v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 513,653 $ 547,132
Restricted cash 12,000 12,000
Digital assets, current portion 1,903 2,391
Other receivables 25,642 18,540
Deposits 15,648 19,537
Derivative instrument, current portion 1,262 20,340
Prepaid expenses and other current assets 41,000 44,328
Total current assets 611,108 664,268
Other assets:    
Digital assets, net of current portion 1,726,995 3,369,245
Digital assets - receivable, net 680,521 1,336,868
Property and equipment, net 1,406,132 1,490,635
Advances to vendors 292 7,651
Investments 131,827 133,814
Long-term deposits 214,522 219,098
Long-term prepaids 3,029 3,029
Operating lease right-of-use assets 34,221 32,324
Derivative instrument, net of current portion 7,012 28,979
Goodwill 90,487 0
Intangible assets, net 43,123 988
Total long-term assets 4,338,161 6,622,631
TOTAL ASSETS 4,949,269 7,286,899
Current liabilities:    
Accounts payable 7,843 12,546
Accrued expenses 105,033 86,985
Notes payable, current portion 47,908 47,845
Line of credit, current portion 150,000 350,000
Operating lease liabilities, current portion 2,617 1,722
Finance lease liability, current portion 173 173
Other current liabilities 17,892 22,604
Total current liabilities 331,466 521,875
Long-term liabilities:    
Notes payable, net of current portion 2,218,261 3,202,082
Operating lease liabilities, net of current portion 41,184 39,714
Finance lease liability, net of current portion 3,817 3,817
Deferred tax liabilities 8,624 29,857
Other long-term liabilities 12,676 12,464
Total long-term liabilities 2,284,562 3,287,934
Commitments and Contingencies (Note 15)
Redeemable Noncontrolling Interest 85,018 0
Equity:    
Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at March 31, 2026 and December 31, 2025 0 0
Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 380,873,087 shares and 379,464,892 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 38 37
Additional paid-in capital 4,833,967 4,809,550
Accumulated other comprehensive loss (4,544) 0
Accumulated deficit (2,597,486) (1,337,867)
Total stockholders’ equity attributable to MARA 2,231,975 3,471,720
Noncontrolling interests 16,248 5,370
Total equity 2,248,223 3,477,090
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY $ 4,949,269 $ 7,286,899