MARA Holdings (NASDAQ:MARA) shares fell 5.7% in pre-market trading to $11.30 after JPMorgan downgraded the Bitcoin mining company to Underweight from Neutral and lowered its price target.
JPMorgan cut its target to $11 from $13 and extended the target horizon to December 2027.
The bank cited MARA’s capital-light strategy through its joint venture with Starwood Digital Ventures among the factors behind its assessment.
JPMorgan Assesses Joint Venture Structure
Under the joint venture arrangement described in the supplied information, MARA contributes powered land sites, while Starwood Digital Ventures is responsible for design, development, tenant sourcing and operations.
JPMorgan said the structure means MARA receives half of the value created by the venture, which contributed to the bank’s assessment of the company’s risk-reward profile.
The new $11 price target is close to MARA’s pre-market trading price of $11.30.
Second-Quarter Revenue Falls
The downgrade follows MARA’s second-quarter 2026 results, when revenue declined to approximately $174.9 million, below Wall Street expectations of around $209 million.
The company reported a loss of $1.60 per share, compared with earnings of $1.84 per share in the corresponding period a year earlier. A fair-value loss on digital assets was among the factors affecting the results.
MARA shares remain below their 52-week high of $23.45 and above their 52-week low of $6.66.
Broader US Market Trades Lower
MARA’s decline also came during a weaker session for US equities, with the Nasdaq Composite down 1.7% and the S&P 500 falling 0.8%.
Other publicly traded Bitcoin mining companies, including Riot Platforms, CleanSpark and Hut 8, are also exposed to factors including cryptocurrency prices, mining economics and capital costs.
MARA’s pre-market decline followed the JPMorgan downgrade as investors continued to assess the company’s joint venture strategy and recent financial performance.
MARA Holdings stock price
