v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 421,274 $ 547,132
Restricted cash 12,000 12,000
Digital assets, current portion 2,083 2,391
Other receivables 27,488 18,540
Deposits 17,252 19,537
Derivative instrument, current portion 0 20,340
Prepaid expenses and other current assets 47,095 44,328
Total current assets 527,192 664,268
Other assets:    
Digital assets, net of current portion 1,540,574 3,369,245
Digital assets - receivable, net 540,868 1,336,868
Property and equipment, net 1,215,576 1,490,635
Advances to vendors 7,172 7,651
Investments 128,438 133,814
Long-term deposits 215,405 219,098
Long-term prepaids 1,612 3,029
Operating lease right-of-use assets 34,228 32,324
Derivative instrument, net of current portion 7,595 28,979
Goodwill 89,719 0
Intangible assets, net 40,512 988
Total long-term assets 3,821,699 6,622,631
TOTAL ASSETS 4,348,891 7,286,899
Current liabilities:    
Accounts payable 10,489 12,546
Accrued expenses 74,167 86,985
Derivative instrument, current portion 1,090 0
Notes payable, current portion 335,397 47,845
Line of credit, current portion 150,000 350,000
Operating lease liabilities, current portion 3,338 1,722
Finance lease liability, current portion 178 173
Other current liabilities 17,166 22,604
Total current liabilities 591,825 521,875
Long-term liabilities:    
Notes payable, net of current portion 1,932,352 3,202,082
Operating lease liabilities, net of current portion 40,766 39,714
Finance lease liability, net of current portion 3,928 3,817
Deferred tax liabilities 7,722 29,857
Other long-term liabilities 12,895 12,464
Total long-term liabilities 1,997,663 3,287,934
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interest 82,461 0
Equity:    
Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 381,888,004 shares and 379,464,892 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 38 37
Additional paid-in capital 4,873,182 4,809,550
Accumulated other comprehensive loss (5,492) 0
Accumulated deficit (3,207,171) (1,337,867)
Total stockholders’ equity attributable to MARA 1,660,557 3,471,720
Noncontrolling interests 16,385 5,370
Total equity 1,676,942 3,477,090
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY $ 4,348,891 $ 7,286,899