Is MARA (Marathon Digital Holdings) halal?

Q: Is MARA (Marathon Digital Holdings) halal?

DOUBTFUL: Bitcoin mining and infrastructure. Marathon operates Bitcoin mining globally. Speculation concerns present. Its March 31, 2026 Form 10-Q reports $4,949.269 million of assets, $2,416.169 million of interest-bearing debt, $513.653 million of cash, $25.642 million of receivables and $174.614 million of quarterly revenue. Debt/assets is 48.82% and disclosed interest income is 6.03%; the examined financial limits and the digital-asset activity screen fail.

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MARA

Marathon Digital Holdings

DOUBTFUL — SCREEN DOES NOT PASSstock

Is MARA Halal?

Bitcoin mining and infrastructure.

What You Should Know

Marathon operates Bitcoin mining globally. Speculation concerns present. Its March 31, 2026 Form 10-Q reports $4,949.269 million of assets, $2,416.169 million of interest-bearing debt, $513.653 million of cash, $25.642 million of receivables and $174.614 million of quarterly revenue. Debt/assets is 48.82% and disclosed interest income is 6.03%; the examined financial limits and the digital-asset activity screen fail.

⚠️ Concerns

•Speculation
•Energy use
•Bitcoin lending income
•High debt/assets

Current quantitative Sharia screen

Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.

USD · millions

Interest-bearing debt / assets

48.82%Above limit

Below 33.333% under FTSE Yasaar

2,416.169 / 4,949.269

Cash + interest-bearing securities / assets

13.04%Within limit

Below 33.333% under FTSE Yasaar

645.48 / 4,949.269

Receivables + cash / assets

10.90%Within limit

Below 50% under FTSE Yasaar

539.295 / 4,949.269

Non-compliant income / revenue

6.03%Above limit

No more than 5% under FTSE Yasaar

10.532 / 174.614

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Fails	Fails	Debt/assets is 48.82%, liquidity/assets is 13.04%, receivables-plus-cash/assets is 10.90% and disclosed interest income is 6.03%; debt and income exceed the examined limits and the core digital-asset activity fails.
MSCI Islamic (total-assets series) October 2024 methodology	Fails	Fails	Debt/assets is 48.82%, above the examined 33.33% limit; liquidity and receivables-plus-cash are below the examined limits, but the digital-asset activity screen fails.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Fails	Fails	Debt/assets is 48.82%, above the examined 33% limit; the conservative digital-asset activity proxy also fails.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Fails	A properly licensed and reproducible historical market-cap series is not stored; market-cap methods cannot cure the debt, income or activity failure.

FTSE Yasaar

v4.6, February 2026

Financial: Fails
Overall: Fails

Debt/assets is 48.82%, liquidity/assets is 13.04%, receivables-plus-cash/assets is 10.90% and disclosed interest income is 6.03%; debt and income exceed the examined limits and the core digital-asset activity fails.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Fails
Overall: Fails

Debt/assets is 48.82%, above the examined 33.33% limit; liquidity and receivables-plus-cash are below the examined limits, but the digital-asset activity screen fails.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Fails
Overall: Fails

Debt/assets is 48.82%, above the examined 33% limit; the conservative digital-asset activity proxy also fails.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Fails

A properly licensed and reproducible historical market-cap series is not stored; market-cap methods cannot cure the debt, income or activity failure.

Business-activity disclosure

MARA operates bitcoin mining, digital-asset lending/trading and digital-infrastructure initiatives. The retained qualitative review treats bitcoin speculation and lending/trading structures as material Sharia concerns.

Limitation: The filing reports aggregate digital-asset revenue and separate interest income but does not provide a scholar-universal prohibited-revenue allocation; the full-revenue proxy is conservative.

Purification

MARA discloses $10.532 million of interest income, including bitcoin-lending and cash interest, but no scholar-approved purification percentage is asserted.

Inputs, assumptions and primary sources

Amounts are USD millions from MARA's March 31, 2026 Form 10-Q.
Interest-bearing debt is $2,416.169 million total debt, net of discounts and issuance costs; operating and finance leases are excluded.
Cash is $513.653 million; investments of $131.827 million are included in interest-bearing securities; other receivables are $25.642 million.
The full $174.614 million of quarterly revenue is used as a conservative disclosed activity proxy because bitcoin mining and related digital-asset services are the core revenue model.
Disclosed interest income is $10.532 million, or 6.03% of quarterly revenue; the filing also describes interest from bitcoin lending and cash balances.

U.S. Securities and Exchange Commission: MARA Holdings First Quarter 2026 Form 10-Q FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.

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