MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss of over $611 million for the second quarter of 2026, as revenue fell 27%, the company said in a shareholder letter released August 6.
The quarter shows a widening gap between MARA’s growing computing capacity and the falling value of the Bitcoin on its balance sheet, with holdings down nearly a third even as the company mined more units than a year ago.
Bitcoin Price Decline Hits MARA’s Quarterly Results
According to MARA, revenue in Q2 2026 fell 27% year over year to $174.9 million from $238.5 million. The company posted a net loss of $611.3 million, compared with net income of $808.2 million a year earlier, while adjusted EBITDA dropped to a loss of $360.9 million from a positive $1.2 billion.
The company attributed much of the decline to Bitcoin’s lower price. Revenue benefited from higher production, but a 28% year-over-year drop in Bitcoin’s average price reduced revenue by about $65.9 million.
MARA also posted an unrealized loss of $343 million on its digital holdings as $BTC fell about 45% from the same period last year, moving from a large mark-to-market gain in 2025 to a large paper loss in Q2 2026.
Operationally, the miner continued to expand. Energized hashrate climbed 22% to 70.3 EH/s, while production rose 3% to 2,422 $BTC, and total blocks won increased to 700. Cost per petahash per day improved by 4%, although purchased energy cost per Bitcoin increased to $38,690 as power expenses and network difficulty rose faster than the company’s hashrate growth.
MARA ended June with 35,577 $BTC worth about $2.1 billion, down 29% from a year earlier. The holdings included 9,270 $BTC that were either loaned or pledged as collateral.
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During the quarter, the company mined 2,422 $BTC, sold 2,213 $BTC at an average price of $73,078, and generated about $4.3 million in interest income by lending 4,742 $BTC. Management said it expects to continue selling the flagship cryptocurrency opportunistically to support liquidity and capital projects when market conditions warrant.
Company Presses Ahead With AI Infrastructure Strategy
Spot On Chain’s Hupzy flagged the results, writing that MARA is “liquidating its $BTC treasury to fund operations.” The account called it a supply overhang rather than a one-time event, noting production rose just 3% while holdings fell close to a third, and said the firm’s approximately $2.5 billion in combined cash and Bitcoin sets a ceiling on how much more it can sell.
Recall that between March 4 and 25, the miner sold 15,133 $BTC for about $1.1 billion, using most of the proceeds to repurchase around $1 billion in convertible notes due in 2030 and 2031, alongside a roughly 15% workforce cut. It also moved 200 units valued at about $12.86 million to NYDIG yesterday.
The company is now focusing on building infrastructure beyond Bitcoin mining, noting in the shareholder letter that it is awaiting regulatory approval for its Long Ridge acquisition and recently secured rights to a powered land site in Matagorda County, Texas.
If approved, those projects could expand its power portfolio to as much as 4.8 gigawatts as the company continues directing more capital toward AI and high-performance computing alongside its core Bitcoin mining business.
