MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss of $611.3 million, or $1.60 per diluted share, for the second quarter of 2026. That marked a sharp reversal from the $808.2 million net income, or $1.84 per diluted share, recorded in the same period of 2025. Revenue declined 27% year over year to $174.9 million, falling short of consensus estimates of about $208.4 million.

Roughly $343 million of the net loss stemmed from unrealized fair-value changes on the company’s digital asset holdings and related receivables. Adjusted earnings before interest, taxes, depreciation and amortization came in at negative $360.9 million, compared with a positive $1.2 billion a year earlier.

Production Gains Masked by Lower Bitcoin Prices

Operational metrics showed improvement even as financial results deteriorated. MARA mined 2,422 Bitcoin in the quarter, a 3% increase from the prior-year period and the company’s highest quarterly output in more than a year. Energized hashrate rose 22% to 70.3 exahashes per second from 57.4 EH/s. Blocks won increased 1% to 700, while the cost per petahash per day improved 4% to $27.70 from $28.70.

Those advances were more than offset by a roughly 28% decline in the average Bitcoin price during the period. The average price of Bitcoin associated with mining revenue stood at about $71,325, down from $98,975 a year earlier. The combination left overall revenue lower despite higher production volumes.

Bitcoin Treasury Contracts After Earlier Sales

As of June 30, 2026, MARA held 35,577 Bitcoin, a 29% decline from 49,951 BTC a year earlier. The total fair value of those holdings was approximately $2.1 billion. Combined cash and Bitcoin stood at about $2.5 billion. Of the Bitcoin position, 26,307 BTC remained unrestricted, 4,742 BTC were loaned out and 4,528 BTC were pledged as collateral.

The year-over-year drop largely reflected sales executed earlier in 2026. In the first quarter the company sold 20,880 BTC for roughly $1.5 billion. In the second quarter it sold an additional 2,213 BTC at an average price of $73,078 while producing 2,422 BTC, resulting in a modest sequential increase from the 35,303 BTC held at the end of March.

After the quarter closed, MARA pledged a further 18,750 BTC as initial collateral for two Bitcoin-backed credit facilities that provide $600 million of incremental borrowing capacity. The company ranked as the fourth-largest public Bitcoin holder at quarter-end.

Shares of MARA closed at $10.65 on August 6, down 5.25%. Around the same period, MARA transferred 200 BTC, valued at about $12.9 million, to institutional custodian NYDIG. Rival Riot Platforms sent 381 BTC, worth roughly $24.5 million, to the same custodian, for a combined total of 581 BTC.

AI and Digital Infrastructure Expansion Advances

Management continued to position the company for a broader digital infrastructure business. In February MARA acquired a majority stake in Exaion, which operates high-performance computing data centers and AI infrastructure. The firm also entered a partnership with Starwood Capital Group and its data-center platform to convert select mining sites for enterprise, hyperscale and AI customers.

MARA is targeting at least two AI and high-performance computing lease signings before year-end. Chief Executive Fred Thiel said the company is progressing lease discussions across multiple sites with Starwood and remains confident of securing the targeted agreements.

The firm is advancing a $1.5 billion agreement to acquire Long Ridge Energy & Power in Ohio, which includes a 505-megawatt gas plant and a campus with potential for more than one gigawatt of computing capacity. The deal is expected to support up to 600 megawatts of AI and critical-IT load over time, subject to regulatory approval.

In Texas, MARA agreed to acquire a 1,200-acre powered land site in Matagorda County with expected access to up to 2 gigawatts of grid capacity by April 2028. Management has indicated that combined power assets could reach approximately 4.8 gigawatts.

Thiel described Bitcoin mining as the foundation of the business that continues to generate cash flow supporting other investments. The company has previously reduced staff by 15% as part of its broader transformation.

MARA’s second-quarter results illustrate the continuing sensitivity of publicly traded miners to Bitcoin price movements even as they expand computing capacity and pursue more diversified revenue streams tied to power and data-center services.