v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 946,545 $ 547,132
Restricted cash 12,000 12,000
Digital assets, current portion 1,848 2,391
Other receivables 29,473 18,540
Deposits 38,852 19,537
Derivative instrument, current portion 0 20,340
Prepaid expenses and other current assets 43,999 44,328
Total current assets 1,072,717 664,268
Other assets:    
Digital assets, net of current portion 1,232,646 3,369,245
Digital assets - receivable, net 1,603,215 1,336,868
Property and equipment, net 1,122,646 1,490,635
Advances to vendors 27,871 7,651
Investments 149,912 133,814
Long-term deposits 290,575 219,098
Long-term prepaids 3,594 3,029
Operating lease right-of-use assets 45,671 32,324
Derivative instrument, net of current portion 0 28,979
Goodwill 88,890 0
Intangible assets, net 38,782 988
Total long-term assets 4,603,802 6,622,631
TOTAL ASSETS 5,676,519 7,286,899
Current liabilities:    
Accounts payable 14,788 12,546
Accrued expenses 79,809 86,985
Derivative instrument, current portion 9,168 0
Long-term debt, current portion 335,671 397,845
Operating lease liabilities, current portion 4,352 1,722
Finance lease liability, current portion 178 173
Other current liabilities 20,108 22,604
Total current liabilities 464,074 521,875
Long-term liabilities:    
Long-term debt, net of current portion 2,683,661 3,202,082
Derivative instrument, net of current portion 3,279 0
Operating lease liabilities, net of current portion 52,032 39,714
Finance lease liability, net of current portion 3,928 3,817
Deferred tax liabilities 5,888 29,857
Other long-term liabilities 13,119 12,464
Total long-term liabilities 2,761,907 3,287,934
Commitments and Contingencies (Note 15)
Redeemable noncontrolling interest 80,380 0
Equity:    
Preferred stock, par value $0.0001 per share, 50,000,000 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025 0 0
Common stock, par value $0.0001 per share, 800,000,000 shares authorized; 386,875,197 shares and 379,464,892 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 38 37
Additional paid-in capital 4,934,151 4,809,550
Accumulated other comprehensive loss (6,400) 0
Accumulated deficit (2,573,478) (1,337,867)
Total stockholders’ equity attributable to MARA 2,354,311 3,471,720
Noncontrolling interests 15,847 5,370
Total equity 2,370,158 3,477,090
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY $ 5,676,519 $ 7,286,899

Source

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