MARA Holdings Posts Record Q2 Loss as Bitcoin Price Volatility Bites

The largest publicly traded bitcoin miner, MARA Holdings, reported a $611 million net loss in the second quarter. This is a sharp reversal from the $808 million profit it recorded in the same period last year and far below the $0.35 per share profit analysts had forecast.

The company's revenue fell 27% year-over-year to $174.9 million, missing consensus estimates of $208.4 million by more than 16%. About $343 million of the net loss came from unrealized mark-to-market changes on MARA's digital asset holdings, an accounting effect of bitcoin's price swings.

MARA's total bitcoin holdings fell 29% year-over-year to 35,577 BTC, with 26,307 BTC remaining unrestricted and 4,742 BTC loaned out. The miner has been actively deploying its treasury rather than simply sitting on it.