Key Points
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Mara Holdings owns over 52,850 Bitcoins worth $6.59 billion, representing 86% of the company’s total market value.
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The company formerly known as Marathon Digital Holdings has evolved beyond pure Bitcoin mining into data centers and energy production, potentially creating multiple revenue streams.
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Rather than replacing Bitcoin in your portfolio, Mara works best as a complementary position for broader crypto exposure.
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While everyone’s obsessing over Bitcoin’s price reaching $125,000, savvy investors might want to look at Mara Holdings(NASDAQ: MARAa) instead. This isn’t about being anti-Bitcoin — it’s about seeking stronger rewards with a modest cushion against the risks. Because sometimes the best way to ride a wave on Wall Street isn’t to jump in the East River, but to own the ferry company.
Mara Holdings is more than just a Bitcoin miner nowadays
You may know Mara Holdings as Marathon Digital Holdings — the laser-focused Bitcoin mining company of yesteryear. The new name distanced this company from other businesses with “Marathon” in their names, especially the massive energy company Marathon Petroleum. That particular namesake was especially troublesome, as Mara sought to split its business between crypto mining, data center operations, and energy production.
“We are more than a bitcoin treasury company,” Mara announced in its July 2025 second-quarter report. The company made heavy investments in data center infrastructure and energy generation equipment in 2024, opening the door to a brand-new business model.
By integrating power production with (extremely power-hungry) Bitcoin mining operations, Mara is cutting costs and fine-tuning its control over mining operations. Notably, Mara has invested significantly more in its mining infrastructure than large-scale peers like Riot Platforms and Cleanspark. Furthermore, the company is eyeing international expansion, aiming to generate about half of its revenues from overseas by 2028.
As of now, the majority of Mara’s revenue still comes from Bitcoin mining. However, the company also resells surplus energy whenever feasible, as demonstrated during the Texas heatwaves of summer 2024. Looking ahead, Mara is inviting enterprise-class computing giants to run artificial intelligence (AI) workloads in its energy-efficient data centers.
However, it’s essential to remember that Mara remains a committed Bitcoin miner. With over 52,850 Bitcoins on its balance sheet, the digital currency cache holds a value of $6.59 billion at the $124,600 Bitcoin price as of October 6. This represents a staggering 86% of the company’s total market value. Additionally, Mara continues to invest in more Bitcoin mining equipment, which has enhanced its computing power by 82% over the past year.
The original crypto is still the king of the hill
In contrast, Bitcoin is simply Bitcoin.
It stands as the oldest and most valuable digital currency globally, boasting a market capitalization of $2.48 trillion. Designed to hold and transfer monetary value securely and independently, only 21 million Bitcoins will ever exist, with approximately 94.9% already in circulation.
While the crypto market can shift dramatically at any moment, Bitcoin has maintained its status as the market leader and is likely to retain that position for years to come. Although many skeptics argue that the world is losing interest in digital currency or that another asset could serve Bitcoin’s role better, these criticisms have not yet proved valid.
Thus, Bitcoin-related assets remain a sensible option in diversified long-term portfolios. Personally, around 7% of my portfolio is in Bitcoin or closely linked stocks, including a modest position in Mara.
Image source: Getty Images.
Should you actually forget Bitcoin for Mara, then?
My personal strategy involves investing on both sides, but the portion dedicated to Mara is a small part of my Bitcoin exposure. This balance seems prudent in today’s market.
Indeed, Mara’s diversification efforts could offer more stability in the long run, while its primary crypto-mining ventures may yield greater shareholder returns than merely holding Bitcoin. However, keep in mind that Mara is still in the early stages of diversification, and its projects could falter during a crypto winter.
I’m not suggesting you abandon Bitcoin altogether to pour your digital assets into Mara shares, but it certainly could make a wise addition to a broader crypto portfolio. Patience is a virtue, especially in the world of investing.
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Anders Bylund has positions in Bitcoin and Mara. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.
