a treasury asset, under our bitcoin investment approach, to preserve long-term exposure to fair value appreciation while also serving as an available source of liquidity. We hold our bitcoin across multiple custodial wallets to mitigate counterparty risk and avoid concentration with any single custodian.
Current wording
We retain the majority of our bitcoin holdings as a treasury asset, under our bitcoin investment approach, to preserve long-term exposure to fair value appreciation while also serving as an available source of liquidity. Consistent with this approach, we may monetize a portion of our bitcoin holdings from time to time, including through sales of bitcoin held on our balance sheet. We hold our bitcoin across multiple custodial wallets to mitigate counterparty risk and avoid concentration with any single custodian.
Previous wording
Beginning in late 2024, we began lending arrangements with various counterparties to generate additional returns on our bitcoin holdings. As of September 30, 2025, we had loaned out a total of 10,377 bitcoin that generated $9.6 million and $22.7 million of interest income for the three and nine months ended September 30, 2025, respectively. We assess the creditworthiness of counterparties prior to lending and reassess periodically. Loaned bitcoin is subject to recall upon short notice.
Current wording
We have lending arrangements with various counterparties to generate additional returns on our bitcoin holdings. As of March 31, 2026, we had loaned out a total of 5,742 bitcoin that generated $6.4 million of interest income for the three months ended March 31, 2026. We assess the creditworthiness of counterparties prior to lending and reassess periodically. Loaned bitcoin is generally subject to recall upon short notice.
Previous wording
In addition, our digital asset management team may, from time to time, engage in various bitcoin-denominated trades such as options, futures, swaps and spot transactions to generate additional returns on our bitcoin holdings.
Current wording
Our digital asset management strategy includes bitcoin-denominated trades such as options, futures, swaps and spot transactions to generate additional returns on our bitcoin holdings.
Previous wording
As of September 30, 2025, 5,077 bitcoin were pledged as collateral in connection with $350.0 million of outstanding borrowings under the Line of Credit bearing interest rates between 8.85% and 10.5% per annum.
Current wording
As of March 31, 2026, 4,253 bitcoin were pledged as collateral in connection with $150.0 million of outstanding borrowings under our Line of Credit bearing an interest rate of 7.0% per annum.
Previous wording
(1) Change in fair value of bitcoin for the three months ended September 30, 2025 totaled $343.3 million and includes the “Change in fair value of digital assets” of $234.2 million, excluding a loss of $0.2 million related to other digital assets, resulting in $234.4 million attributable to bitcoin, plus the “Change in fair value of digital assets - receivable, net” of $108.9 million.
Current wording
(1) Change in fair value of bitcoin for the three months ended March 31, 2026 was a loss of $1.0 billion and includes the “Change in fair value of digital assets” loss of $714.7 million, excluding a loss of $0.6 million related to other digital assets, resulting in a $714.1 million loss attributable to bitcoin, plus the “Change in fair value of digital assets - receivable, net” loss of $303.9 million. For the three months ended March 31, 2025, change in fair value of bitcoin totaled $507.7 million and includes the “Change in fair value of digital assets” loss of $394.2 million, excluding a loss of $2.5 million related to other digital assets, resulting in a $391.7 million loss attributable to bitcoin, plus the “Change in fair value of digital assets - receivable, net” loss of $116.1 million.
Previous wording
(2) Interest income differs from the amount reported as “Interest income” on the Condensed Consolidated Statements of Operations, as it excludes $8.1 million of interest earned on cash and cash equivalents for the three months ended September 30, 2025.
Current wording
(2) Interest income differs from the amount reported as “Interest income” on the Condensed Consolidated Statements of Operations, as it excludes $4.2 million and $5.7 million of interest earned on cash and cash equivalents for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
(3) Investment loss, net is associated with the return from the SMA agreement and various bitcoin-denominated trades and is reported in “Other” on the Condensed Consolidated Statements of Operations.
Current wording
(3) Investment income (loss), net is associated with the return from various bitcoin-denominated internal trades and is reported in “Other” on the Condensed Consolidated Statements of Operations.
Previous wording
(1) Includes 29 and 46 bitcoin representing our share of the equity method investee, the ADGM entity, for the three months ended September 30, 2025 and 2024, respectively.
Current wording
(1) Includes 47 and 60 bitcoin representing our share of the equity method investee, the ADGM Entity, for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
We generated revenues of $704.8 million for the nine months ended September 30, 2025, compared to $442.0 million in the prior year period. The $262.8 million, or approximately 59%, increase in revenues was primarily driven by an increase in Bitcoin mining revenue and, to a lesser extent, other revenue, partially offset by a decrease in hosting services and other digital assets mining revenue.
Current wording
We generated revenues of $174.6 million for the three months ended March 31, 2026, compared to $213.9 million in the prior year period. The $39.3 million, or approximately 18%, decrease in revenues was primarily driven by a decrease in Bitcoin mining revenue and, to a lesser extent, other digital assets mining revenue, hosting revenue and other revenue, which for the three months ended March 31, 2026, includes revenues from Exaion.
Previous wording
The $118.9 million increase in Bitcoin mining revenue was primarily driven by an 88% increase in the average price of bitcoin mined, which contributed $113.3 million, in addition to a $5.5 million increase from bitcoin production during the three months ended September 30, 2025.
Current wording
The $35.6 million decrease in Bitcoin mining revenue was primarily driven by an 18% decrease in the average price of bitcoin mined, which contributed approximately $33.1 million to the decrease, with the remaining $2.5 million attributable to a decrease in bitcoin production during the three months ended March 31, 2026.
Previous wording
(1) Purchased energy costs per BTC is calculated as the amounts paid to power providers for power consumed divided by the quantity of bitcoin produced during the period related to our owned mining operations. In addition to the impact of the April 2024 halving event, purchased energy costs increased due to broad-based increases in energy costs.
Current wording
(2) “Purchased energy costs per BTC” is calculated as the amounts paid to power providers for power consumed divided by the quantity of bitcoin produced during the period related to our owned mining operations.
Previous wording
Purchased energy costs for the nine months ended September 30, 2025 totaled $128.3 million compared to $59.2 million in the prior year period, an increase of $69.1 million or approximately 117%. The increase was primarily driven by the expansion of our owned mining sites through acquisitions, higher overall energy consumption and the growth in our total hashrate to 60.4 EH/s. Our Cost per Petahash per day improved from $37.7 to $29.5, or approximately 22%, compared to the prior year period. Purchased energy costs per bitcoin for our owned mining sites were $36,118 compared to $27,633 in the prior year period, primarily due to higher network difficulty resulting from an increase in global hashrate and the April 2024 halving event.
Current wording
Purchased energy costs for the three months ended March 31, 2026 were $44.7 million, compared to $43.5 million in the prior year period, an increase of $1.3 million, or approximately 3%. The increase was primarily driven by the expansion of our owned mining sites through acquisitions and the growth in our total hashrate to 72.2 EH/s, partially offset by lower energy consumption at certain existing sites in Texas and Ohio, due to weather-related downtime. Cost per Petahash per day improved approximately 3%, from $28.5 to $27.6, compared to the prior year period. Purchased energy costs per bitcoin for our owned mining sites increased to $40,047, compared to $35,728 in the prior year period, primarily due to higher network difficulty driven by growth in global hashrate that resulted in an 8% decline in bitcoin production at our owned mining sites compared to the prior year period.
Previous wording
Operating and maintenance costs for the nine months ended September 30, 2025 were $68.5 million compared to $40.8 million in the prior year period, an increase of $27.7 million or approximately 68%. The increase in operating and maintenance costs was primarily due to an increase in shipping and warehouse fees, site repair and maintenance and labor costs associated with our mining operations compared to the prior year period.
Current wording
Operating and maintenance costs for the three months ended March 31, 2026 were $30.6 million compared to $19.8 million in the prior year period, an increase of $10.8 million or approximately 55%. The increase in operating and maintenance costs was primarily due to higher site and miner repair and maintenance costs associated with the expansion of our mining fleet, timing of repairs and increased labor costs to support a larger operational footprint.
Previous wording
We recognized a loss on the change in fair value of derivative instrument of $4.4 million for the three months ended September 30, 2025 compared to a loss of $58.2 million in the prior year period. The change primarily relates to the remeasurement of the commodity swap contract acquired in the GC Data Center Acquisition, which meets the definition of a derivative instrument and is remeasured at fair value at the end of each reporting period. Changes in fair value were primarily driven by fluctuations in electricity forward curve prices during the respective periods.
Current wording
We recognized a loss on the change in fair value of derivative instrument of $41.0 million for the three months ended March 31, 2026 compared to a gain of $26.8 million in the prior year period. The change primarily relates to the remeasurement of the commodity swap contract acquired in the GC Data Center Acquisition, which meets the definition of a derivative instrument and is remeasured at fair value at the end of each reporting period. Changes in fair value were primarily driven by movements in electricity forward curve prices during the respective periods and the amendment of the commodity swap during the year, lowering the fixed electricity price.
Previous wording
Taxes other than on income were $2.4 million for the three months ended September 30, 2025 compared to $2.0 million in the prior year period. Taxes other than on income consist primarily of property, sales and use taxes.
Current wording
Taxes other than on income were $2.4 million for the three months ended March 31, 2026 compared to $3.1 million in the prior year period. Taxes other than on income consist primarily of property, sales and use taxes.
Previous wording
Research and development expenses were $8.7 million for the three months ended September 30, 2025 compared to $2.8 million in the prior year period. The $5.9 million, or approximately 210% increase, was primarily due to ongoing innovation initiatives and development activities to support our strategic expansion, following the reallocation of resources related to our restructuring plan.
Current wording
Research and development expenses were $8.2 million for the three months ended March 31, 2026 compared to $9.3 million in the prior year period. The $1.1 million, or approximately 11% decrease, was primarily due to reduced spending following the exit of certain technology initiatives in the prior year period as part of our previously disclosed restructuring plan, partially offset by continued initiatives and development activities to support our strategic expansion.
Previous wording
During the three months ended September 30, 2025, we recorded our share of net loss for our 20% interest in the ADGM Entity of $1.7 million, compared to a loss of $2.1 million in the prior year period. Our share of the ADGM Entity’s operating results included earnings from the production of 29 bitcoin and approximately $3.2 million of depreciation and amortization during the three months ended September 30, 2025, while in the prior year period, our share of the ADGM Entity’s operating results included earnings from production of 46 bitcoin and approximately $3.1 million of depreciation and amortization.
Current wording
During the three months ended March 31, 2026, we recorded our share of net loss for our 20% interest in the ADGM Entity of $2.2 million, compared to a loss of nearly zero in the prior year period. Our share of the ADGM Entity’s operating results included earnings from the production of 47 bitcoin and approximately $3.2 million of depreciation and amortization during the three months ended March 31, 2026, while in the prior year period, our share of the ADGM Entity’s operating results included earnings from production of 60 bitcoin and approximately $3.1 million of depreciation and amortization.
Previous wording
Interest income increased by $13.8 million compared to the prior year period, primarily due to interest income earned on loaned bitcoin under our digital asset management strategy and a higher average balance of cash and cash equivalents. Interest expense increased for the three months ended September 30, 2025 by $10.4 million, primarily due to the interest expense associated with the interest bearing Convertible Notes and the Line of Credit.
Current wording
Interest income decreased by $1.5 million compared to the prior year period, primarily due to the decrease in interest income earned from our cash and cash equivalent balance, partially offset by the interest income earned on loaned bitcoin under our digital asset management strategy. Interest expense increased for the three months ended March 31, 2026 primarily due to the interest incurred on our interest bearing Convertible Notes and the Line of Credit.
Previous wording
We recorded income tax expense of $37.7 million for the three months ended September 30, 2025 compared to an income tax benefit of $49.2 million in the prior year period. The $37.7 million income tax expense primarily reflects changes in pretax book income and loss during the periods, driven largely by fair value adjustments related to digital assets.
Current wording
For the three months ended March 31, 2026, we recorded income tax benefit of $30.9 million, compared to an income tax benefit of $119.2 million in the prior year period. The $30.9 million income tax benefit primarily reflects changes in pretax book income and loss during the periods, driven largely by fair value adjustments related to digital assets.
Previous wording
We define Adjusted EBITDA as (a) GAAP net income (loss) attributable to common stockholders plus (b) adjustments to add back the impacts of (1) interest, (2) income taxes, (3) depreciation and amortization and (4) adjustments for non-cash and/or non-recurring items, which currently include (i) stock-based compensation expense, (ii) change in fair value of derivative instrument, (iii) impairment of assets, (iv) restructuring costs, (v) acquisition and integration costs, (vi) net gain from extinguishment of debt, (vii) net gain/loss on investments and (viii) early termination expenses.
Current wording
We define Adjusted EBITDA as (a) GAAP net loss attributable to common stockholders plus (b) adjustments to add back the impacts of (1) interest, (2) income taxes, (3) depreciation and amortization and (4) adjustments for non-cash and/or non-recurring items, which currently include (i) stock-based compensation expense, (ii) change in fair value of derivative instrument, (iii) restructuring costs, (iv) acquisition and integration costs, (v) net gain from extinguishment of debt and (vi) net gain/loss on investments.
Previous wording
The following table provides a reconciliation of GAAP net income (loss) to Adjusted EBITDA:
Current wording
The following table provides a reconciliation of GAAP net loss attributable to common stockholders to Adjusted EBITDA:
Previous wording
(1) Includes approximately $3.2 million and $3.1 million of depreciation and amortization for the three months ended September 30, 2025 and 2024, respectively, and approximately $9.5 million and $9.2 million of depreciation and amortization for the nine months ended September 30, 2025 and 2024, respectively, representing our share in the results of our equity method investee, the ADGM entity, reported in “Equity in net earnings of unconsolidated affiliate” on the Condensed Consolidated Statements of Operations. Additionally, for the three and nine months ended September 30, 2024, depreciation and amortization includes approximately $0.5 million and $1.4 million, respectively, of amortization that was previously classified within “General and administrative” on the Condensed Consolidated Statements of Operations.
Current wording
(1) Includes approximately $3.2 million and $3.1 million of depreciation and amortization for the three months ended March 31, 2026 and 2025, respectively, representing our share in the results of our equity method investee, the ADGM Entity, reported in “Equity in net earnings of unconsolidated affiliate” on the Condensed Consolidated Statements of Operations.
Previous wording
(2) Acquisition and integration costs are reported in “General and administrative” on the Condensed Consolidated Statements of Operations.
Current wording
(3)Acquisition and integration costs are reported in “General and administrative” on the Condensed Consolidated Statements of Operations.
Previous wording
(3) Net gain from extinguishment of debt and net (gain) loss on investments are reported in “Other” on the Condensed Consolidated Statements of Operations. Refer to Note 8– Investments and Note 14–Debt in the notes to our Condensed Consolidated Financial Statements for further information.
Current wording
(4) Net gain on investments is reported in “Other” on the Condensed Consolidated Statements of Operations. Refer to Note 7– Investments in the notes to our Condensed Consolidated Financial Statements for further information.
Previous wording
(4) Excludes interest income earned from our bitcoin lending activities of $9.6 million and $22.7 million for the three and nine months ended September 30, 2025, respectively.
Current wording
(5) Excludes interest income earned from our bitcoin lending activities of $6.4 million and $6.3 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
The following table presents a summary of our cash flow activity for the nine months ended September 30, 2025 and 2024:
Current wording
The following table presents a summary of our cash flow activity for the three months ended March 31, 2026 and 2025:
Previous wording
Cash flows for the nine months ended September 30, 2025: Cash, cash equivalents and restricted cash totaled $838.4 million at September 30, 2025, an increase of $434.6 million from December 31, 2024.
Current wording
For the three months ended March 31, 2026, cash, cash equivalents and restricted cash totaled $525.7 million at March 31, 2026, a decrease of $33.5 million from December 31, 2025.
Previous wording
Cash flows from operating activities resulted in a use of funds of $578.0 million, as net income, adjusted for non-cash and non-operating items, in the amount of $122.0 million was offset by the use of cash of $700.0 million from changes in operating assets and liabilities. When we produce and hold bitcoin on our Condensed Consolidated Balance Sheets, we exclude such bitcoin from our operating cash flows. If we monetize bitcoin in the future, those proceeds are reported as cash flows from investing activities. Changes in cash flows from operating assets and liabilities were primarily driven by a use of funds associated with revenues from operations of $698.3 million.
Current wording
Bitcoin produced and held on our Condensed Consolidated Balance Sheets is excluded from our cash flows from operating activities. If we monetize bitcoin in the future, those proceeds would be reported as cash flows from investing activities.
Previous wording
Cash flows from financing activities provided $1.6 billion, primarily from the periodic issuance of common stock under our 2024 and 2025 ATM programs totaling $571.9 million, the issuance of $1.0 billion of the August 2032 Notes, net of issuance costs, and securing an additional $150.0 million line of credit established and fully utilized as of September 30, 2025. The source of funds were partially offset by $39.8 million of capped call transactions associated with the August 2032 Notes and the repayment of $18.3 million of the December 2026 Notes.
Current wording
Cash flows from financing activities used $1.1 billion, primarily from a partial repayment of our March 2030 and June 2031 Notes of $912.8 million and the repayment of our Previous Line of Credit of $350.0 million. For the three months ended March 31, 2026, financing activities were partially offset by securing an additional $150.0 million line of credit established and fully utilized as of March 31, 2026.
Showing the first 40 of 46 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net gain from extinguishment of debt
Rearranged previous paragraphs (13)
Previous report — wording carried elsewhere
Management believes, given our recent investments, coupled with our relative position and liquidity, we are well-positioned to execute on our long-term growth strategy.
Previous report — wording carried elsewhere
(1) Change in fair value of bitcoin for the nine months ended September 30, 2025 totaled $1.0 billion and includes the “Change in fair value of digital assets” of $686.1 million, excluding a loss of $1.6 million related to other digital assets, resulting in $687.7 million attributable to bitcoin, plus the “Change in fair value of digital assets - receivable, net” of $339.3 million.
Previous report — wording carried elsewhere
(2) Interest income differs from the amount reported as “Interest income” on the Condensed Consolidated Statements of Operations, as it excludes $16.6 million of interest earned on cash and cash equivalents for the nine months ended September 30, 2025.
Previous report — wording carried elsewhere
(3) Investment loss, net is associated with the return from the SMA agreement and various bitcoin-denominated trades and is reported in “Other” on the Condensed Consolidated Statements of Operations.
Previous report — wording carried elsewhere
Purchased energy, Operating and maintenance and Third-party hosting and other energy costs
Previous report — wording carried elsewhere
Change in fair value of digital assets
Previous report — wording carried elsewhere
Change in fair value of derivative instrument
Previous report — wording carried elsewhere
We recognized a gain on the change in fair value of derivative instrument of $42.7 million for the nine months ended September 30, 2025 compared to a loss of $35.2 million in the prior year period, primarily due to movements in electricity forward curve prices during the respective periods and the amendment of the commodity swap contract in the second quarter of 2025, lowering the fixed electricity price.
Previous report — wording carried elsewhere
Change in fair value of digital assets - receivable, net
Previous report — wording carried elsewhere
Equity in net earnings of unconsolidated affiliate
Previous report — wording carried elsewhere
During the nine months ended September 30, 2025, we recorded our share of net loss for our 20% interest in the ADGM Entity of $2.6 million, compared to a loss of $0.8 million in the prior year period. Our share of the ADGM Entity’s operating results included earnings from the production of 135 bitcoin and approximately $9.5 million of depreciation and amortization during the nine months ended September 30, 2025, while in the prior year period, our share of the ADGM Entity’s operating results included earnings from production of 313 bitcoin, a $4.1 million impairment of property and equipment and approximately $9.2 million of depreciation and amortization.
Previous report — wording carried elsewhere
Interest income, Interest expense and Other
Previous report — wording carried elsewhere
We recorded income tax expense of $127.0 million for the nine months ended September 30, 2025 compared to an income tax benefit of $42.8 million in the prior year period. The $127.0 million income tax expense primarily reflects changes in pretax book income and loss during the periods, driven largely by fair value adjustments related to digital assets.