MARA Holdings released disappointing financial figures for the second quarter of 2026 on August 6. The company’s revenue dropped 27% year over year to $174.9 million, and it reported a net loss of $611.3 million along with a negative adjusted EBITDA of $360.9 million, as outlined in its official presentation.
Summary
- MARA’s Bitcoin reserves fell by 29% year over year, totaling 35,577 BTC at the close of the June quarter 2026.
- Q2 revenue decreased 27% to $174.9 million, with net losses significantly enlarging to $611.3 million.
- Bitcoin production increased by 3% to 2,422 BTC, buoyed by an enhanced hashrate reaching 70.3 EH/s during Q2.
- MARA sold 2,213 BTC in Q2, following a sale of 20,880 BTC in the prior first quarter.
- After the quarter ended, MARA pledged 18,750 BTC as collateral for financing while pursuing its AI infrastructure expansion strategy.
By the end of June, the company held 35,577 BTC, reflecting a 29% decline from 49,951 BTC a year earlier. However, this overall reduction was partially offset by a slight sequential increase from 35,303 BTC on March 31. Additionally, MARA’s presentation indicated around $2.5 billion in combined cash and Bitcoin assets as of quarter-end. The shares closed at $10.65, marking a 5.25% decline, per Google Finance data.
Source: Google Finance
MARA’s Bitcoin reserves fell primarily due to substantial first-quarter sales
The annual decline in MARA’s Bitcoin holdings largely stems from sales made in early 2026 rather than a reduction in mining output. In its first-quarter report, the company revealed the sale of 20,880 BTC for around $1.5 billion, which was used to finance operations, repurchase debt, and invest in infrastructure initiatives. Prior Q1 analysis showed that these sales reduced MARA’s Bitcoin holdings from 53,822 BTC at the end of 2025.
During Q2, MARA sold an additional 2,213 BTC at an average price of $73,078 while producing 2,422 BTC. This led to a slight rise in holdings compared to the end of March. The company’s treasury policy now enables opportunistic sales of Bitcoin on its balance sheet, moving away from its earlier strategy of retaining mined coins.
As of June 30, 4,742 BTC were loaned out while 4,528 BTC were pledged as collateral, allowing 26,307 BTC to remain unrestricted. Following the quarter’s end, MARA pledged a further 18,750 BTC as collateral for two Bitcoin-backed credit lines, which enhances the portion of its treasury allocated for financing.
Mining output increased despite challenging Bitcoin economics
Operational indicators displayed improvement. The boosted hashrate reached 70.3 EH/s, representing a 22% increase from 57.4 EH/s a year earlier. Bitcoin production climbed by 3% to 2,422 BTC, and the number of blocks mined rose by 1% to 700. The cost per petahash per day declined by 4%, from $28.70 to $27.70.
Despite these advancements, revenue suffered due to a steep decline in the average Bitcoin price in relation to mining revenue, which fell from approximately $98,975 in Q2 2025 to about $71,325 in Q2 2026. Furthermore, energy costs per Bitcoin at owned sites rose, indicating that an increased hashrate alone did not relieve profitability pressures.
The net loss was additionally impacted by fair-value accounting related to Bitcoin prices, with MARA reporting roughly $343 million in fair-value losses connected to digital assets and receivables. This stands in stark contrast to the considerable fair-value gains detailed in the previous quarter, highlighting the dramatic shift from $808.2 million in net income to the current loss.
MARA is utilizing its Bitcoin assets to fund an AI transition
The company is increasingly associating its Bitcoin assets with its plans for expansions in power and computing infrastructure. After the quarter, MARA secured two credit facilities that broaden its borrowing capacity by $600 million, with 18,750 BTC pledged as initial collateral. The funds may serve various corporate purposes, including the anticipated acquisition of Long Ridge.
The Long Ridge acquisition is instrumental for MARA as it aims to bolster its AI and high-performance computing capabilities. Previous reports regarding this AI strategy mentioned a proposed $1.5 billion purchase involving a 505-megawatt gas facility in Ohio, along with a campus that could support over one gigawatt of computing capacity. This acquisition is still awaiting regulatory approval.
Additionally, the company is pursuing a Texas project intended to develop a 1,200-acre powered site expected to generate up to 2 GW of grid capacity in the future. When combined with Long Ridge and other assets, management foresees its power portfolio reaching approximately 4.8 GW.
Outlook for MARA
The immediate focus will be on executing financing strategies, securing regulatory approval for the Long Ridge purchase, and advancing the Texas development initiative. Investors will closely observe whether MARA continues to sell or pledge Bitcoin as it funds infrastructure enhancements. The company has clarified that its treasury functions as both a long-term asset and a source of liquidity.
Chief Executive Fred Thiel emphasized that Bitcoin mining underpins the company, while digital infrastructure and other initiatives are designed to enhance the value derived from this foundation. Although this outlook appears promising, the Q2 results reflect the substantial costs tied to this transition. While mining output improved, falling Bitcoin prices, rising energy costs per coin, and significant fair-value losses have severely impacted the reported outcomes.
Currently, MARA stands as a prominent public Bitcoin miner and one of the largest corporate holders of Bitcoin. The upcoming quarters will reveal whether its foray into AI infrastructure will yield more stable revenue while allowing the company to maintain adequate Bitcoin exposure to benefit from any potential recovery in mining economics.
