Key Takeaways
- MARA Holdings fell 14% today despite regulators approving its roughly $1.5 billion Long Ridge purchase.
- An AI data center selloff after Democrats’ midterm wins also sank chip and networking stocks.
- Long Ridge would give MARA power income that doesn’t depend on bitcoin.
- MARA still has no AI tenant, and until it signs one, its discount looks deserved.
MARA Holdings (MARA) sank 14% today. The same morning, the Federal Energy Regulatory Commission approved its roughly $1.5 billion purchase of Long Ridge Energy & Power.
AI data center stocks fell for a second day on worries that Democrats’ midterm wins will slow the AI buildout.
Long Ridge is a real step
Long Ridge adds a 505 MW gas plant and more than 1,600 acres next to MARA’s Ohio site, which MARA plans to build out for AI.
That matters because MARA makes little from mining right now. Its second-quarter revenue less energy, maintenance and hosting costs was $30.1 million. Long Ridge’s plant earned about $144 million of annualized adjusted EBITDA in the second half of 2025, on management’s figures.
Analysts expect MARA’s revenue to fall this year and again in 2028, the year of bitcoin’s next halving:
Once Long Ridge’s power sales are added in, I’d expect those later years to move up.
Chips fell even harder
Ciena (CIEN) dropped 15% with no news of its own. It fell further after optics peer Coherent reported Wednesday evening.
ASE Technology (ASX) sank 21% after Qualcomm’s light guidance Wednesday evening. United Microelectronics (UMC) fell 17% even though its October revenue rose 18.33% from a year earlier. Everpure (P) lost 16% with the storage stocks.
TIKR tracks 15 analysts on MARA Holdings. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on MARA Holdings, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See MARA Holdings’ Analyst Ratings
The discount stays until a tenant signs
MARA’s forward price/sales multiple was 3.5x on Nov. 2, well below its five-year average of 5.1x:
Today’s drop takes it lower still. But it’s cheap for a reason. MARA carried $2.47 billion of debt against $420 million of cash and short-term investments at June 30:
MARA takes on about $900 million of Long Ridge’s debt, and noteholders can ask for $924.1 million back in 2027.
MARA’s second-quarter shareholder letter said it expects at least one AI lease by year-end. Until it signs one, it’s a bitcoin miner with a lot of debt, and I’d wait for the lease before buying the dip.
Of course, MARA’s cash flow is the test when it reports on Nov. 9. A named tenant would make today’s discount look too steep.
So what is MARA Holdings stock actually worth?
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Disclaimer:
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