MARA swings to Q2 loss as Bitcoin’s slump masks higher output
MARA posted a Q2 2026 net loss of $611.3 million, or $1.60 per diluted share, versus a $808.2 million profit a year earlier. The loss was driven mainly by a decline in the value of its Bitcoin holdings and a 28% drop in the average Bitcoin price, which outweighed higher production. MARA mined 2,422 Bitcoin in the quarter, up 3% year over year, and held 35,577 Bitcoin worth about $2.1 billion at quarter-end, making it the fourth-largest public Bitcoin holder. The company is also expanding into AI and high-performance computing. It has acquired a majority stake in Exaion, partnered with Starwood Capital on site conversions, and aims to sign at least two AI/HPC leases by year-end. MARA says Bitcoin mining remains its core business and a cash source for these new investments.
