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Ken GriffinReduced
Citadel Advisors · Q2 2026
$462.11K
33.27K shares · 0.0% of portfolio
MARA Holdings, Inc.
MARA Holdings, Inc. (MARA) is listed on NASDAQ and classified in Capital Markets, part of the Financial Services sector. It is headquartered in Hallandale Beach, United States and has 266 employees. The company is worth $2.8B. Revenue was $907.09M in fiscal 2025, up 38.2% from the year before. It reported a net loss of $1.31B. The share price is 64.6% below its 52-week high of $20.47. 5 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Two Sigma (Two Sigma Investments), at $35.68M. In that quarter, 4 of them opened or added to the position and 1 reduced it. Over the last 30 days, company insiders sold $434.69K of its stock on the open market and bought none. All of those sales were scheduled in advance under 10b5-1 plans.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -85.3% over 5Y.
today you would have $144.14▼ -85.6%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 14 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $8.98 | $16.77 | $23.49 | $3.42 | $32.86 | $10.44 | $0.88 | $1.44 | $16.40 | $27.52 | $25.60 | $134.72 | $50.40 | $104.00 | |
| P/E | — | — | 9.8x | 22.2x | — | — |
P/E and P/B say nothing about a company like this: many have no operating profit, and what shows up on the earnings line is the revaluation of their own bitcoin. The question that remains is whether buying the stock is cheaper or dearer than buying the crypto directly.
Enterprise value — market cap plus net debt plus preferred stock — is 66% above the crypto the company holds. The market pays that much more than the coins are worth: for the management, the access, or the expectation that it keeps buying.
Market cap ÷ crypto, ignoring debt and preferred stock. It is the number most trackers show — and it flatters leveraged companies, because creditors and preferred holders rank ahead of common shareholders on the same coins. The gap between the two is what common shareholders do not own.
The amount of BTC on the Jun 30, 2026 balance sheet, at today’s coin price. That filing said $2.09B — the amount has not changed since, but what it is worth has.
Market cap plus net debt plus preferred stock, at the Oct 23, 2026 price: what it costs to buy the whole company today.
Both lines move every day. The company side is the day’s share price times the share count from the last filing; the crypto side is the amount of BTC implied by that same filing, marked at the day’s coin price. The amount only changes when the company buys or sells — which is quarterly — but what it is worth changes daily, and that movement is what the ratio measures. The amount is re-derived at every filing, so the line passes exactly through each reported figure: a purchase the company made without announcing shows up as the step at the next filing, and does not accumulate as error.
The crypto side is marked to market: the amount from the last filing, at today’s coin price. It assumes the company has not bought or sold since — when it has, the next filing corrects it, and that correction is the step you see in the chart. Filed figures, not independently verified holdings.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| BANCBANC of California Inc | $17.74 | — | 1.0x | 2.71% | -0.66% | $2.81B |
| BOHBank of Hawaii Corp | $70.26 | 13.1x | 1.8x | 3.99% | 13.02% | $2.77B |
| SKWDSkyward Specialty Insurance Group, Inc. | $62.16 | 14.2x | 2.2x | 0.00% | 17.34% | $2.76B |
| NBTBNbt Bancorp Inc |
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| P/S | 7.6x | 3.8x | 8.8x | 17.1x | 4.9x | 21.3x | 236.8x | 6.3x | 5.9x | 152.5x | 0.9x | 1.3x | 5.5x | 10.1x | 62.9x |
| P/B | 3.1x | 1.0x | 1.4x | 4.1x | 1.5x | 5.0x | 3.3x | 2.0x | 3.1x | 10.7x | — | 1.9x | 4.8x | 2.8x | 11.6x |
| EPS | -$3.69 | $1.72 | $1.06 | -$6.12 | -$0.30 | -$0.13 | -$0.53 | -$2.41 | -$19.20 | -$30.24 | -$19.04 | -$4.32 | — | — |
| Profit margin | -122.76% | -144.58% | 82.46% | 67.40% | -589.39% | -18.73% | -239.80% | -296.74% | -820.18% | -6030.07% | -78.26% | -89.26% | -14.73% | -100.94% | -956.76% |
| ROE | -37.78% | -37.78% | 13.11% | 16.16% | -179.83% | -4.37% | -3.35% | -96.42% | -438.72% | -424.11% | — | -133.64% | -13.00% | -28.33% | -175.85% |
Median of the years shown; P/E years above 200x are left out.
| $52.79 |
| 12.6x |
| 1.4x |
| 3.03% |
| 11.42% |
| $2.74B |
| SIISprott Inc | $106.23 | 26.0x | 7.0x | 1.51% | 27.29% | $2.73B |
| IONDIonic Digital Inc. | $64.03 | — | 4.7x | 0.00% | — | $2.88B |