1Q26 Review: "Tokenmaxxing": Compute Demand Creates Unassailable Opportunity

Research evidence excerpt

1Q26 Review: "Tokenmaxxing": Compute Demand Creates Unassailable Opportunity

their relationship with Starwood (see our note for info on the JV), who already has Avg Daily Vol (000) 47,485

Div Yield 0.00% relationships with potential tenants, as making up for lost time from a tenant negotiations

Shares Out (mil) 379.0

standpoint. Fiscal Year End Dec

• MARA reveals rough timelines for AI/HPC tenant signings. Management stated Price Performance - 1 Year

~90% of MARA's non-hosted capacity is under consideration for AI and compute. As USD

the team pursues additional land and infrastructure opportunities, it also expects to sign 25

multiple tenant leases by the end of this year.

• MARA promoted the recent acquisition of Long Ridge (our note here) as evidence

of its ability to grow the power pipeline. Management expects the acquisition to close 15

in the 2nd half of 2026 and believes the site will be able to support tenant commitments 10

shortly thereafter.

• MARA updates pro forma debt assumptions for Long Ridge post-acquisition to ~ May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26

$900M, down from $1.1B. MARA is conducting a consent solicitation intended to waive Source: Bloomberg

a change-of-control provision on Long Ridge's $600M secured notes - allowing the notes

to remain in place along with its $115M Can-Am facility. MARA expects to issue an

additional $185M of tack-on secured notes as well ($185M + $115M + $600M = $900M).

RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION

Crypto regulation changes, bitcoin price volatility, rising energy prices, difficulty acquiring

new power assets.

COMPANY DESCRIPTION

Vertically integrated digital asset miner operating 16 data centers globally for BTC mining.

EARNINGS PER SHARE (US$) YEAR

Mar Jun Sep Dec FY FY P/E