As of Q1'26, MARA's cash and short-term investments stood at $514M USD, reflecting a modest increase from $547M USD in Q4'25, while debt plummeted dramatically to $51M USD from $3.65B USD in the prior quarter, resulting in a significantly improved net cash position of approximately $463M USD. Over the period from Q2'23 to Q1'26, cash levels exhibited high volatility, peaking at $996M USD in Q4'23 before fluctuating downward to a low of $101M USD in Q2'25, then surging to $826M USD in Q3'25; debt, in contrast, trended sharply upward from $735M USD in Q2'23 to a high of $3.64B USD in Q3'25, before the abrupt decline in Q1'26, highlighting potential refinancing or repayment events that enhanced overall liquidity despite earlier leverage pressures.