MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss exceeding $611 million for the second quarter of 2026, accompanied by a 27% decline in revenue, according to a shareholder letter released August 6.
The quarter highlighted a growing disparity between MARA’s expanding computing power and the diminishing value of Bitcoin held on its balance sheet. The company’s Bitcoin holdings decreased by nearly a third, even as it mined more units compared to the previous year.
Financial Performance
MARA’s revenue in Q2 2026 fell 27% year-over-year to $174.9 million, down from $238.5 million in the same period last year. The company posted a net loss of $611.3 million, a stark contrast to the $808.2 million net income recorded a year prior. Adjusted EBITDA also saw a significant drop, moving from a positive $1.2 billion to a loss of $360.9 million.
The company attributed a substantial portion of this downturn to the lower price of Bitcoin. While increased production contributed positively to revenue, a 28% year-over-year decrease in Bitcoin’s average price resulted in an estimated revenue reduction of approximately $65.9 million.
Furthermore, MARA recorded an unrealized loss of $343 million on its digital asset holdings. This was driven by a roughly 45% drop in Bitcoin’s price compared to the same period last year, shifting from a significant mark-to-market gain in 2025 to a substantial paper loss in Q2 2026.
Operational Expansion and Costs
Operationally, the miner continued its expansion efforts. Energized hashrate increased by 22% to 70.3 EH/s, while production rose 3% to 2,422 BTC. The total number of blocks won also climbed to 700. The cost per petahash per day saw a 4% improvement. However, the purchased energy cost per Bitcoin increased to $38,690, as power expenses and network difficulty escalated at a faster pace than the company’s hashrate growth.
As of the end of June, MARA held 35,577 BTC, valued at approximately $2.1 billion, representing a 29% decrease from the previous year. This holdings included 9,270 BTC that were either loaned out or pledged as collateral.
During the quarter, the company mined 2,422 BTC and sold 2,213 BTC at an average price of $73,078. Additionally, MARA generated about $4.3 million in interest income by lending 4,742 BTC. Management indicated plans to continue selling its Bitcoin holdings opportunistically to bolster liquidity and fund capital projects when market conditions are favorable.
Market Analysis and Future Outlook
Spot On Chain’s Hupzy commented on the results, suggesting that MARA is “liquidating its BTC treasury to fund operations.” The analysis characterized this as a supply overhang rather than an isolated event, noting the modest 3% increase in production alongside a nearly one-third drop in holdings. The firm’s combined cash and Bitcoin reserves of approximately $2.5 billion were identified as a potential ceiling on further sales.
This follows a significant sale of 15,133 BTC for about $1.1 billion between March 4 and 25. The proceeds were largely used to repurchase approximately $1 billion in convertible notes due in 2030 and 2031, and were accompanied by a roughly 15% workforce reduction. The company also transferred 200 BTC, valued at about $12.86 million, to NYDIG recently.
MARA is now shifting its focus towards building infrastructure beyond Bitcoin mining. The shareholder letter indicated that the company is awaiting regulatory approval for its Long Ridge acquisition and has recently secured rights to a powered land site in Matagorda County, Texas. If approved, these projects could expand its power capacity to as much as 4.8 gigawatts, as the company continues to allocate capital towards AI and high-performance computing, in addition to its core Bitcoin mining operations.
