MARA Holdings, the biggest publicly traded Bitcoin miner, reported a internet lack of over $611 million for the second quarter of 2026, as income fell 27%, the corporate mentioned in a shareholder letter launched August 6.
The quarter reveals a widening hole between MARA’s rising computing capability and the falling worth of the Bitcoin on its stability sheet, with holdings down almost a 3rd whilst the corporate mined extra items than a yr in the past.
Bitcoin Value Decline Hits MARA’s Quarterly Outcomes
In accordance with MARA, income in Q2 2026 fell 27% yr over yr to $174.9 million from $238.5 million. The corporate posted a internet lack of $611.3 million, in contrast with internet earnings of $808.2 million a yr earlier, whereas adjusted EBITDA dropped to a lack of $360.9 million from a constructive $1.2 billion.
The corporate attributed a lot of the decline to Bitcoin’s lower cost. Income benefited from greater manufacturing, however a 28% year-over-year drop in Bitcoin’s common value decreased income by about $65.9 million.
MARA additionally posted an unrealized lack of $343 million on its digital holdings as BTC fell about 45% from the identical interval final yr, shifting from a big mark-to-market acquire in 2025 to a big paper loss in Q2 2026.
Operationally, the miner continued to increase. Energized hashrate climbed 22% to 70.3 EH/s, whereas manufacturing rose 3% to 2,422 BTC, and complete blocks gained elevated to 700. Value per petahash per day improved by 4%, though bought power value per Bitcoin elevated to $38,690 as energy bills and community issue rose sooner than the corporate’s hashrate development.
MARA ended June with 35,577 BTC value about $2.1 billion, down 29% from a yr earlier. The holdings included 9,270 BTC that had been both loaned or pledged as collateral.
Throughout the quarter, the corporate mined 2,422 BTC, offered 2,213 BTC at a median value of $73,078, and generated about $4.3 million in curiosity earnings by lending 4,742 BTC. Administration mentioned it expects to proceed promoting the flagship cryptocurrency opportunistically to help liquidity and capital tasks when market situations warrant.
Firm Presses Forward With AI Infrastructure Technique
Spot On Chain’s Hupzy flagged the outcomes, writing that MARA is “liquidating its BTC treasury to fund operations.” The account referred to as it a provide overhang reasonably than a one-time occasion, noting manufacturing rose simply 3% whereas holdings fell near a 3rd, and mentioned the agency’s roughly $2.5 billion in mixed money and Bitcoin units a ceiling on how rather more it might probably promote.
Recall that between March 4 and 25, the miner offered 15,133 BTC for about $1.1 billion, utilizing many of the proceeds to repurchase round $1 billion in convertible notes due in 2030 and 2031, alongside a roughly 15% workforce reduce. It additionally moved 200 items valued at about $12.86 million to NYDIG yesterday.
The corporate is now specializing in constructing infrastructure past Bitcoin mining, noting within the shareholder letter that it’s awaiting regulatory approval for its Lengthy Ridge acquisition and just lately secured rights to a powered land website in Matagorda County, Texas.
If accepted, these tasks might increase its energy portfolio to as a lot as 4.8 gigawatts as the corporate continues directing extra capital towards AI and high-performance computing alongside its core Bitcoin mining enterprise.
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