Filing Risk Score
100A
Regulatory filing quality and event signal from SEC disclosures
Key inputs: Recent Form 4 insider transactions · Recent Form 4 insider transactions
Bitcoin miner
MARA Holdings
$MARABitcoin miner where hashprice, power costs, production, and BTC treasury moves drive the equity story.
TechnologyBitcoin miningBitcoin mining operations
Signal summary
Sawse research signals
Scores summarize filing, market, ownership, and exposure records for research prioritization.
BTC Exposure Score
80A
Degree of Bitcoin exposure relative to entity type
Key inputs: Bitcoin mining operations
Insider Activity Signal
30E
Net insider buying/selling pattern and cluster activity
Key inputs: 6 insider transaction clusters · 18 Form 4 transactions
Event Momentum Score
100A
Directional signal from recent SEC event categorizations
Key inputs: 12 recent SEC filings · 6 fresh source updates
Quote & Trading
Delayed quote
$13.88
-$0.08 (-0.57%)
Session timestamp: Jun 5, 2026, 9:30 PM
- Range
- 1M
- Start
- $12.16
- Latest
- $13.88
- Latest date
- Jun 4, 2026
Fundamentals
Showing the latest source-confirmed income statement values. The bar scale compares magnitude within this statement only; it is not a trend line and does not indicate positive or negative quality.
3 metrics · latest period Mar 31, 2026. 2 metrics include a prior-period comparison.
Revenue
174.61M USD
Net income
-1.31B USD
Operating income
-1.06B USD
| Metric | Value | Period | Prior | Change |
|---|---|---|---|---|
| Revenue | 174.61M USD | Mar 31, 2026 | 907.09M USD | -732.48M USD (-80.8%) |
| Net income | -1.31B USD | Dec 31, 2025 | — | — |
| Operating income | -1.06B USD | Mar 31, 2026 | -1.22B USD | +162.75M USD (13.3%) |
Revenue
Mar 31, 2026
- Value
- 174.61M USD
- Change
- -732.48M USD (-80.8%)
- Prior
- 907.09M USD
Net income
Dec 31, 2025
- Value
- -1.31B USD
- Change
- —
- Prior
- —
Operating income
Mar 31, 2026
- Value
- -1.06B USD
- Change
- +162.75M USD (13.3%)
- Prior
- -1.22B USD
SEC Filings
Risk Factor Watch
24 source-confirmed changes detected
Compared 10-K 2026-03-02 with 10-K 2025-03-03.
8 Added8 Changed8 Removed
New / expanded language
We use Bitcoin mining as a flexible, energy-responsive workload to monetize excess and underutilized power and to optimize power management across our portfolio.
Our strategy is centered on the ownership and control of energy and digital infrastructure.
By expanding our ownership of sites and power infrastructure, we enhance operating control, improve margin durability, and support long-term capital efficiency.
Materially changed
We believe we are one of the largest holders of bitcoin among publicly traded companies.
The Bitcoin blockchain records bitcoin holdings and all validated transactions that have occurred on the network.
Bitcoin is not issued or backed by any government or central bank and is not linked to any fiat currency or country’s monetary policy.
8 removed risk-factor candidates
BUSINESS CORPORATE OVERVIEW MARA is a global leader in leveraging digital asset compute to support the energy transformation, with operations on four continents and 16 data centers in North America, the Middle East, Europe and Latin America.
We employ different strategies and structures (self-owned, joint ventures, and third-party hosted) to diversify risk across the organization.
Our core business is bitcoin mining, and we produce, or “mine,” bitcoin using one of the industry’s largest and most energy-efficient fleets of specialized computers while providing dispatchable compute as an optionality to the electric grid operators to balance electric demands on the grid.
We are exploring low cost energy initiatives through our owned power generation business, which focuses on disintermediating pipelines and powerlines by locating operations directly at energy sources, such as renewable energy sites and methane gas capture locations.
Source-extracted Item 1A comparison.
May 20, 2026View on SEC
May 20, 2026View on SEC
May 20, 2026View on SEC
May 18, 2026View on SEC
May 18, 2026View on SEC
Insider Activity
Form 4 context
Recent insider transaction activity
The 30, 90, and 365 day windows are measured backward from the newest Form 4 row loaded for this ticker. “Acquired” and “Disposed” are the Form 4 share-direction fields; they are not a Sawse conclusion about insider intent.
A cluster groups related Form 4 rows with the same transaction direction and code inside a weekly date window. Sawse flags a group as a cluster when it has multiple rows, multiple reporting owners, or at least 100,000 reported shares.
Loaded Form 4 rows18
90-day net activity-562,726Net disposed
90-day net value-$5.84MFrom 18 priced rows
Detected clusters6
Last 30 days
- Rows
- 8
- Acquired
- 0
- Disposed
- 253,440
- Net shares
- -253,440
- Net value
- -$3.02M
Last 90 days
- Rows
- 18
- Acquired
- 0
- Disposed
- 562,726
- Net shares
- -562,726
- Net value
- -$5.84M
Last 365 days
- Rows
- 18
- Acquired
- 0
- Disposed
- 562,726
- Net shares
- -562,726
- Net value
- -$5.84M
Cluster filter
Use clusters to inspect grouped Form 4 activity without scrolling through the full table.
Unclustered single rows remain in the table when All groups is selected.
18 transaction rows match the active filters; 12 rows are shown.
| Insider | Role | Group | Direction | Shares | Dollar value | Date |
|---|---|---|---|---|---|---|
| Nowaid Zabi | General Counsel, officer | Cluster 1 | Disposed | 8,250 | $99K | May 18, 2026 |
| Thiel Frederick G | Chief Executive Officer, director, officer | Cluster 1 | Disposed | 27,505 | $330.06K | May 18, 2026 |
| Thiel Frederick G | Chief Executive Officer, director, officer | Cluster 2 | Disposed | 27,316 | $313.04K | May 18, 2026 |
| Nowaid Zabi | General Counsel, officer | Cluster 2 | Disposed | 4,248 | $48.68K | May 18, 2026 |
| Khan Salman Hassan | Chief Financial Officer, officer | Cluster 1 | Disposed | 16,000 | $192K | May 18, 2026 |
| Nowaid Zabi | General Counsel, officer | Cluster 3 | Disposed | 23,781 | $285.13K | Apr 30, 2026 |
| Khan Salman Hassan | Chief Financial Officer, officer | Cluster 3 | Disposed | 65,456 | $784.82K | Apr 30, 2026 |
| Thiel Frederick G | Chief Executive Officer, director, officer | Cluster 3 | Disposed | 80,884 | $969.8K | Apr 30, 2026 |
| Nowaid Zabi | General Counsel, officer | Cluster 4 | Disposed | 42,090 | $505.08K | Apr 17, 2026 |
| Khan Salman Hassan | Chief Financial Officer, officer | Cluster 4 | Disposed | 16,000 | $186.88K | Apr 17, 2026 |
| Thiel Frederick G | Chief Executive Officer, director, officer | Cluster 4 | Disposed | 27,505 | $321.26K | Apr 17, 2026 |
| Khan Salman Hassan | Chief Financial Officer, officer | Cluster 5 | Disposed | 9,452 | $75.99K | Apr 1, 2026 |
Nowaid Zabi
General Counsel, officer
Cluster 1
- Direction
- Disposed
- Shares
- 8,250
- Dollar value
- $99K
- Date
- May 18, 2026
Thiel Frederick G
Chief Executive Officer, director, officer
Cluster 1
- Direction
- Disposed
- Shares
- 27,505
- Dollar value
- $330.06K
- Date
- May 18, 2026
Thiel Frederick G
Chief Executive Officer, director, officer
Cluster 2
- Direction
- Disposed
- Shares
- 27,316
- Dollar value
- $313.04K
- Date
- May 18, 2026
Nowaid Zabi
General Counsel, officer
Cluster 2
- Direction
- Disposed
- Shares
- 4,248
- Dollar value
- $48.68K
- Date
- May 18, 2026
Khan Salman Hassan
Chief Financial Officer, officer
Cluster 1
- Direction
- Disposed
- Shares
- 16,000
- Dollar value
- $192K
- Date
- May 18, 2026
Nowaid Zabi
General Counsel, officer
Cluster 3
- Direction
- Disposed
- Shares
- 23,781
- Dollar value
- $285.13K
- Date
- Apr 30, 2026
Khan Salman Hassan
Chief Financial Officer, officer
Cluster 3
- Direction
- Disposed
- Shares
- 65,456
- Dollar value
- $784.82K
- Date
- Apr 30, 2026
Thiel Frederick G
Chief Executive Officer, director, officer
Cluster 3
- Direction
- Disposed
- Shares
- 80,884
- Dollar value
- $969.8K
- Date
- Apr 30, 2026
Nowaid Zabi
General Counsel, officer
Cluster 4
- Direction
- Disposed
- Shares
- 42,090
- Dollar value
- $505.08K
- Date
- Apr 17, 2026
Khan Salman Hassan
Chief Financial Officer, officer
Cluster 4
- Direction
- Disposed
- Shares
- 16,000
- Dollar value
- $186.88K
- Date
- Apr 17, 2026
Thiel Frederick G
Chief Executive Officer, director, officer
Cluster 4
- Direction
- Disposed
- Shares
- 27,505
- Dollar value
- $321.26K
- Date
- Apr 17, 2026
Khan Salman Hassan
Chief Financial Officer, officer
Cluster 5
- Direction
- Disposed
- Shares
- 9,452
- Dollar value
- $75.99K
- Date
- Apr 1, 2026
Institutional Ownership
This is a partial 13F manager view, not a full shareholder register. Concentration percentages describe the manager positions currently loaded in this table. The shares-outstanding percentage divides each manager's reported shares by the latest public share-count record when available.
Observed 13F managers8
Loaded filings
Largest loaded manager0.0%
Of loaded 13F shares
Top 10 loaded share—
Only 8 loaded
Top 25 loaded share—
Only 8 loaded
Rows with movement7
Position or value
Source: SEC 13F filings. 13F reports can arrive up to 45 days after quarter end and do not represent every shareholder. Position change is the reported share-count change versus the prior available filing. Value change is the reported market-value change and can move even when the share count is unchanged.
| Manager | Period | Shares | % Shares out. | Value | Movement |
|---|---|---|---|---|---|
| AQR Capital Management, LLCLarge position move | Mar 2026 | 65 | 0.00% | $530K | Position+28Value+$198K |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 483 | 0.00% | $3.94M | Position+446Value+$3.61M |
| AQR Capital Management, LLCPosition and value moved | Mar 2026 | 1.3K | 0.00% | $10.59M | Position+1.26KValue+$10.26M |
| AQR Capital Management, LLCPosition and value moved | Mar 2026 | 9.59K | 0.00% | $78.23M | Position+9.55KValue+$77.9M |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 257 | 0.00% | $2.1M | Position+220Value+$1.76M |
| AQR Capital Management, LLCPosition and value moved | Mar 2026 | 420.56K | 0.11% | $3.43B | Position+420.52KValue+$3.43B |
| AQR Capital Management, LLC | Mar 2026 | 32 | 0.00% | $261K | Position-5Value-$71K |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 27 | 0.00% | $220K | Position-10Value-$112K |
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 65
- % Shares out.
- 0.00%
- Value
- $530K
- Movement
- Position+28Value+$198K
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 483
- % Shares out.
- 0.00%
- Value
- $3.94M
- Movement
- Position+446Value+$3.61M
AQR Capital Management, LLCPosition and value moved
Mar 2026
- Shares
- 1.3K
- % Shares out.
- 0.00%
- Value
- $10.59M
- Movement
- Position+1.26KValue+$10.26M
AQR Capital Management, LLCPosition and value moved
Mar 2026
- Shares
- 9.59K
- % Shares out.
- 0.00%
- Value
- $78.23M
- Movement
- Position+9.55KValue+$77.9M
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 257
- % Shares out.
- 0.00%
- Value
- $2.1M
- Movement
- Position+220Value+$1.76M
AQR Capital Management, LLCPosition and value moved
Mar 2026
- Shares
- 420.56K
- % Shares out.
- 0.11%
- Value
- $3.43B
- Movement
- Position+420.52KValue+$3.43B
AQR Capital Management, LLC
Mar 2026
- Shares
- 32
- % Shares out.
- 0.00%
- Value
- $261K
- Movement
- Position-5Value-$71K
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 27
- % Shares out.
- 0.00%
- Value
- $220K
- Movement
- Position-10Value-$112K
Crypto Context
Bitcoin mining operations
MARA crypto exposure readout
Latest filing10-Q · May 11, 2026
Filed Bitcoin value$2.41BFiling reference: Mar 31, 2026
Installed hashrate72.2 EH/s10-Q filed May 10, 2026
BTC held35.3K BTC10-Q filed May 10, 2026
MARA's crypto exposure should be read alongside its equity valuation, financing choices, dilution risk, taxes, and operating business.
Editorial Coverage
Peer Comparison
| Ticker | Category | Latest revenue | Filing Risk0-100 | BTC Exposure0-100 | Insider Signal0-100 | Event Momentum0-100 |
|---|---|---|---|---|---|---|
| $MARAMARA Holdings | Bitcoin miner | 174.61M | 100 | 80 | 30 | 100 |
| $RIOTRiot Platforms | Bitcoin miner | 167.22M | 100 | 80 | 25 | 100 |
| $CLSKCleanSpark | Bitcoin miner | 766.31M | 100 | 80 | 50 | 100 |
| $IRENIREN | Bitcoin miner | 501.02M | 100 | 80 | 50 | 100 |
| $HUTHUT | Bitcoin miner | 71.02M | 84 | 80 | 47 | 100 |
| $BITFBITF | Bitcoin miner | 36.99M | 100 | 80 | 100 | 100 |
| $WULFWULF | Bitcoin miner | 34.01M | 100 | 80 | 9 | 100 |
| $CORZCORZ | Bitcoin miner | 115.24M | 96 | 80 | 53 | 100 |
$MARAMARA Holdings
Bitcoin miner
174.61M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 30
- Event Momentum
- 100
$RIOTRiot Platforms
Bitcoin miner
167.22M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 25
- Event Momentum
- 100
$CLSKCleanSpark
Bitcoin miner
766.31M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 50
- Event Momentum
- 100
$IRENIREN
Bitcoin miner
501.02M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 50
- Event Momentum
- 100
$HUTHUT
Bitcoin miner
71.02M
- Filing Risk
- 84
- BTC Exposure
- 80
- Insider Signal
- 47
- Event Momentum
- 100
$BITFBITF
Bitcoin miner
36.99M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 100
- Event Momentum
- 100
$WULFWULF
Bitcoin miner
34.01M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 9
- Event Momentum
- 100
$CORZCORZ
Bitcoin miner
115.24M
- Filing Risk
- 96
- BTC Exposure
- 80
- Insider Signal
- 53
- Event Momentum
- 100
- Filing Risk
- Measures the intensity of SEC filing patterns.
- BTC Exposure
- Measures direct and operating exposure to bitcoin.
- Insider Signal
- Measures unusual Form 4 activity patterns.
- Event Momentum
- Measures recent material disclosure activity.
Scores run 0-100: higher means a stronger signal for that dimension, not a buy/sell rating. Market cap, YTD return, and P/E appear when quote history and share-count data are complete.