MARA Holdings Reports Weaker Q2 Financial Results Amid Declining Bitcoin Holdings
MARA Holdings reported weaker second-quarter 2026 financial results on August 6. Revenue fell 27% year over year to $174.9 million, while the Nasdaq-listed company recorded a net loss of $611.3 million and negative adjusted EBITDA of $360.9 million.
The company's Bitcoin holdings fell by 29% year over year to 35,577 BTC at June quarter-end 2026. This decline is largely due to heavy sales in the first quarter, where MARA sold 20,880 BTC for about $1.5 billion as it funded operations and repurchased debt.
Despite improved mining output, with energized hashrate reaching 70.3 EH/s and Bitcoin production increasing by 3% to 2,422 BTC, the company's revenue fell due to weaker Bitcoin pricing. The average price of Bitcoin mined was $71,325 in Q2 2026, down from $98,975 in Q2 2025.
MARA is using its Bitcoin balance sheet to fund an AI pivot, with a focus on expanding its power and computing infrastructure. The company has arranged two credit facilities that provide $600 million of incremental borrowing capacity and pledged 18,750 BTC as initial collateral.