MARA Holdings Posts $611M Loss as Revenue Falls 27%

MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss of over $611 million for the second quarter of 2026. This significant financial setback was attributed to a 27% year-over-year revenue decline.

The company's computing capacity has been increasing, but this growth is not yet reflected in its balance sheet. Despite mining more Bitcoin than in the previous year, MARA Holdings' Bitcoin holdings have fallen nearly a third, exacerbating balance-sheet pressure and signaling potential downside risks for crypto miners and markets.