MARA Holdings Hit by Bitcoin Slump With $611.3 Million Second-Quarter Net Loss

MARA Holdings, a Bitcoin miner, posted a sharp net loss in the second quarter of 2026 as lower Bitcoin prices outweighed higher production.

Cointelegraph reported on Aug. 7 that MARA posted a net loss of $611.3 million in the quarter, compared with net income of $808.2 million a year earlier. Diluted loss per share was $1.60.

Bitcoin production rose 3% from a year earlier to 2,422 BTC. But the average Bitcoin price fell 28%, offsetting the benefit of higher output.

Chief Financial Officer Salman Khan said two factors defined the second quarter: lower Bitcoin prices and a restructuring of the company's power portfolio and capital structure. MARA focused on fundamentally reshaping the business despite a difficult revenue environment, he added.

As of June 30, MARA held 35,577 BTC with a fair value of about $2.1 billion. That made it the world's fourth-largest publicly traded corporate holder of Bitcoin, behind Strategy, Twenty One Capital and Metaplanet.

Beyond Bitcoin mining, MARA is expanding its artificial intelligence and high-performance computing infrastructure business. In February, it acquired a majority stake in Exaion SAS, an HPC data center operator. The company is also working with Starwood Capital Group to convert some mining facilities into AI and enterprise data centers.

In July, MARA acquired a roughly 1,200-acre site in Matagorda County, Texas. The property could support grid interconnection capacity of as much as 2 gigawatts by April 2028.

Chief Executive Officer Fred Thiel said Bitcoin mining remains central to the business and will generate cash flow to support other investments. Depending on market conditions, the company will allocate power to whichever business creates the most value, including Bitcoin mining, AI infrastructure, cloud and enterprise computing.