MARA Breaks Free from Bitcoin Correlation as it Dives into AI

The 'miners are leveraged Bitcoin' idea gained traction in 2023 when MARA Holdings returned 591% against Bitcoin's 156%, roughly 3.8x the coin.

However, this relationship did not hold up over time. In calendar year 2024, MARA fell 28.61% while Bitcoin rose 121.06%. In 2025, MARA declined by 46.45% as Bitcoin lost only 6.34%. And in the first half of 2026, MARA was up 18.82% as Bitcoin dropped 11.06%.

This is not leverage but rather a different business whose price happens to rhyme with Bitcoin some of the time.

MARA's own quarterly report shows that its revenue fell 27% year over year in Q2 2026, while its energised hashrate rose by 22%. The company's cost per petahash per day came in at $27.7 against a Q2 hashprice near $35.66.

MARA is not just a miner but also a power and datacenter equity, with the company announcing several transactions that moved it into AI and high-performance computing.