Key Highlights

  • MARA shares are trading 0.27% higher at $7.11 on Wednesday, October 28, 2026.
  • Short-interest data for the settlement date of October 15, 2026 shows 111,935,490 shares sold short, up from 100,753,792 on September 30.
  • Days to cover were 3.18, and the position equals about 29.0% of shares outstanding (calculated).
  • Second-quarter revenue was $174.9 million, down 27%, with a net loss of $611.3 million.
  • The pending Long Ridge acquisition has a total transaction value of about $1.5 billion.

MARA Holdings Steady: Why Is a Heavily Shorted Bitcoin Miner Barely Moving?

MARA Holdings (NASDAQ:MARA) shares are trading 0.27% higher at $7.11 on Wednesday, October 28, 2026, which implies a prior close of about $7.09 (calculated). The stock is among the most shorted names on the market. No company release dated today accompanies the small move.

The company mines bitcoin and is shifting toward digital infrastructure built on power, land and compute. With 386.3 million shares outstanding as of July 30, 2026, the market value at $7.11 is about $2.75 billion (calculated).

Short Interest: What Does a 29% Short Position Imply for MARA?

Short-interest data for the settlement date of October 15, 2026 shows 111,935,490 shares sold short, an increase of 11,181,698 from 100,753,792 on September 30. Days to cover were 3.18. The position equals about 29.0% of shares outstanding (calculated), which is a share-count basis rather than a float measure.

A short position of this size means many traders are positioned for weakness, and closing shorts requires buying, so sharp moves are possible if sentiment changes. With days to cover near three, the position could unwind comparatively quickly. The data describes positioning and does not signal direction.

Long Ridge Acquisition: How Does a Power Plant Fit a Bitcoin Miner's Strategy?

On April 30, 2026, MARA agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure (NASDAQ:FIP) for a total transaction value of about $1.5 billion, including at least $785 million of assumed debt. The assets are a 505 MW gas-fired plant in Ohio and more than 1,600 acres for a digital infrastructure campus. The release cited about $144 million of annualized adjusted EBITDA, which it described as illustrative rather than a forecast.

MARA expects owned capacity to rise about 65% to roughly 2.2 GW. The deal awaits FERC approval and was expected to close in the second half of 2026.

To fund the cash portion, MARA added two bitcoin-backed credit facilities, including one with Coinbase (NASDAQ:COIN), totaling $600 million at a weighted average cost of 7.56%.

Second-Quarter Losses and Balance Sheet: How Exposed Is MARA to Bitcoin's Price?

Second-quarter revenue was $174.9 million, down 27% from $238.5 million, and the net loss was $611.3 million, or $1.60 per share, including a $343.0 million unrealized bitcoin mark-to-market loss. The company held 35,577 bitcoin at June 30, valued at about $2.1 billion, after mining 2,422 and selling 2,213 in the quarter.

Unrestricted cash was $421.3 million, against about $2.42 billion of notes payable and credit lines (calculated). Total assets fell to $4.35 billion from $7.29 billion at year-end 2025.

What to Watch Next: FERC Approval, a Year-End Lease Target and Third-Quarter Results

Management said it was confident of signing at least one lease before year-end 2026 and plans an investor day later this year. Third-quarter results are estimated for around November 11, 2026, with revenue expected near $186 million. The next short-interest update will show whether the October increase in shares sold short continued.