MARA Holdings' Q2 Revenue Falls Short Amid Declining Bitcoin Reserves

MARA Holdings, Inc.'s (NASDAQ:MARA) shares remained relatively stable after hours on August 6, despite a decline in Q2 revenue.

The company reported preliminary revenue of $174.9 million for the second quarter, down 27% from last year and short of consensus estimates by approximately 16.5%.

MARA's Bitcoin reserves have been declining, with the company disposing of 23,093 coins in the first half, almost five times more than it produced. The original collateral for a $750 million loan had a value of around $1.21 billion at its peak, but this represents approximately 53% of MARA's current reserve.

The decline in revenue was largely due to a decrease in Bitcoin prices, which fell by 28%. Net loss totaled $611.3 million, including a $343 million fair-value loss on Bitcoin.