CORZ vs. MARA (2026): Corporate Crypto Model, Balance Sheet BTC & Tax Audit
Head-to-head institutional equity comparison between Core Scientific, Inc. (CORZ) and MARA Holdings, Inc. (formerly Marathon Digital Holdings, Inc.) (MARA). Compare primary crypto business models (Bitcoin Mining & AI / HPC Data Center Infrastructure vs. Bitcoin Mining & Digital Energy Infrastructure), balance-sheet Bitcoin holdings, options liquidity, and IRC § 1091 C-Corporation tax rules.
Corporate Sector & Fee Structure: Both CORZ and MARA are SEC-reporting C-Corporation stocks with 0.00% ETF management fee (no Grantor Trust TER drag).
Operating Exposure: CORZ focuses on Bitcoin Mining & AI / HPC Data Center Infrastructure (N/A (Corporate Equity)), whereas MARA focuses on Bitcoin Mining & Digital Energy Infrastructure (N/A (Corporate Equity — holds mined & purchased BTC on corporate balance sheet)).
Side-by-Side SEC & Custodial Specification Matrix: CORZ vs. MARA
| Specification | CORZ (Core Scientific, Inc.) | MARA (MARA Holdings, Inc.) |
|---|---|---|
| Full Legal Name | Core Scientific, Inc. | MARA Holdings, Inc. (formerly Marathon Digital Holdings, Inc.) |
| Exchange & Ticker | NASDAQ: CORZ | NASDAQ: MARA |
| SEC Central Index Key (CIK) | 0001839341 | 0001507605 |
| Primary Sector / Vehicle Type | Bitcoin Mining & AI / HPC Data Center Infrastructure | Bitcoin Mining & Digital Energy Infrastructure |
| Annual Management Fee (TER) | 0.00% (Direct Corporate Equity) (No ETF Fee (C-Corp Stock)) | 0.00% (Direct Corporate Equity) (No ETF Fee (C-Corp Stock)) |
| Custody / Balance Sheet Role | N/A (Corporate Equity) | N/A (Corporate Equity — holds mined & purchased BTC on corporate balance sheet) |
| Benchmark / Index Membership | Russell 2000 | S&P SmallCap 600 / Russell 2000 |
| Options Availability | NASDAQ / Cboe Options | NASDAQ / Cboe Options |
| Tax Reporting Structure | C-Corporation Common Stock — Issues Form 1099-B on sale | C-Corporation Common Stock — Issues Form 1099-B on sale |
| IRC § 1091 Wash Sale Rule | Subject to IRC § 1091 Wash Sale Rule (Corporate Equity Security) | Subject to IRC § 1091 Wash Sale Rule (Corporate Equity Security) |
- 01CORZ SEC CIK & Exchange
- NASDAQ: CORZ (CIK 0001839341)
- 02MARA SEC CIK & Exchange
- NASDAQ: MARA (CIK 0001507605)
- 03Primary Business Sector
- CORZ: Bitcoin Mining & AI / HPC Data Center Infrastructure | MARA: Bitcoin Mining & Digital Energy Infrastructure
- 04Corporate BTC Treasury Holdings
- CORZ: N/A (Corporate Equity) | MARA: N/A (Corporate Equity — holds mined & purchased BTC on corporate balance sheet)
- 05Annual Management Fee (TER)
- 0.00% (Direct Corporate Equity — No ETF Sponsor Fee)
- 06Key Operating Driver & Risk
- CORZ: AI/HPC Hosting + Bitcoin Mining Mix (1.82x BTC Beta) vs. MARA: Energized Hashrate + Mined BTC Hold (1.95x BTC Beta)
- 07IRS Tax Classification
- Form 1099-B (C-Corp Equity Capital Gains · Subject to IRC § 1091 Wash Sale)
How Do Corporate Business Models, Balance Sheet BTC Holdings & Equity Dilution Risk Compare Between CORZ and MARA?
Unlike 1933 Act Grantor Trust Spot ETFs (which passively hold a fixed pool of Bitcoin or Ether and deduct an annual sponsor expense ratio), Core Scientific, Inc. (CORZ) and MARA Holdings, Inc. (formerly Marathon Digital Holdings, Inc.) (MARA) are operating C-Corporation equities registered with the U.S. Securities and Exchange Commission. Neither CORZ nor MARA charges an ETF management fee (0.00% TER on a $1,000, $10,000, or $100,000 stock position). Instead, shareholder returns are governed by corporate cash flows, balance-sheet Bitcoin treasury accumulation, operating leverage, and capital-structure dilution (convertible senior notes, at-the-market equity offerings, and employee stock-based compensation).
Specifically, CORZ operates in Bitcoin Mining & AI / HPC Data Center Infrastructure (Major digital infrastructure operator combining high-capacity Bitcoin mining with multi-billion-dollar AI/HPC hosting contracts (including CoreWeave).), exhibiting a historical realized beta of approximately 1.82x relative to spot Bitcoin. Conversely, MARA operates in Bitcoin Mining & Digital Energy Infrastructure (Largest publicly traded US Bitcoin mining company by energized hash rate and second-largest corporate Bitcoin treasury holder after Strategy (MSTR).), carrying a realized beta near 1.95x. On a $10,000 or $100,000 institutional allocation, choosing between CORZ and MARA is a structural decision between AI/HPC Hosting + Bitcoin Mining Mix and Energized Hashrate + Mined BTC Hold—and both should be benchmarked against 1:1 unlevered Spot ETFs (IBIT at 0.25% TER or BTC Mini at 0.15% TER) and $0/yr air-gapped hardware self-custody.
How Do Balance Sheet Custody, Counterparty Risk & SEC Form 10-K Oversight Differ?
Both CORZ (SEC CIK 0001839341, traded on NASDAQ) and MARA (SEC CIK 0001507605, traded on NASDAQ) file audited annual Form 10-K, quarterly Form 10-Q, and current Form 8-K disclosures under the Securities Exchange Act of 1934, subject to PCAOB audit oversight and FASB ASU 2023-08 fair-value crypto accounting rules.
However, shareholders in CORZ and MARA hold unsecured corporate common stock rather than a segregated 1:1 Grantor Trust claim on underlying coins. CORZ's custodial and treasury footprint is defined by N/A (Corporate Equity) (indexed in Russell 2000), whereas MARA's corporate structure is defined by N/A (Corporate Equity — holds mined & purchased BTC on corporate balance sheet) (indexed in S&P SmallCap 600 / Russell 2000). If an operating crypto corporation experiences regulatory enforcement, mining power-cost spikes, exchange fee compression, or convertible debt refinancing stress, its equity price can decouple sharply from spot BTC/ETH NAV.
What Are the US Tax, Wash Sale (IRC § 1091) & Retirement / Estate (IRC § 408 / § 1014) Rules?
For US investors, CPAs, and retirement fiduciaries, holding C-Corporation shares in CORZ or MARA carries distinct tax and retirement characteristics:
- Clean Form 1099-B Equity Reporting (No WHFIT Worksheet / No Schedule K-1): Because CORZ and MARA are standard C-Corporations rather than Grantor Trusts, brokerages issue a simple Form 1099-B upon sale without requiring daily WHFIT expense-ratio basis adjustments.
- Strict IRC § 1091 30-Day Wash Sale Enforcement: As exchange-listed corporate stocks, both CORZ and MARA are strictly governed by
IRC § 1091. Selling CORZ or MARA at a loss and repurchasing the same stock (or call options) within 30 days disallows the tax loss—though rotating between CORZ, MARA, and IBIT involves distinct legal issuers and business models. - Universal IRA, 401(k) & IRC § 1014 Step-Up Eligibility: Even at brokerages that restrict Spot Crypto ETPs, CORZ and MARA trade as standard US equities inside Roth IRAs, Traditional IRAs, 401(k) BrokerageLink accounts, and Revocable Living Trusts (qualifying for a 100% tax-free basis reset at death under IRC § 1014(a)).
Investor Scenario Decision Matrix: Should You Choose CORZ or MARA in 2026?
| Investor Persona & Account Type | Primary Optimization Goal | Recommended Winner | Corporate & Statutory Rationale |
|---|---|---|---|
| 1. High-Beta Bitcoin Treasury & Leverage Seeker | Maximize upside torque during Bitcoin bull cycles | MARA | Delivers higher historical BTC beta (1.95x) and direct balance-sheet/operating torque with 0.00% ETF management fee. |
| 2. Diversified Crypto Infrastructure & Revenue Allocator | Capture trading, custody, stablecoin or fintech cash flows | CORZ | Provides broader operating revenue diversification (AI/HPC Hosting + Bitcoin Mining Mix) beyond pure spot BTC price action. |
| 3. Covered-Call & Cash-Secured Put Options Trader | Harvest high implied-volatility weekly & LEAPS option premium | CORZ + MARA | Both offer deep weekly and LEAPS options chains on NASDAQ / Cboe Options, ideal for tax-sheltered Roth IRA premium harvesting. |
| 4. Restricted 401(k) / Brokerage Account Holder | Gain crypto exposure where Spot ETPs are blocked | 50/50 Equity Basket | Trades as standard C-Corp common stock (Russell 2000) on any US retirement platform with $0 commissions. |
| 5. Pure 1:1 Spot NAV Tracker (Zero Dilution Risk) | Eliminate corporate debt, management & share dilution risk | IBIT / FBTC / BTC Mini | A 1933 Act Grantor Trust ETF (BTC Mini 0.15% or IBIT 0.25%) tracks spot 1:1 without equity dilution. |
| 6. Sovereign 10-Year Cold-Storage Holder ($50k+) | Eliminate all corporate, SEC & custodian counterparty risk | Direct BTC on Coldcard Q / Trezor | Self-custody on Coldcard Q or Trezor Safe 5 carries $0/yr fee and zero corporate insolvency risk. |
Frequently Asked Questions (SEC, IRS & Custody Engineering)
CORZ (Core Scientific, Inc.) operates in Bitcoin Mining & AI / HPC Data Center Infrastructure (Major digital infrastructure operator combining high-capacity Bitcoin mining with multi-billion-dollar AI/HPC hosting contracts (including CoreWeave).), whereas MARA (MARA Holdings, Inc. (formerly Marathon Digital Holdings, Inc.)) operates in Bitcoin Mining & Digital Energy Infrastructure (Largest publicly traded US Bitcoin mining company by energized hash rate and second-largest corporate Bitcoin treasury holder after Strategy (MSTR).). Both are C-Corporation equities with 0.00% ETF management fee.
Unlike 1933 Act Grantor Trust Spot ETFs (which issue Form 1099-B plus a WHFIT statement), CORZ and MARA are C-Corporation common stocks that issue standard Form 1099-B capital gains statements and are subject to the IRC § 1091 30-day Wash Sale Rule.
For CORZ vs MARA (2026), investors must compare compounding percentage-based expense ratios (0.15% to 0.25% per year in US Spot ETFs, which equals $382 per $10,000 or $3,820 per $100,000 over 10 years at 10% CAGR) against one-time hardware self-custody CapEx ($79–$249 with $0/yr ongoing management fee) or flat-fee 2-of-3 multisig retirement vaults.
SEC-registered Spot Bitcoin and Ethereum ETFs (such as IBIT, FBTC, BTC Mini, and ETHA) and public crypto equities (MSTR, COIN) are securities strictly governed by the 30-day IRC § 1091 Wash Sale Rule. Direct spot cryptocurrency held in self-custody is treated as property under IRS Notice 2014-21 and requires wallet-by-wallet cost-basis lot accounting under Rev. Proc. 2024-28.
Institutional risk management for CORZ vs MARA (2026) requires auditing whether underlying keys sit inside an omnibus NYDFS trust custodian (such as Coinbase Custody Trust, Fidelity Digital Assets, or Gemini Trust) or inside a sovereign EAL6+/dual-chip air-gapped hardware signer (Coldcard Q, Trezor Safe 5, BitBox02) arranged in a multi-vendor 2-of-3 quorum.
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