Two of the largest publicly traded Bitcoin mining companies reported weaker quarterly results, with revenue falling sharply year over year while net losses widened due in large part to fair-value adjustments on digital asset holdings. MARA Holdings and CleanSpark continued to expand their high-performance computing and artificial intelligence data center capacities even as Bitcoin mining economics remained under pressure.

MARA Holdings Posts 27% Revenue Drop

MARA Holdings recorded second-quarter 2026 revenue of $174.9 million, a 27% decline from $238.5 million in the same period a year earlier. The company reported a net loss of $611.3 million, or $1.60 per diluted share, reversing a net income of $808.2 million in the year-ago quarter. Adjusted EBITDA swung to a loss of $360.9 million from a profit of $1.2 billion.

A $343 million fair-value loss on digital assets contributed significantly to the wider loss. During the quarter MARA mined 2,422 Bitcoin at an average price of approximately $71,325 and sold 2,213 Bitcoin at an average of $73,078. Energized hashrate rose 22% year over year to 70.3 EH/s, while the cost per petahash per day improved 4% to $27.7.

MARA’s Bitcoin holdings stood at 35,577 BTC, down 29% and valued at about $2.1 billion, ranking the company as the fourth-largest public corporate holder of the asset. The firm is advancing its Long Ridge acquisition, expected to deliver immediate positive EBITDA and expand AI capacity at its Hannibal campus pending Federal Energy Regulatory Commission approval. It also secured a 2 GW site in Matagorda County, Texas, that could lift its total power portfolio toward 4.8 GW.

CleanSpark Revenue Falls 30.5% in Fiscal Third Quarter

CleanSpark, reporting results for its third fiscal quarter ended June 30, 2026, posted revenue of $138.0 million, down 30.5% from $198.6 million a year earlier. Net loss reached $239.8 million, or $0.89 per basic share, compared with net income of $257.4 million, or $0.90 per share, in the prior-year period. Adjusted EBITDA turned to a $113.0 million loss from a $377.7 million profit, incorporating a $116.3 million fair-value loss on Bitcoin holdings.

As of June 30 the company held $202.6 million in cash and Bitcoin valued at $814.9 million, with total assets of $2.7 billion, long-term debt of $1.8 billion and working capital of $761 million. CleanSpark controls more than 1.8 GW of power, land and data-center capacity. It has signed a 20-year triple-net lease valued at $6.6 billion at its Sandersville site with a high investment-grade tenant.

Combined Losses Reach $851 Million as Sector Pivots

Together the two companies recorded approximately $851 million in net losses for the reported periods, with Bitcoin fair-value adjustments accounting for roughly $459 million of that total. Shares of both firms declined in regular trading following the releases, with MARA falling more than 5% and CleanSpark dropping more than 6%.

Both companies are directing capital toward high-performance computing and AI infrastructure as mining margins face headwinds from lower Bitcoin prices and rising network difficulty. MARA operates multiple data centers and is positioning its power assets for dual-use applications in mining and compute. CleanSpark’s long-term lease provides contracted cash-flow visibility while it develops additional capacity.

Industry peers have similarly shifted resources into data-center leasing and AI-related contracts. The transition remains at an early stage for many firms, with the bulk of related revenue expected in future periods as new facilities come online and tenant agreements take effect.