Data as of:
LIVE
HUT
Hut 8 Corp · Technology - Bitcoin Mining & HPC
$104.96
+29.81% this month
VERSUS
COMPARE
MARA
Marathon Digital Holdings, Inc. · Technology - Bitcoin Mining
$13.39
+18.92% this month
Comparison scoreboard
HUT LEADS 4/5AI Scorei
HUT ✓55.4
MARA 25.4
1Y Returni
HUT ✓+189.64%
MARA -26.79%
Fwd P/Ei
HUT ✓-15.61
MARA -63.05
Target Up.i
HUT ✓+99.64%
MARA +39.05%
Op. Margini
HUT -275.40%
MARA ✓-265.21%
Metrics last refreshed: 9/21/2026
Quick take
HUT vs MARA Stock Comparison: AI Score, Valuation, Performance and Upside
HUT (Hut 8) and MARA (Marathon Digital) are both publicly traded Bitcoin miners with significant Bitcoin balance sheet holdings, but with different strategic approaches — Marathon is the largest U.S. public Bitcoin miner focused on pure-play scale, while Hut 8 has diversified into HPC/AI compute to reduce Bitcoin-only dependency. Both companies' fortunes are heavily tied to Bitcoin's price and the economics of Bitcoin mining post-halving.
HUT vs MARA is diversified Bitcoin mining and HPC/AI infrastructure company (Hut 8's strategic pivot adding GPU compute for AI workloads alongside Bitcoin mining to reduce pure Bitcoin price dependence) versus largest U.S. pure-play public Bitcoin miner pursuing scale and hashrate leadership (Marathon's maximum Bitcoin mining capacity strategy holding substantial BTC on balance sheet for maximum Bitcoin price leverage) — diversification strategy versus concentrated pure-play scale.
Live analysis · updated 9/21/2026
HUT holds the edge across 4 of 5 key metrics in this comparison. HUT leads on both 1-year return (+189.64%) and forward P/E quality (-15.61x vs -63.05x for MARA), a relatively favorable combination of momentum and valuation. On fundamentals, HUT is growing revenue faster (81.40%), while MARA maintains the higher operating margin (-265.21%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for HUT (+99.64%) than for MARA (+39.05%).
Normalized 1Y performance
HUT
MARA
Recent returns
HUT
MARA
Analyst price targets & sentiment
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
HUT
Price target range
analyst mean$161.78
current price$104.96
+99.6% upside to analyst mean
MARA
Price target range
analyst mean$18.41
current price$13.39
+39.0% upside to analyst mean
Who should consider this stock?
HUT may suit investors who:
- Want Bitcoin mining exposure with partial HPC/AI revenue diversification — Hut 8's GPU compute business reduces the pure-play Bitcoin price dependency that characterizes Marathon
- Believe AI compute demand creates a strategic asset value in Hut 8's HPC infrastructure independent of Bitcoin mining revenue
- Value Hut 8's balance sheet Bitcoin holdings as Treasury leverage to Bitcoin price appreciation within a company that also has diversifying business revenue from AI and HPC services
MARA may suit investors who:
- Want maximum Bitcoin price exposure through the largest U.S. public Bitcoin miner — Marathon's scale and pure-play focus provides the highest public-market beta to Bitcoin price among major U.S. miners
- Value Marathon's hashrate leadership as competitive advantage enabling it to mine the most Bitcoin per dollar of operational efficiency investment
- See Bitcoin's halving cycle and long-term scarcity narrative as supporting the case for holding Bitcoin-correlated mining companies like Marathon through the inevitable price cycles
Performance & AI score
| Metric | HUT | MARA |
|---|---|---|
| AI scorei | 55.4 | 25.4 |
| AI ranki | #229 | #2722 |
| Latest closei | $104.96 | $13.39 |
| 1M returni | +29.81% | +18.92% |
| 6M returni | +98.27% | +50.28% |
| 1Y returni | +189.64% | -26.79% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | HUT | MARA |
|---|---|---|
| 1Y ago | $27.72K (+177.2%) started 2025-09-22 | $7.3K (-27.0%) started 2025-09-22 |
| 5Y ago | $27.19K (+171.9%) started 2021-09-21 | $4.03K (-59.7%) started 2021-09-21 |
| 10Y ago | $58.36K (+483.6%) started 2018-03-08 | $3.04K (-69.6%) started 2016-09-21 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | HUT | MARA |
|---|---|---|
| Market capi | $9.99B | $5.11B |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | -15.61 | -63.05 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 54.44 | 9.03 |
| Analyst targeti | $161.78 | $18.41 |
| Target upsidei | +99.64% | +39.05% |
Growth, profitability & risk
| Metric | HUT | MARA |
|---|---|---|
| Revenue growthi | 81.40% | -26.70% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | -2434.11% | -145.25% |
| Operating margini | -275.40% | -265.21% |
| Profit margini | -188.59% | 0.00% |
| ROIC proxyi | -43.37% | -105.57% |
| Return on equityi | -43.37% | -105.57% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | 0.00% |
| Dividend growth streaki | N/A | N/A |
| Betai | 6.11 | 5.34 |
| Debt/equityi | 437.21 | 140.16 |
| Current ratioi | 19.35 | 0.89 |
| Quick ratioi | 0.67 | 0.76 |
Correlation
Over the past year, HUT and MARA have moved moderately in the same direction (correlation of 0.66), based on daily returns.
1Y
0.66
-1.0+1.0
5Y
0.76
-1.0+1.0
10Y
0.61
-1.0+1.0
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
HUT max drawdowni41.69%
MARA max drawdowni70.53%
HUT max wkly dropi27.95%
MARA max wkly dropi31.74%
5Y risk snapshot
HUT max drawdowni95.04%
MARA max drawdowni95.86%
HUT max wkly dropi41.21%
MARA max wkly dropi43.81%
10Y risk snapshot
HUT max drawdowni95.04%
MARA max drawdowni99.11%
HUT max wkly dropi47.57%
MARA max wkly dropi52.63%
Performance metrics by period
| Period | Metric | HUT | MARA |
|---|---|---|---|
| 1Y | Growthi | +177.17% | -27.03% |
| CAGRi | +178.14% | -27.11% | |
| Volatilityi | 108.82% | 87.59% | |
| Sharpe ratioi | 1.44 | 0.02 | |
| Sortino ratioi | 2.28 | 0.03 | |
| Max drawdowni | 41.69% | 70.53% | |
| Current drawdowni | 21.09% | 41.37% | |
| Avg drawdowni | 16.16% | 45.95% | |
| Ulcer Indexi | 20.02% | 48.86% | |
| Max daily dropi | 17.89% | 18.72% | |
| Max wkly dropi | 27.95% | 31.74% | |
| 5Y | Growthi | +171.93% | -59.72% |
| CAGRi | +22.15% | -16.63% | |
| Volatilityi | 105.03% | 106.25% | |
| Sharpe ratioi | 0.67 | 0.31 | |
| Sortino ratioi | 1.03 | 0.48 | |
| Max drawdowni | 95.04% | 95.86% | |
| Current drawdowni | 21.09% | 82.40% | |
| Avg drawdowni | 67.81% | 77.45% | |
| Ulcer Indexi | 72.84% | 79.16% | |
| Max daily dropi | 24.04% | 27.03% | |
| Max wkly dropi | 41.21% | 43.81% | |
| 10Y | Growthi | +483.63% | -69.57% |
| CAGRi | +22.95% | -11.22% | |
| Volatilityi | 113.61% | 145.02% | |
| Sharpe ratioi | 0.69 | 0.51 | |
| Sortino ratioi | 1.12 | 0.97 | |
| Max drawdowni | 95.04% | 99.11% | |
| Current drawdowni | 21.09% | 82.40% | |
| Avg drawdowni | 62.05% | 77.77% | |
| Ulcer Indexi | 67.09% | 80.51% | |
| Max daily dropi | 24.04% | 40.86% | |
| Max wkly dropi | 47.57% | 52.63% |
Business comparison
| Category | HUT | MARA |
|---|---|---|
| Company | Hut 8 Corp | Marathon Digital Holdings, Inc. |
| Sector | Financial Services | Financial Services |
| Industry | Capital Markets | Capital Markets |
| Core business | Hut 8 Corp is a digital asset infrastructure operator following the merger of Hut 8 Mining Corp (Canada) and US Bitcoin Corp in 2023. Hut 8 mines Bitcoin using ASIC mining hardware across multiple data center sites and has diversified into high-performance computing (HPC) services — providing GPU compute infrastructure for AI model training and inference workloads. Hut 8 holds a significant amount of self-mined Bitcoin on its balance sheet as a treasury asset. | Marathon Digital Holdings is the largest publicly traded Bitcoin mining company by hashrate capacity in the United States. Marathon mines Bitcoin using ASIC hardware across large-scale mining facilities, and holds substantial Bitcoin on its corporate treasury. Marathon has expanded from solely owning mining equipment to also operating mining sites, acquiring data centers to improve control over operations and costs. Marathon's strategy is primarily Bitcoin mining scale — becoming the most efficient large-scale miner with the most hashrate. |
| Investor focus | Investors track Hut 8's Bitcoin mined per day (hashrate x network reward), Bitcoin held on balance sheet, HPC/AI compute revenue and capacity, energy costs per Bitcoin mined (the key margin driver), and the balance between Bitcoin mining and HPC diversification strategy. | Investors track Marathon's hashrate (total mining power — measured in exahashes per second, EH/s), Bitcoin mined monthly, Bitcoin balance sheet holdings, electricity cost per kilowatt-hour, and the path to improved mining efficiency (energy per terahash) with next-generation ASIC hardware. |
HUT strengths
- HPC/AI diversification reduces pure Bitcoin price dependency — Hut 8's investment in GPU compute for AI workloads provides revenue stream not directly tied to Bitcoin's price; during Bitcoin price bear markets, HPC revenue provides cash flow support
- Balance sheet Bitcoin holdings provide leverage to Bitcoin price appreciation — Hut 8's practice of retaining self-mined Bitcoin (rather than selling immediately) creates balance sheet leverage to Bitcoin price; Bitcoin price increases directly increase net asset value
- Post-merger scale with Canadian and U.S. mining sites — the Hut 8 / US Bitcoin Corp merger created a combined entity with more geographic diversification and mining site diversity than either predecessor company alone
MARA strengths
- Largest U.S. public Bitcoin miner by installed hashrate — Marathon's scale provides negotiating leverage for mining hardware purchases and potentially electricity contracts; scale allows faster adoption of new-generation ASICs as they become available
- Corporate Bitcoin treasury creates balance sheet exposure to Bitcoin price appreciation — Marathon holds substantial self-mined Bitcoin; Bitcoin price increases translate directly into balance sheet value appreciation
- Focus on operational excellence in pure-play Bitcoin mining — Marathon's focused Bitcoin mining strategy avoids the strategic distraction of diversification; operational excellence in mining efficiency (improving joules per terahash) is the primary competitive advantage
Risks to watch — HUT
- Bitcoin halving reduces mining reward — approximately every 4 years, the Bitcoin block reward halves (most recently halved in April 2024, reducing block reward from 6.25 BTC to 3.125 BTC); each halving cuts mining revenue per block; surviving the halving requires either Bitcoin price increase or efficient hashrate/cost management
- Electricity cost is the dominant profit driver — Bitcoin mining profitability depends on electricity cost per kilowatt-hour versus the Bitcoin price and mining difficulty; operations in high-electricity-cost regions can be unprofitable even when Bitcoin prices are favorable
- Bitcoin price volatility directly impacts revenue and balance sheet — as a Bitcoin miner holding BTC on balance sheet, Hut 8's financial performance is highly correlated with Bitcoin's price; Bitcoin bear markets severely impair mining revenue and asset values
Risks to watch — MARA
- Pure-play Bitcoin mining has extreme Bitcoin price beta — Marathon's revenue, cash flow, and balance sheet value are almost entirely determined by Bitcoin price; Bitcoin bear markets can make mining unprofitable and reduce balance sheet Bitcoin values simultaneously
- Mining difficulty continuously increases as global hashrate grows — as more miners come online with new equipment, Bitcoin's protocol automatically adjusts difficulty upward; maintaining competitive economics requires continuous reinvestment in more efficient ASICs
- ASIC hardware capital requirements are substantial — next-generation mining ASICs (Bitmain Antminer S21, WhatsMiner M60) cost $20-40+ per terahash; staying competitive requires ongoing capital investment that dilutes shareholders or requires debt financing
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