MARA Holdings Stock Jumps Friday: What's Going On?

Marathon Holdings Inc. (NASDAQ:MARA) shares are trading higher Friday morning after Clear Street reiterated its Hold rating and $10 price target following a meeting with the company’s Chief Financial Officer.

Here’s what investors need to know.

• MARA Holdings shares are powering higher. Why are MARA shares rallying?

Power Capacity Anchors the Thesis

Clear Street analyst Brian Dobson said the firm hosted CFO Salman Khan to discuss AI and high-performance computing demand, build costs Long Ridge and the company’s Bitcoin (CRYPTO: BTC) holdings. Dobson said Clear Street continues to view Marathon as a power owner first, with about 1.4 gigawatts operating today, 1.9 gigawatts of total current capacity and up to 4.8 gigawatts pending approvals.

Build Costs and Texas Delays Remain Key Risks

Among the takeaways from the conversation, Dobson said build costs appear to be at or above $12 million per megawatt. He added that the Electric Reliability Council of Texas’ batch study process is pushing some Texas energization into 2028. Bitcoin may be used to fund further HPC development, he said.

The company’s HPC business still needs a first signed lease, which Clear Street views as a potentially positive catalyst for the shares. Dobson said a first signed lease and the Long Ridge close are the next milestones the firm is watching.

MARA Stock Climbs Friday Morning

MARA Price Action: MARA Holdings shares were up 1.69% at $11.41 at the time of publication on Friday, according to Benzinga Pro data.

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