Key Insights
- MARA stock rose 10.36% following a strong Bitcoin rally and hit an intraday high of $9.99 before closing at $9.91.
- The company shifted focus from pure mining to energy and data centers, including a 400 MW power project in West Texas.
- MARA plans to acquire Exaion, boosting its position in AI and high-performance computing beyond crypto mining operations.
MARA stock rose 10.36% on the first trading day of 2026, closing at $9.91 after touching an intraday high of $9.99. The surge came as Bitcoin led a broader cryptocurrency rally, with no specific announcement from the company. This sharp increase followed a recent dip that brought the stock to its 52-week low.
The recovery in MARA shares coincided with a resurgence in Bitcoin prices. The world’s largest cryptocurrency climbed over 1%, reaching approximately $90,000. The total crypto market capitalization increased by 0.86%, surpassing $3 trillion. This rise in digital assets significantly benefits mining firms like MARA, whose revenue is tied directly to Bitcoin’s market price.
High Volatility Amplifies Gains for Miners
As Bitcoin prices strengthen, mining companies typically experience amplified returns. While the cost structure of mining operations is largely fixed due to long-term contracts and equipment investments, revenue fluctuates with the market value of Bitcoin. This arrangement boosts profit margins during price increases but can tighten them quickly when prices fall.
Beyond its core mining operations, MARA is investing in power generation and data centers. These assets will support both cryptocurrency mining and high-performance computing. In November, the company signed a supply agreement with MPLX to secure natural gas for its facilities in West Texas, expected to offer 400 megawatts of capacity.
Strategic Acquisition Expected to Close in January
MARA is moving forward with the acquisition of Exaion, a data center operator focused on AI and high-performance computing. The transaction is anticipated to close in January 2026, broadening the company’s capabilities and diversifying its business model.
The company also expanded its Bitcoin holdings by nearly $1 billion in December. MARA’s CEO, Fred Thiel, confirmed a disciplined investment strategy involving regular monthly purchases. Investors are now awaiting the company’s Q4 earnings results, scheduled for release on February 25, 2026.
In December, MARA submitted a letter to MSCI, emphasizing its role beyond a digital asset treasury. The company highlighted its global infrastructure, which includes 1.8 gigawatts of power capacity and 18 data centers across four continents.
