MARA Holdings said a 28% drop in the average bitcoin price dragged down its results in the second quarter of 2026, with a net loss of US$ 611.3 million, versus a profit of US$ 808.2 million a year earlier.
Revenue fell 27% year over year, to US$ 174.9 million. The company attributed part of the decline to the lower bitcoin price, which cut revenue by about US$ 65.9 million even as production rose.
Adjusted EBITDA came in at negative US$ 360.9 million, compared with positive US$ 1.2 billion in the second quarter of 2025. MARA also recorded an unrealized loss of US$ 343 million on its digital holdings, after bitcoin fell about 45% year over year.
Operations
Production rose 3% in the quarter, to 2,422 BTC, and energized hashrate advanced 22%, to 70.3 EH/s. MARA sold 2,213 BTC at an average price of US$ 73,078 and earned US$ 4.3 million in interest income from lending 4,742 BTC.
The company ended June with 35,577 BTC, about US$ 2.1 billion, 29% less than a year earlier. Of that total, 9,270 BTC were lent or posted as collateral. The energy cost per bitcoin purchased rose to US$ 38,690, amid higher energy expenses and increased network difficulty.
Sales and plans
Management said it intends to continue selling the cryptocurrency opportunistically to support liquidity and capital projects, depending on market conditions.
Analyst Hupzy, of Spot On Chain, said the company is “liquidating its bitcoin treasury to fund operations.” In his view, the sale represents an oversupply in the market, not a one-off event, since production rose only 3% while reserves fell by nearly a third. He also noted that cash combined with bitcoin, of approximately US$ 2.5 billion, limits how much more the company can sell.
Between March 4 and 25, MARA sold 15,133 BTC for about US$ 1.1 billion, using most of the proceeds to repurchase approximately US$ 1 billion in convertible notes maturing in 2030 and 2031. The company also cut about 15% of its workforce and transferred 200 BTC to NYDIG.
AI expansion
MARA said it remains focused on infrastructure beyond bitcoin mining. In the shareholder letter, it said it is awaiting regulatory approval for the acquisition of the Long Ridge complex and that it obtained rights to an energized land site in Matagorda County, Texas. If approved, the projects could expand its energy portfolio to up to 4.8 GW, with the company directing more capital to artificial intelligence and high-performance computing.
