MARA Underperforms S&P 500 as $690M Volume Ranks 133rd in Daily Liquidity

On August 14, 2025, MARA Holdings (MARA) closed at $15.75, down 0.69%, with a trading volume of $690 million, ranking 133rd in daily liquidity. The stock has underperformed broader benchmarks, with a 12-month return of 4.03% versus the S&P 500’s 18.58%. Recent developments include a 64% year-over-year revenue increase to $238 million in Q2 2025, alongside a 505% surge in net income to $808.2 million. Bitcoin production for July totaled 703 units, a 1% monthly decline, while BTC holdings rose to 50,639 coins. The company also announced an upsized $950 million convertible senior notes offering, signaling capital-raising efforts amid volatile market conditions.

MARA’s strategic pivot into high-performance computing (HPC) gained traction following a majority stake acquisition in EDF subsidiary Exaion, expanding its AI infrastructure capabilities. Analysts highlight the company’s power efficiency and global expansion as key differentiators. However, the stock faces pressure from macroeconomic uncertainties and sector-specific risks, such as Bitcoin price fluctuations and regulatory shifts. Recent technical analysis suggests a bearish near-term outlook, with the S&P 500’s modest gains contrasting MARA’s underperformance. The company’s debt-to-equity ratio of 55.15% and levered free cash flow of $201 million underscore its financial flexibility amid aggressive growth initiatives.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to now delivered moderate returns. The CAGR was 6.98%, with a maximum drawdown of 15.59% during the backtest period. The strategy demonstrated steady growth over time, making it a robust choice for investors seeking consistent returns. However, the significant drawdown in mid-2023 highlights the importance of risk management in high-volume trading strategies.