MARA MARA Holdings, Inc. - Common Stock
$9.26
Price · Aug 18, 2026
Fundamentals as of Aug 6, 2026
52W Range
$7–$23
15% of range
Analyst Rating
BUY
22 analysts
Price Target
$18
+94% upside
P/E (TTM)
-2.5
ROE
-34.5%
Net Profit Margin
-144.6%
About MARA Holdings, Inc. - Common Stock Company overview from Wikipedia
MARA Holdings, Inc. is an American digital asset technology and cryptocurrency mining company headquartered in Hallandale Beach, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
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MARA Holdings, Inc. (formerly Marathon Digital Holdings and Marathon Patent Group) is an American digital asset technology and cryptocurrency mining company headquartered in Hallandale Beach, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
MARA is one of the largest publicly traded bitcoin and kaspa miners in the world, and as of August 2025 is the second-largest corporate holder of bitcoin. The company operates large-scale mining facilities in the United States and abroad, known for its purchases of bitcoin and bitcoin mining equipment and a joint venture to use 37 MW from the Hardin Generating Station Montana coal plant to power an adjacently-constructed Marathon bitcoin data center.
History
Marathon Patent Group was incorporated on February 23, 2010, as a patent holding company headquartered in Fort Lauderdale, Florida. Through its subsidiary Uniloc, the company focused on acquiring patents and pursuing litigation against technology firms.
During the 2010s, Marathon acquired patents related to encryption technology. In the late 2010s, the company shifted their focus toward cryptocurrency and blockchain technologies. By 2021, it was known for large-scale purchases of bitcoin and mining equipment, and it entered into a joint venture to power a bitcoin data center using 37 megawatts from the Hardin Generating Station, a coal-fired plant in Montana.
On March 1, 2021, the company changed its name to Marathon Digital Holdings to reflect its new business focus.
In December 2023, Marathon acquired two operational bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million, expanding its mining capacity.
On August 29, 2024, the company rebranded again, adopting the name MARA Holdings, Inc.
As of August 2025, it is one of the world's largest bitcoin and kaspa miners, and the second-largest corporate holder of bitcoin, with 50,639 BTC reported on its balance sheet.
Leadership
Its chief executive officer is Fred Thiel. Leena Jaitley, founder of MTN group is one of the largest shareholders.
Controversy
As Marathon Patent Group, the company gained a reputation as a "patent troll" due to its business model of acquiring patents with the sole purpose of suing other companies for infringement. Its subsidiary, Uniloc, was a prominent non-practicing entity that filed numerous lawsuits against well-known tech firms, leading to public criticism and a negative reputation.
In July 2024, a federal jury in California found Marathon liable for $138 million for breaching a non-circumvention agreement with investor Michael Ho. The jury concluded that Marathon used proprietary information and a bitcoin mining strategy Ho had provided in 2020, without compensating him as required under the agreement. Marathon stated that it respects the verdict but disputed the jury's findings and stated that the damages awarded have "no legal basis."
The Hardin, Montana joint venture drew regulatory and legal scrutiny after Marathon disclosed in November 2021 that it had received an SEC subpoena seeking documents related to the issuances of 6 million shares tied to the project. The company also faced multiple investor class-action lawsuits alleging misleading statements about the venture and its regulatory risks. While the lawsuits were voluntarily dismissed in October 2022, the event resulted in a significant drop in the company's stock price.
In May 2021, Marathon sparked widespread controversy within the cryptocurrency community by announcing that it would operate a "fully compliant" mining pool. The company stated that the pool would use software to filter out transactions from sanctioned entities on the U.S. Office of Foreign Assets Control (OFAC) list. This decision was met with immediate backlash from Bitcoin advocates and community members who criticized the move as a form of censorship that undermined the core, permissionless, and censorship-resistant principles of the Bitcoin network. Following the public outcry, Marathon reversed its decision in late May 2021, announcing it would no longer filter transactions.
In July 2024, Time magazine published an investigation into numerous noise and health complaints by residents of Granbury, Texas, many of whom attributed their ailments to a nearby Bitcoin mining facility owned and operated by Marathon Digital.
In November 2025, US district judge Reed O'Connor denied Marathon's request for a restraining order that sought to block Mitchell Bend, a rural area in Hood County, Texas, from voting on whether to incorporate as a city, which would allow the community to regulate a nearby Bitcoin mine owned by Marathon.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
MARA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.26
Market Cap
$3.52B
P/E (TTM)
-2.5
EPS (TTM)
$-3.69
Revenue (TTM)
$907M
Div Yield
—
ROE
-34.5%
Debt/Equity
1.1
52W Range
$7 – $23
MARA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$907M
2017-12-31
→
2025-12-31
EPS
$-3.69
2019-12-31
→
2025-12-31
Free Cash Flow
$-1.21B
2017-12-31
→
2025-12-31
Margins
-144.6%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
MARA
Peer Median
P/E (TTM)
-2.5
77.0
P/S (TTM)
3.9
4.5
P/B
1.0
9.0
EV / EBITDA
-5.4
—
Price / FCF
-2.9
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
MARA
Peer Median
Operating Margin
-135.0%
—
Net Profit Margin
-144.6%
3.2%
ROA
-18.6%
1.0%
ROE
-34.5%
1.8%
ROIC
-16.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
MARA
Peer Median
Debt / Equity
1.1
—
Current Ratio
1.3
1.4
Quick Ratio
1.0
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
MARA
Peer Median
Revenue YoY
38.2%
—
Revenue CAGR 3Y
97.5%
—
Revenue CAGR 5Y
190.9%
—
EPS YoY
62.3%
—
Net Income YoY
107.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
MARA
Peer Median
MARA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
22 analysts
- Strong Buy 4 18.2%
- Buy 10 45.5%
- Hold 7 31.8%
- Sell 1 4.5%
- Strong Sell 0 0.0%
12-Month Price Target
11 analysts · 2026-08-16
Median
$15.00
Mean
$17.99
Now
$9.26
Low
$6.00
High
$30.00
Median target
$15.00
+62.1%
Mean target
$17.99
+94.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-1.2%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.57 | $0.19 | -1.8% |
| March 31, 2026 | $-3.31 | $-2.20 | -1.1% |
| Dec. 31, 2025 | $-4.52 | $-0.13 | -4.4% |
| Sept. 30, 2025 | $0.31 | $0.45 | -0.14% |
| June 30, 2025 | $1.89 | $0.63 | 1.3% |
| March 31, 2025 | $-1.21 | $0.03 | -1.2% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MARA | $3.41B | -2.4 | 38.2% | -144.6% | -34.5% | — |
| BOX | $3.57B | 43.7 | 8.0% | 9.8% | -40.6% | 79.2% |
| QTWO | $4.53B | 90.2 | 14.1% | 6.5% | 8.3% | 54.1% |
| CCC | $4.81B | — | 11.9% | 0.16% | 0.09% | 73.5% |
| LIF | $5.09B | 36.2 | 31.8% | 30.8% | 33.0% | 77.8% |
| FRSH | $3.47B | 19.4 | 16.4% | 21.9% | 18.2% | 85.0% |
| WK | — | -183.5 | 19.8% | -3.0% | 72.7% | 78.5% |
| BRZE | — | -17.7 | 24.4% | -17.8% | -21.5% | 67.2% |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $907M | $656M | $388M | $118M | $159M | $4M | $1M | $2M | $519.6K | $37M | $19M | $21M | |
| Cost of Revenue | · | $816M | $403M | $151M | $42M | $7M | $2M | $3M | $3M | $27M | $17M | $12M | |
| Gross Profit | · | · | · | $-34M | $117M | · | · | · | · | · | · | · | |
| R&D Expense | $30M | $13M | $3M | $98.0K | · | · | · | · | · | · | · | · | |
| SG&A Expense | $350M | $254M | $84M | $57M | $174M | $6M | $465.8K | $1M | $831.0K | $840.2K | $1M | $545.5K | |
| Operating Expenses | · | $-465M | $-236M | $640M | $120M | $7M | $5M | $14M | $15M | $52M | $45M | $28M | |
| Operating Income | $-1.22B | $306M | $221M | $-674M | $-3M | $-10M | $-4M | $-12M | $-14M | $-16M | $-26M | $-6M | |
| Interest Expense | · | · | $10M | $15M | $2M | $21.0K | $51.9K | $81.5K | $1M | $3M | $4M | $543.3K | |
| Interest Income | $56M | $17M | $3M | $1M | $677.4K | $18.3K | $33.7K | $14.2K | $2.8K | $4.4K | $1.1K | $634 | |
| Other Non-op | $-27M | $-5M | $-17M | $262.0K | $-288.0K | $-607.0K | · | $-668.9K | $-3M | $-57.5K | $170.7K | $-52.2K | |
| Pretax Income | $-1.37B | $617M | $278M | $-718M | $-5M | $-10M | $-4M | $-13M | $-31M | $-17M | $-25M | $-7M | |
| Income Tax | $-56M | $75M | $16M | $-24M | $25M | $2.0K | · | $69.1K | $-104.0K | $12M | $-8M | $-5M | |
| Net Income | $-1.31B | $541M | $261M | $-694M | $-30M | $-10M | $-4M | $-13M | $-31M | $-29M | $-17M | $-3M | |
| EPS (Basic) | $-3.69 | $1.87 | $1.41 | $-6.12 | $-0.30 | $-0.13 | $-0.53 | · | · | $-1.89 | $-1.19 | $-0.27 | |
| EPS (Diluted) | $-3.69 | $1.72 | $1.06 | $-6.12 | $-0.30 | $-0.13 | $-0.53 | · | · | $-1.89 | $-1.19 | $-0.27 | |
| Shares (Basic) | 355,167,578 | 289,961,989 | 183,855,570 | 113,467,837 | 99,337,587 | 81,408,340 | 6,664,238 | · | · | 15,178,056 | 14,208,787 | 11,660,879 | |
| Shares (Diluted) | 355,167,578 | 311,841,347 | 192,293,277 | 113,467,837 | 99,337,587 | 81,408,340 | 6,664,238 | · | · | 15,178,056 | 14,208,787 | 11,660,879 | |
| EBITDA | $-1.22B | $306M | $221M | · | $-85M | $-10M | $-4M | $-12M | $-14M | $-16M | $-26M | $-6M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $547M | $392M | $357M | $104M | $269M | $141M | $693.0K | $3M | $15M | $5M | $3M | $5M | |
| Short-term Investments | · | · | · | · | $224M | · | · | · | · | · | · | · | |
| Receivables | · | · | $0 | · | · | · | · | · | $6.8K | $95.1K | $136.8K | $217.0K | |
| Prepaid Expense | $44M | $36M | $26M | $41M | $35M | $2M | $800.0K | $464.0K | $92.9K | $428.0K | $338.6K | $438.4K | |
| Current Assets | $664M | $470M | $1.03B | $278M | $684M | $286M | $1M | $3M | $15M | $6M | $5M | $8M | |
| PP&E (Net) | $1.49B | $1.55B | $672M | $273M | $276M | $17M | $4M | $1M | $10.0K | $28.3K | $61.3K | $53.8K | |
| PP&E (Gross) | $2.69B | $2.14B | $868M | $290M | $298M | · | · | · | · | · | · | · | |
| Accum. Depreciation | $1.20B | $594M | $196M | $17M | $21M | $6M | $3M | $4M | $134.5K | $108.4K | $67.1K | $16.1K | |
| Goodwill | $0 | $83M | $0 | · | · | · | · | · | · | $222.8K | $4M | $5M | |
| Intangibles | $988.0K | $3M | $0 | · | $931.0K | $1M | $1M | $1M | · | $12M | $25M | $43M | |
| Other Non-current Assets | · | · | · | · | · | · | · | · | · | $201.2K | $9.2K | · | |
| Total Assets | $7.29B | $6.80B | $1.99B | $1.20B | $1.44B | $313M | $7M | $5M | $15M | $18M | $47M | $61M | |
| Accounts Payable | $13M | $13M | $11M | $1M | $8M | $999.7K | $1M | $1M | $2M | $7M | $7M | $3M | |
| Accrued Liabilities | $87M | $77M | $22M | $22M | $3M | · | · | · | · | · | · | · | |
| Short-term Debt | $48M | $0 | · | · | · | · | · | $999.1K | $2M | $13M | $10M | $17M | |
| Current Liabilities | $522M | $95M | $34M | $26M | $11M | $1M | $2M | $2M | $8M | $20M | $17M | $22M | |
| Capital Leases | $40M | $23M | $354.0K | $1M | · | · | $120.5K | · | · | · | · | · | |
| Deferred Tax | $30M | $89M | $15M | $0 | $23M | · | · | · | · | · | $1M | $2M | |
| Other Non-current Liabilities | $12M | $8M | $0 | · | · | · | · | · | · | $44.0K | $50.1K | · | |
| Total Liabilities | · | · | · | · | $765M | $2M | $3M | $2M | $8M | $28M | $35M | $37M | |
| Long-term Debt | $3.60B | $2.45B | $326M | $782M | $728M | · | $999.1K | $999.1K | $2M | $18M | · | · | |
| Total Debt | $3.65B | · | $326M | · | · | · | · | $999.1K | $2M | $13M | $10M | · | |
| Common Stock | $37.0K | $34.0K | $24.0K | $15.0K | $10.0K | $8.2K | $846 | $638 | $1.2K | $463 | $1.5K | $1.4K | |
| Paid-in Capital | $4.81B | $4.16B | $2.18B | $1.23B | $836M | $428M | $110M | $105M | $97M | $50M | $43M | $37M | |
| Retained Earnings | $-1.34B | $-26M | $-568M | $-840M | $-146M | $-116M | $-106M | $-102M | $-89M | $-58M | $-29M | $-12M | |
| AOCI | $0 | · | · | · | · | $-450.7K | $-450.7K | $-450.7K | $-450.7K | $-1M | $-1M | $-388.4K | |
| Stockholders' Equity | $3.47B | $4.13B | $1.62B | $386M | $682M | $312M | $4M | $3M | $7M | $-9M | $13M | $24M | |
| Liabilities + Equity | $7.29B | $6.80B | $1.99B | $1.20B | $1.44B | $313M | $7M | $5M | $15M | $18M | $47M | $61M | |
| Shares Outstanding | 379,464,892 | 340,258,453 | 242,829,391 | 145,565,916 | 102,733,273 | 81,974,619 | 8,458,781 | 6,379,992 | 12,477,781 | 4,638,118 | 14,867,141 | 13,791,460 |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $773M | $429M | $186M | $79M | $15M | $3M | · | · | · | · | $11M | $6M | |
| Stock-based Comp | $172M | $158M | $33M | $25M | $161M | $1M | $933.7K | $1M | $2M | $2M | $2M | $2M | |
| Deferred Tax | $-59M | $73M | $15M | $-25M | $25M | $9M | · | · | $-57.3K | $11M | $-8M | $-5M | |
| Amort. of Intangibles | $900.0K | $23M | $0 | $0 | $71.2K | $71.2K | $71.2K | $66.0K | $2M | $7M | $11M | $6M | |
| Operating Cash Flow | $-803M | $-677M | $-316M | $-176M | $-19M | $-8M | $-3M | $-8M | $-11M | $10M | $-3M | $4M | |
| CapEx | $407M | $251M | $28M | $41M | $274M | $18M | $5.2K | $5M | $7.8K | $8.4K | $58.4K | $53.0K | |
| Investing Cash Flow | $-670M | $-3.23B | $5M | $-390M | $-891M | $-81M | $1M | $-4M | $-7.8K | $-4M | · | · | |
| Stock Issued | $569M | $1.85B | $608M | $361M | $312M | $223M | $255.9K | · | · | $5M | · | · | |
| Stock Repurchased | $47M | $37M | $380.0K | $0 | · | · | · | · | · | · | · | · | |
| Net Stock Activity | $522M | $1.82B | $608M | · | $325M | $230M | $255.9K | · | · | $5M | · | · | |
| Financing Cash Flow | $1.63B | $3.95B | $556M | $411M | $1.04B | $230M | $245.5K | · | $20M | $-4M | · | · | |
| Net Change in Cash | $155M | $46M | $245M | $-156M | $127M | $141M | $-2M | $-12M | $10M | $2M | · | · | |
| Taxes Paid | $2M | · | · | · | · | · | · | · | $5.5K | $43.1K | $168.4K | $39.1K | |
| Free Cash Flow | $-1.21B | $-928M | $-343M | · | · | · | $-3M | $-13M | $-1M | $10M | $-3M | · | |
| Levered FCF | · | · | $-353M | · | · | · | · | $-14M | $-2M | $5M | $-6M | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -135.0% | 46.6% | 57.0% | · | -56.5% | -225.7% | -357.7% | -772.9% | -2729.6% | -42.5% | -135.3% | -29.0% | |
| Net Margin | -144.6% | 82.5% | 67.4% | · | -24.0% | -239.8% | -296.7% | -820.2% | -6030.1% | -78.3% | -89.3% | -14.7% | |
| Pretax Margin | -150.8% | 93.9% | 71.6% | · | -8.7% | -239.8% | -296.7% | -815.8% | -6050.1% | -47.3% | -132.2% | -31.8% | |
| EBITDA Margin | -135.0% | 46.6% | 57.0% | · | -56.5% | -225.7% | -357.7% | -772.9% | -2729.6% | -42.5% | -135.3% | -29.0% | |
| ROA | -18.6% | 12.3% | 16.4% | · | -4.1% | -6.5% | -59.5% | -126.5% | -187.9% | -87.5% | -31.4% | -8.7% | |
| ROE | -34.5% | 18.8% | 26.1% | · | -5.4% | -6.0% | -98.6% | -275.4% | 3300.0% | -1613.8% | -91.7% | -17.3% | |
| ROIC | -16.5% | 6.5% | 10.7% | · | -34.3% | · | · | -309.7% | -154.5% | -642.6% | -75.2% | -6.9% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.3 | 4.9 | 30.5 | · | 49.9 | 198.4 | 0.8 | 1.3 | 2.0 | 0.3 | 0.3 | 0.3 | |
| Quick Ratio | 1.0 | 4.1 | 10.6 | · | 35.7 | 97.9 | 0.4 | 1.1 | 1.9 | 0.2 | 0.2 | 0.2 | |
| Debt / Equity | 1.1 | · | 0.2 | · | · | · | · | 0.3 | 0.2 | -1.4 | 0.8 | · | |
| LT Debt / Equity | 0.9 | · | 0.2 | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | 21.3 | · | -54.2 | -468.6 | -81.7 | -148.2 | -10.8 | -5.0 | -6.0 | -11.4 |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.2 | · | 0.2 | 0.0 | 0.2 | 0.2 | 0.0 | 1.1 | 0.4 | 0.6 | |
| Receivables Turnover | · | · | · | · | · | · | · | · | 10.2 | 315.9 | 107.3 | 87.9 |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 38.2% | 69.4% | 229.1% | -26.0% | 3553.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 97.5% | 60.4% | 346.4% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 190.9% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | · | 62.3% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | · | 107.2% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $907M | $656M | $388M | $118M | $159M | $4M | $1M | $2M | $519.6K | $37M | $19M | $21M | |
| Net Income TTM | $-1.31B | $541M | $261M | $-694M | $-30M | $-10M | $-4M | $-13M | $-31M | $-29M | $-17M | $-3M | |
| Market Cap | $3.41B | $5.71B | $5.70B | · | $3.38B | $856M | $7M | $37M | $205M | $511M | $381M | $1.88B | |
| Enterprise Value | $6.51B | · | $5.67B | · | · | · | · | $35M | $191M | $519M | $388M | · | |
| P/E | -2.4 | 9.8 | 22.2 | -0.6 | -109.5 | -80.3 | -1.7 | · | · | -14.6 | -21.5 | -499.0 | |
| P/S | 3.8 | 8.7 | 14.7 | · | 21.2 | 196.4 | 6.3 | 23.5 | 393.8 | 13.9 | 20.1 | 87.6 | |
| P/B | 1.0 | 1.4 | 3.5 | · | 4.9 | 2.7 | 2.0 | 12.6 | 27.7 | -56.0 | 30.0 | 77.3 | |
| P / Tangible Book | 1.0 | 1.4 | 3.5 | 1.3 | 5.0 | 2.8 | · | · | · | · | · | · | |
| P / Cash Flow | -4.2 | -8.4 | -18.1 | · | -185.3 | -110.1 | -2.2 | -4.5 | -191.3 | 50.2 | -128.5 | · | |
| P / FCF | -2.8 | -6.1 | -16.6 | · | · | · | -2.2 | -2.7 | -189.9 | 50.2 | -126.0 | · | |
| EV / EBITDA | -5.3 | · | 25.7 | · | · | · | · | -2.9 | -13.5 | -33.3 | -15.1 | · | |
| EV / FCF | -5.4 | · | -16.5 | · | · | · | · | -2.6 | -177.7 | 51.0 | -128.6 | · | |
| EV / Revenue | 7.2 | · | 14.6 | · | · | · | · | 22.5 | 368.4 | 14.2 | 20.5 | · | |
| Earnings Yield | -41.1% | 10.3% | 4.5% | -179.0% | -0.91% | -1.2% | -60.2% | · | · | -6.9% | -4.7% | -0.20% |
Income Statement 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $175M | $175M | $202M | $252M | $238M | $214M | $214M | $132M | $145M | $165M | $157M | $98M | $82M | $51M | $28M | $13M | |
| Cost of Revenue | · | · | · | · | · | · | · | $199M | $182M | $168M | · | $113M | $92M | $51M | $44M | $40M | |
| Gross Profit | · | · | · | · | · | · | · | · | · | · | · | $-15M | $-11M | $22.0K | · | · | |
| R&D Expense | $7M | $8M | $4M | $9M | $9M | $9M | $4M | $3M | $4M | $2M | $1M | $713.0K | $651.0K | $209.0K | · | · | |
| SG&A Expense | $115M | $87M | $86M | $85M | $93M | $86M | $73M | $59M | $53M | $69M | $29M | $19M | $20M | $15M | $19M | $12M | |
| Operating Expenses | · | · | · | · | · | · | · | $105M | $196M | $-373M | · | $65M | $-5M | $-122M | $396M | $17M | |
| Operating Income | $-521M | $-1.06B | $-1.41B | $48M | $680M | $-541M | $341M | $-172M | $-232M | $370M | $185M | $-80M | $-6M | $122M | $-411M | $-44M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $1M | · | $3M | $3M | $4M | $5M | $4M | |
| Interest Income | $10M | $11M | $17M | $18M | $10M | $12M | $8M | $4M | $2M | $3M | $1M | $426.0K | $118.0K | · | · | · | |
| Other Non-op | $3M | $4M | $-25M | $1M | $-6M | $2M | $-7M | $-1M | $93.0K | $3M | $-18M | $0 | $30.0K | $791.0K | $-358.0K | $238.0K | |
| Pretax Income | $-611M | $-1.29B | $-1.89B | $161M | $1.02B | $-653M | $647M | $-174M | $-231M | $375M | $168M | $-317.0K | $-9M | $119M | $-415M | $-79M | |
| Income Tax | $580.0K | $-31M | $-183M | $38M | $209M | $-119M | $118M | $-49M | $-32M | $38M | $16M | $73.0K | $203.0K | $75.0K | $-23M | $-6M | |
| Net Income | $-611M | $-1.26B | $-1.71B | $123M | $808M | $-533M | $529M | $-125M | $-200M | $337M | $152M | $-390.0K | $-9M | $119M | $-392M | $-72M | |
| EPS (Basic) | $-1.60 | $-3.31 | $-4.76 | $0.33 | $2.29 | $-1.55 | $1.71 | $-0.42 | $-0.72 | $1.30 | $0.73 | $0.00 | $-0.07 | $0.75 | $-3.39 | $-0.62 | |
| EPS (Diluted) | $-1.60 | $-3.31 | $-4.25 | $0.27 | $1.84 | $-1.55 | $1.60 | $-0.42 | $-0.72 | $1.26 | $0.75 | $-0.34 | $-0.07 | $0.72 | $-3.39 | $-0.62 | |
| Shares (Basic) | 381,565,856 | 380,157,050 | -713,905,287 | 372,073,173 | 352,901,683 | 344,098,009 | -542,753,866 | 294,942,685 | 278,674,506 | 259,098,664 | -323,408,540 | 179,602,722 | 168,474,882 | 159,186,506 | -215,605,868 | 116,533,816 | |
| Shares (Diluted) | 381,565,856 | 380,157,050 | -899,968,880 | 470,126,290 | 440,912,159 | 344,098,009 | -529,688,287 | 294,942,685 | 278,674,506 | 267,912,443 | -328,917,836 | 183,736,770 | 168,474,882 | 168,999,461 | -215,605,868 | 116,533,816 | |
| EBITDA | $-521M | $-1.06B | · | $48M | $680M | $-541M | · | $-172M | $-232M | $370M | · | $-16M | $-16M | $-4M | · | $-47M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $421M | $514M | $547M | $826M | $109M | $196M | $392M | $164M | $256M | $324M | $357M | $101M | $114M | $125M | $104M | $55M | |
| Receivables | · | · | · | · | · | · | · | $3M | $19M | $8M | · | · | · | · | · | · | |
| Prepaid Expense | $47M | $41M | $44M | $40M | $41M | $28M | $36M | $17M | $28M | $33M | · | $36M | $52M | $60M | · | $26M | |
| Current Assets | $527M | $611M | $664M | $962M | $236M | $292M | $470M | $239M | $372M | $1.64B | · | $433M | $422M | $386M | · | $240M | |
| PP&E (Net) | $1.22B | $1.41B | $1.49B | $1.55B | $1.63B | $1.57B | $1.55B | $1.09B | $930M | $802M | · | $742M | $784M | $715M | · | $404M | |
| PP&E (Gross) | $2.63B | $2.65B | $2.69B | $2.56B | $2.52B | $2.30B | $2.14B | $1.55B | $1.29B | $1.08B | · | $867M | $855M | $749M | · | · | |
| Accum. Depreciation | $1.41B | $1.24B | $1.20B | $1.01B | $883M | $731M | $594M | $460M | $362M | $274M | · | $125M | $72M | $34M | · | $27M | |
| Goodwill | $90M | $90M | $0 | $83M | $83M | $83M | $83M | $45M | $45M | $31M | · | · | · | · | · | · | |
| Intangibles | $41M | $43M | $988.0K | $771.0K | $2M | $2M | $3M | $2M | $2M | $22M | · | · | · | · | · | · | |
| Total Assets | $4.35B | $4.95B | $7.29B | $9.15B | $7.72B | $6.44B | $6.80B | $3.58B | $3.12B | $2.96B | · | $1.38B | $1.37B | $1.30B | · | $1.48B | |
| Accounts Payable | $10M | $8M | $13M | $11M | $10M | $6M | $13M | $13M | $29M | $33M | · | $15M | $7M | $3M | · | $19M | |
| Accrued Liabilities | $74M | $105M | $87M | $74M | $57M | $46M | $77M | $37M | $67M | $32M | · | $22M | $20M | $18M | · | $2M | |
| Short-term Debt | $335M | $48M | $48M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $592M | $331M | $522M | $459M | $441M | $368M | $95M | $60M | $99M | $71M | · | $38M | $28M | $24M | · | $46M | |
| Capital Leases | $41M | $41M | $40M | $40M | $40M | $33M | $23M | $15M | $15M | $13M | · | $388.0K | $423.0K | $909.0K | · | $1M | |
| Deferred Tax | $8M | $9M | $30M | $216M | $178M | $0 | $89M | $0 | $21M | $53M | · | · | · | $75.0K | · | $23M | |
| Other Non-current Liabilities | $13M | $13M | $12M | $12M | $12M | $12M | $8M | $8M | $8M | $17M | · | · | · | · | · | · | |
| Long-term Debt | $2.42B | $2.42B | $3.60B | $3.25B | $2.25B | $2.30B | $2.45B | $619M | · | · | · | · | · | · | · | · | |
| Total Debt | $2.75B | $2.46B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $38.0K | $38.0K | $37.0K | $37.0K | $36.0K | $34.0K | $34.0K | $30.0K | $28.0K | $27.0K | · | $21.0K | $17.0K | $17.0K | · | $11.7K | |
| Paid-in Capital | $4.87B | $4.83B | $4.81B | $4.79B | $4.54B | $4.28B | $4.16B | $3.41B | $3.07B | $2.71B | · | $1.82B | $1.46B | $1.39B | · | $1.06B | |
| Retained Earnings | $-3.21B | $-2.60B | $-1.34B | $372M | $249M | $-560M | $-26M | $-555M | $-430M | $-230M | · | $-803M | $-867M | $-848M | · | $-432M | |
| AOCI | $-5M | $-5M | · | · | · | · | · | · | · | · | · | · | · | · | · | $-450.7K | |
| Stockholders' Equity | $1.66B | $2.23B | $3.47B | $5.16B | $4.79B | $3.72B | $4.13B | $2.86B | $2.64B | $2.48B | · | $1.02B | $594M | $546M | · | $625M | |
| Liabilities + Equity | $4.35B | $4.95B | $7.29B | $9.15B | $7.72B | $6.44B | $6.80B | $3.58B | $3.12B | $2.96B | · | $1.38B | $1.37B | $1.30B | · | $1.48B | |
| Shares Outstanding | 381,888,004 | 380,873,087 | 379,464,892 | 378,601,057 | 362,337,906 | 346,279,403 | 340,258,453 | 304,912,746 | 287,046,579 | 268,944,172 | 242,829,391 | 210,184,718 | 174,209,038 | 167,259,602 | 145,565,916 | 116,810,405 |
Cash Flow 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $175M | $192M | $286M | $167M | $162M | $158M | $140M | $124M | $111M | $82M | $77M | $54M | $37M | $18M | $14M | $26M | |
| Stock-based Comp | $47M | $31M | $30M | $38M | $55M | $49M | $54M | $23M | $28M | $52M | $19M | $6M | $4M | $4M | $6M | $3M | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $-25M | $-6M | |
| Amort. of Intangibles | $2M | $1M | $100.0K | $200.0K | $300.0K | $300.0K | $242.0K | $219.0K | $19M | $3M | $0 | $0 | $0 | $0 | · | · | |
| Restructuring | $2M | $46M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Operating Cash Flow | $-224M | $-247M | $-225M | $-199M | $-163M | $-215M | $-313M | $-160M | $-115M | $-88M | $-91M | $-82M | $-114M | $-91M | $-93M | $-43M | |
| CapEx | $15M | $80M | $164M | $85M | $119M | $39M | $187M | $38M | $17M | $9M | $2M | $2M | $6M | $17M | $21M | $6M | |
| Investing Cash Flow | $275M | $1.19B | $-47M | $-286M | $-127M | $-210M | $-2.00B | $-538M | $-278M | $-417M | $5M | $34M | $38M | $-9M | $-22M | $-35M | |
| Stock Issued | $0 | $0 | $-3M | $253M | $219M | $100M | $697M | $321M | $345M | $489M | $343M | $37M | $66M | $163M | $163M | $38M | |
| Stock Repurchased | $8M | $7M | $4M | $8M | $15M | $20M | $8M | $6M | $7M | $17M | $380.0K | $0 | $0 | $0 | · | · | |
| Net Stock Activity | · | $-7M | · | · | · | $80M | · | · | · | $473M | · | · | · | $163M | · | · | |
| Financing Cash Flow | $-8M | $-1.11B | $-7M | $1.20B | $204M | $230M | $2.54B | $606M | $337M | $472M | $342M | $21M | $79M | $113M | $163M | $52M | |
| Net Change in Cash | $43M | $-169M | $-279M | $717M | $-87M | $-196M | $228M | $-92M | $-56M | $-33M | $256M | $-27M | $3M | $12M | $48M | $-26M | |
| Free Cash Flow | · | $-327M | · | · | · | $-254M | · | · | · | $-97M | · | · | · | $-46M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-99M | · | · | · | $-50M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -298.0% | -607.9% | · | 18.9% | 285.0% | -253.0% | · | -130.8% | -160.1% | 223.8% | · | -16.0% | -19.9% | -7.5% | · | -367.6% | |
| Net Margin | -349.6% | -723.0% | · | 48.8% | 338.9% | -249.4% | · | -94.8% | -137.6% | 204.1% | · | 65.5% | -23.4% | -14.1% | · | -594.3% | |
| Pretax Margin | -349.2% | -740.7% | · | 63.7% | 426.3% | -305.1% | · | -132.1% | -159.4% | 227.1% | · | 65.6% | -23.2% | -14.0% | · | -639.6% | |
| EBITDA Margin | -298.0% | -607.9% | · | 18.9% | 285.0% | -253.0% | · | -130.8% | -160.1% | 223.8% | · | -16.0% | -19.9% | -7.5% | · | -367.6% | |
| ROA | -10.1% | -22.2% | · | 1.9% | 14.9% | -11.3% | · | -5.0% | -8.9% | 15.8% | · | 4.5% | -1.3% | -0.51% | · | -7.0% | |
| ROE | -18.9% | -42.4% | · | 3.1% | 21.7% | -17.2% | · | -6.4% | -12.3% | 22.3% | · | 7.8% | -3.0% | -1.1% | · | -11.7% | |
| ROIC | -11.8% | -22.1% | · | 0.71% | 11.3% | -11.9% | · | -4.3% | -7.6% | 13.4% | · | -1.5% | -2.8% | -0.71% | · | -6.9% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.8 | · | 2.1 | 0.5 | 0.8 | · | 4.0 | 3.7 | 23.1 | · | 11.3 | 14.9 | 16.2 | · | 5.3 | |
| Quick Ratio | 0.7 | 1.5 | · | 1.8 | 0.2 | 0.5 | · | 2.8 | 2.8 | 4.7 | · | 2.7 | 4.0 | 5.2 | · | 1.2 | |
| Debt / Equity | 1.7 | 1.1 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | 1.2 | 1.0 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 294.4 | · | -6.2 | -5.7 | -1.0 | · | -12.4 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.0 | · | 0.0 | |
| Receivables Turnover | · | · | · | · | · | · | · | 91.0 | 15.5 | 38.9 | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $840M | $879M | · | $836M | $729M | $656M | · | $540M | $490M | $396M | · | $259M | $174M | $117M | · | $141M | |
| Net Income TTM | $-942M | $-865M | · | $273M | $-50M | $-521M | · | $12M | $128M | $447M | · | $-283M | $-355M | $-559M | · | $-324M | |
| Market Cap | $5.30B | $3.11B | · | $6.91B | $5.68B | $3.98B | · | $4.95B | $5.70B | $6.07B | · | $1.79B | $2.41B | $1.46B | · | $1.25B | |
| Enterprise Value | $7.64B | $5.06B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | -5.0 | -3.0 | · | 130.4 | -18.4 | -8.0 | · | -73.7 | 152.7 | 14.4 | · | -27.4 | -7.3 | -4.3 | · | · | |
| P/S | 6.3 | 3.5 | · | 8.3 | 7.8 | 6.1 | · | 9.2 | 11.6 | 15.3 | · | 6.9 | 13.9 | 12.4 | · | 8.9 | |
| P/B | 3.2 | 1.4 | · | 1.3 | 1.2 | 1.1 | · | 1.7 | 2.2 | 2.5 | · | 1.8 | 4.1 | 2.7 | · | 2.0 | |
| P / Tangible Book | 3.5 | 1.5 | · | 1.4 | 1.2 | 1.1 | · | 1.8 | 2.2 | 2.5 | · | 1.8 | 4.1 | 2.7 | · | 2.0 | |
| P / Cash Flow | · | -12.6 | · | · | · | -18.5 | · | · | · | -68.7 | · | · | · | -50.6 | · | · | |
| P / FCF | · | -9.5 | · | · | · | -15.7 | · | · | · | -62.3 | · | · | · | -31.7 | · | · | |
| EV / EBITDA | -14.7 | -4.8 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -15.5 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 9.1 | 5.8 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | -20.2% | -33.7% | · | 0.77% | -5.4% | -12.4% | · | -1.4% | 0.65% | 7.0% | · | -3.6% | -13.8% | -23.1% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Revenue | $907M | $656M | $388M | $118M | — |
| Operating Margin % | -135.0% | 46.6% | 57.0% | — | — |
| Net Income | $-1.31B | $541M | $261M | $-694M | — |
| Diluted EPS | $-3.69 | $1.72 | $1.06 | $-6.12 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 1.1 | — | 0.2 | — | — |
| Current Ratio | 1.3 | 4.9 | 30.5 | — | — |
| Quick Ratio | 1.0 | 4.1 | 10.6 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-03-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.21B | $-928M | $-343M | — | — |
Latest News Recent headlines mentioning this company
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Trading Signals Recent buy/sell signals with entry price and risk/reward ratio
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Institutional owners (13F) 515 filers · $3.4B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 103 (+12 vs prior Q) | 55 (-27 vs prior Q) | 154 (-14 vs prior Q) | 144 (+19 vs prior Q) | +53.2M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD PORTFOLIO MANAGEMENT LLC | $380,584,972 | 27,399,926 | 11.36% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $229,805,536 | 16,544,675 | 6.86% | Shares |
| STATE STREET CORP | $220,875,252 | 15,901,746 | 6.59% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $168,074,392 | 9,437,113 | 5.02% | Shares |
| D. E. Shaw & Co., Inc. | $144,123,598 | 10,376,069 | 4.30% | Shares |
| JANE STREET GROUP, LLC | $141,557,157 | 10,191,300 | 4.22% | Call option |
| WOLVERINE ASSET MANAGEMENT LLC | $108,379,503 | 7,802,700 | 3.23% | Put option |
| CITADEL ADVISORS LLC | $102,612,375 | 7,387,500 | 3.06% | Call option |
| Toroso Investments, LLC | $83,967,490 | 9,350,500 | 2.51% | Call option |
| JANE STREET GROUP, LLC | $72,455,796 | 5,216,400 | 2.16% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $65,670,850 | 4,727,923 | 1.96% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $60,492,922 | 4,355,142 | 1.81% | Shares |
| D. E. Shaw & Co., Inc. | $57,764,343 | 4,158,700 | 1.72% | Call option |
| GOLDMAN SACHS GROUP INC | $54,259,328 | 3,906,359 | 1.62% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $46,598,589 | 3,354,830 | 1.39% | Shares |
| CITADEL ADVISORS LLC | $45,331,404 | 3,263,600 | 1.35% | Put option |
| WOLVERINE TRADING, LLC | $40,430,622 | 2,166,700 | 1.21% | Call option |
| DLD Asset Management, LP | $39,455,934 | 2,840,600 | 1.18% | Put option |
| WHITEBOX ADVISORS LLC | $39,329,535 | 2,831,500 | 1.17% | Put option |
| SEGALL BRYANT & HAMILL, LLC | $38,283,299 | 2,756,177 | 1.14% | Shares |
| Clear Street Group Inc. | $36,855,726 | 2,653,400 | 1.10% | Shares |
| TWO SIGMA INVESTMENTS, LP | $35,683,938 | 2,569,038 | 1.06% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $35,010,245 | 2,520,536 | 1.04% | Shares |
| Quadrature Capital Ltd | $33,230,075 | 2,392,374 | 0.99% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $32,199,798 | 2,318,200 | 0.96% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $25,483,011 | 1,834,630 | 0.76% | Shares |
| Public Sector Pension Investment Board | $25,205,905 | 1,814,680 | 0.75% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $24,409,119 | 1,757,316 | 0.73% | Shares |
| Parallax Volatility Advisers, L.P. | $24,224,160 | 1,744,000 | 0.72% | Put option |
| WOLVERINE ASSET MANAGEMENT LLC | $23,532,535 | 1,694,207 | 0.70% | Shares |
| BARCLAYS PLC | $23,310,657 | 1,678,233 | 0.70% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $21,189,626 | 1,525,531 | 0.63% | Shares |
| JPMORGAN CHASE & CO | $20,665,152 | 1,455,473 | 0.62% | Shares |
| TUDOR INVESTMENT CORP ET AL | $20,551,144 | 1,479,564 | 0.61% | Shares |
| Walleye Trading LLC | $20,546,088 | 1,479,200 | 0.61% | Call option |
| BlackRock, Inc. | $20,430,120 | 1,470,851 | 0.61% | Shares |
| Point72 Asset Management, L.P. | $20,362,740 | 1,466,000 | 0.61% | Call option |
| D. E. Shaw & Co., Inc. | $19,237,650 | 1,385,000 | 0.57% | Put option |
| Bank of New York Mellon Corp | $19,119,863 | 1,376,520 | 0.57% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $18,523,000 | 1,333,571 | 0.55% | Shares |
| WOLVERINE TRADING, LLC | $17,445,234 | 934,900 | 0.52% | Put option |
| MILLENNIUM MANAGEMENT LLC | $17,112,799 | 1,232,023 | 0.51% | Shares |
| VAN ECK ASSOCIATES CORP | $17,085,672 | 1,230,070 | 0.51% | Shares |
| Cubist Systematic Strategies, LLC | $16,939,891 | 927,705 | 0.51% | Shares |
| Alberta Investment Management Corp | $16,836,069 | 1,212,100 | 0.50% | Shares |
| Balyasny Asset Management L.P. | $15,754,733 | 1,134,250 | 0.47% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $15,444,819 | 1,111,938 | 0.46% | Shares |
| MILLENNIUM MANAGEMENT LLC | $15,106,764 | 1,087,600 | 0.45% | Put option |
| RHUMBLINE ADVISERS | $14,228,904 | 1,024,401 | 0.42% | Shares |
| AMERIPRISE FINANCIAL INC | $13,982,439 | 1,006,655 | 0.42% | Shares |
| CITIGROUP INC | $12,381,546 | 891,400 | 0.37% | Call option |
| CAPSTONE INVESTMENT ADVISORS, LLC | $11,723,160 | 844,000 | 0.35% | Put option |
| NOMURA HOLDINGS INC | $11,716,215 | 843,500 | 0.35% | Call option |
| BANK OF AMERICA CORP /DE/ | $11,108,486 | 799,747 | 0.33% | Shares |
| Walleye Trading LLC | $10,060,527 | 724,300 | 0.30% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,949,407 | 716,300 | 0.30% | Call option |
| Swiss National Bank | $9,807,729 | 706,100 | 0.29% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,604,935 | 691,500 | 0.29% | Put option |
| CITIGROUP INC | $9,306,300 | 670,000 | 0.28% | Put option |
| Toroso Investments, LLC | $9,124,237 | 1,016,062 | 0.27% | Shares |
| OCCUDO QUANTITATIVE STRATEGIES LP | $8,811,483 | 634,376 | 0.26% | Shares |
| Man Group plc | $8,348,793 | 601,065 | 0.25% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $8,299,275 | 597,500 | 0.25% | Call option |
| Legal & General Group Plc | $8,121,150 | 584,676 | 0.24% | Shares |
| Walleye Capital LLC | $8,069,187 | 580,935 | 0.24% | Shares |
| PEAK6 LLC | $7,945,080 | 572,000 | 0.24% | Put option |
| Balyasny Asset Management L.P. | $7,447,818 | 536,200 | 0.22% | Call option |
| Toroso Investments, LLC | $7,087,016 | 789,200 | 0.21% | Put option |
| Parallax Volatility Advisers, L.P. | $6,999,171 | 503,900 | 0.21% | Call option |
| Edgestream Partners, L.P. | $6,902,024 | 496,906 | 0.21% | Shares |
| Cubist Systematic Strategies, LLC | $6,871,238 | 376,300 | 0.21% | Call option |
| TWO SIGMA INVESTMENTS, LP | $6,756,096 | 486,400 | 0.20% | Put option |
| Caption Management, LLC | $6,389,400 | 460,000 | 0.19% | Call option |
| Alphadyne Asset Management LP | $6,196,329 | 446,100 | 0.18% | Put option |
| Headlands Technologies LLC | $6,177,661 | 444,756 | 0.18% | Shares |
| Sculptor Capital LP | $6,175,494 | 444,600 | 0.18% | Put option |
| PEAK6 LLC | $6,035,205 | 434,500 | 0.18% | Call option |
| Vident Advisory, LLC | $5,928,321 | 426,805 | 0.18% | Shares |
| LMR Partners LLP | $5,924,085 | 426,500 | 0.18% | Put option |
| LPL Financial LLC | $5,704,644 | 410,702 | 0.17% | Shares |
| BARCLAYS PLC | $5,694,900 | 410,000 | 0.17% | Call option |
| BARCLAYS PLC | $5,556,000 | 400,000 | 0.17% | Put option |
| PRUDENTIAL FINANCIAL INC | $5,496,342 | 395,705 | 0.16% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $5,165,691 | 371,900 | 0.15% | Put option |
| NOMURA HOLDINGS INC | $4,865,403 | 350,281 | 0.15% | Shares |
| WHITEBOX ADVISORS LLC | $4,861,500 | 350,000 | 0.15% | Call option |
| AMERICAN CENTURY COMPANIES INC | $4,752,686 | 342,166 | 0.14% | Shares |
| BANCO BILBAO VIZCAYA ARGENTARIA, S.A. | $4,748,639 | 345,233 | 0.14% | Shares |
| CSS LLC/IL | $4,742,046 | 341,400 | 0.14% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $4,705,349 | 338,758 | 0.14% | Shares |
| Alphadyne Asset Management LP | $4,428,132 | 318,800 | 0.13% | Call option |
| XTX Topco Ltd | $4,371,683 | 314,736 | 0.13% | Shares |
| UBS Group AG | $4,327,874 | 311,582 | 0.13% | Call option |
| ALLIANCEBERNSTEIN L.P. | $4,193,351 | 513,891 | 0.13% | Shares |
| Caption Management, LLC | $4,167,000 | 300,000 | 0.12% | Put option |
| IMC-Chicago, LLC | $3,984,096 | 286,832 | 0.12% | Shares |
| CREDIT AGRICOLE S A | $3,819,750 | 275,000 | 0.11% | Put option |
| ALGERT GLOBAL LLC | $3,766,940 | 271,198 | 0.11% | Shares |
| Aptus Capital Advisors, LLC | $3,590,621 | 258,504 | 0.11% | Shares |
| Second Line Capital, LLC | $3,586,745 | 258,225 | 0.11% | Shares |
Company insiders 10 insiders · 4 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Frederick G Thiel | Chief Executive Officer | Aug. 3, 2026 F | 4,363,202 | 0 | 2 | $-691,750 |
| Douglas B Croxall | CEO, Chairman | May 23, 2017 D | — | 0 | 0 | $0 |
| Salman Hassan Khan | Chief Financial Officer | July 31, 2026 F | 1,606,356 | 0 | 2 | $-402,400 |
| Zabi Nowaid | General Counsel | Aug. 3, 2026 F | 907,156 | 0 | 2 | $-200,262 |
| MELLINGER DOUGLAS K | Director | June 22, 2026 S | 231,618 | 0 | 1 | $-112,000 |
| Richard Molineaux Tyler III | Director | Oct. 13, 2016 A | — | 0 | 0 | $0 |
| Edward Kovalik | Director | Oct. 13, 2016 A | — | 0 | 0 | $0 |
| Richard Chernicoff | Director | Oct. 13, 2016 A | — | 0 | 0 | $0 |
| GLOBAL BIT VENTURES INC. | 10% owner | Dec. 24, 2018 J | 2,312,326 | 0 | 0 | $0 |
| Jeff Feinberg | 10% owner | May 22, 2017 S | 2,248,802 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Two Point One, LLC, Christopher Ensey ×3 filings | April 6, 2021 | — | Initial filing | Passive investment | SEC |
| Lucky Liefern LLC, Paul Prager | Nov. 9, 2020 | — | Initial filing | Passive investment | SEC |
| Merrick Okamoto, First Stage Capital, Inc. | Oct. 16, 2018 | — | Initial filing | — | SEC |
| Doug Croxall, LVL Patent Group LLC ×2 filings | July 17, 2013 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 69 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CEPI · ETF Opportunities Trust | 5.63% | 440,430 NS | April 30, 2026 | N-PORT |
| BKCH · Global X Funds | 4.45% | 1,205,183 NS | May 31, 2026 | N-PORT |
| LFGY · Tidal Trust II | 4.12% | 430,125 NS | April 30, 2026 | N-PORT |
| IVRS · iShares Trust | 3.42% | 25,779 SH | Aug. 8, 2026 | Daily |
| YALL · Tidal Trust I | 3.40% | 229,618 NS | May 31, 2026 | N-PORT |
| CRPT · First Trust Exchange-Traded Fund VI… | 3.06% | 243,950 NS | May 31, 2026 | N-PORT |
| IBLC · iShares Trust | 2.32% | 173,315 SH | Aug. 8, 2026 | Daily |
| SATO · Invesco Exchange-Traded Fund Trust … | 1.79% | 12,600 SH | Aug. 8, 2026 | Daily |
| BLOX · Tidal Trust II | 1.64% | 365,237 NS | April 30, 2026 | N-PORT |
| PSCT · Invesco Exchange-Traded Fund Trust … | 1.63% | 833,491 SH | Aug. 8, 2026 | Daily |
| FINX · Global X Funds | 0.97% | 131,699 NS | May 31, 2026 | N-PORT |
| AIPO · Tidal Trust II | 0.52% | 271,990 NS | May 31, 2026 | N-PORT |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.35% | 338,769 SH | Aug. 8, 2026 | Daily |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.29% | 1,333,163 SH | Aug. 8, 2026 | Daily |
| EBIT · Harbor ETF Trust | 0.29% | 2,727 NS | April 30, 2026 | N-PORT |
| IWN · iShares Trust | 0.26% | 3,613,560 SH | Aug. 8, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.26% | 364,064 SH | Aug. 8, 2026 | Daily |
| XJR · iShares Trust | 0.25% | 45,054 SH | Aug. 8, 2026 | Daily |
| IJT · iShares Trust | 0.25% | 1,945,084 SH | Aug. 8, 2026 | Daily |
| SAA · ProShares Trust | 0.24% | 4,525 NS | May 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.23% | 140,732 NS | April 30, 2026 | N-PORT |
| IJR · iShares Trust | 0.22% | 23,252,724 SH | Aug. 8, 2026 | Daily |
| FDND · First Trust Exchange-Traded Fund IV | 0.21% | 1,701 NS | April 30, 2026 | N-PORT |
| ANEW · ProShares Trust | 0.21% | 1,139 NS | May 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.20% | 13,679 NS | April 30, 2026 | N-PORT |
| IJS · iShares Trust | 0.20% | 1,527,115 SH | Aug. 8, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.19% | 149,605 SH | Aug. 8, 2026 | Daily |
| GINN · Goldman Sachs ETF Trust | 0.16% | 24,380 NS | May 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.16% | 140,406 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.16% | 2,231,948 SH | Aug. 8, 2026 | Daily |
| IGV · iShares Trust | 0.14% | 1,860,563 SH | Aug. 8, 2026 | Daily |
| WEBL · Direxion Shares ETF Trust | 0.14% | 12,996 NS | April 30, 2026 | N-PORT |
| RSSL · Global X Funds | 0.14% | 164,558 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.14% | 17,865 NS | May 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.13% | 9,853,003 SH | Aug. 8, 2026 | Daily |
| ISCG · iShares Trust | 0.13% | 118,393 SH | Aug. 8, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.12% | 4,297,871 SH | Aug. 8, 2026 | Daily |
| SMDX · Tidal Trust III | 0.12% | 12,113 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.11% | 1,816,075 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.10% | 197,100 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.08% | 13,972 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 894,922 NS | April 30, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.07% | 1,051,294 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.06% | 16,857 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.06% | 4,373,035 SH | Aug. 8, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.06% | 8,311,159 SH | Aug. 8, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | 0.06% | 7,861,937 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.06% | 14,136 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.05% | 123,239 SH | Aug. 8, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.04% | 88,448 SH | Aug. 8, 2026 | Daily |