MARA Holdings (NASDAQ:MARA) retreats amid expanded AI exposure through bitcoin-secured loans

MARA Holdings experienced a 10.9% drop last week despite bitcoin's advance, following the release of unaudited quarterly figures and a significantly larger bitcoin-backed financing deal. The company's new $600 million debt and restructured $150 million credit line, which increased BTC collateral to 18,750 coins, raised investor concerns due to increased collateral exposure relative to the principal. While Wall Street maintains a favorable outlook, the earnings outlook has weakened, with analysts now forecasting a larger loss per share for 2026, as investors prioritize contracted AI revenue over potential power options.