MARA Holdings Seeks New Growth as Crypto Mining Revenue Plummets
MARA Holdings reported a significant decline in revenue and net income for its second quarter of 2026, with revenue plummeting by 27% year-over-year to $174.9 million and a net loss of $611.3 million.
The company attributed the losses to a 28% drop in Bitcoin's average price, which triggered a $343 million unrealized mark-to-market loss on digital assets.
However, MARA's CEO Fred Thiel stressed that power, not capital, is now the defining bottleneck in AI infrastructure, and the company's decade-long build-up of a 4.8 GW prospective power portfolio positions it to capture hyperscaler demand.
The company has made significant strides in its pivot towards AI infrastructure, with two major deals set to close: a $1.5 billion acquisition of Long Ridge and a newly acquired 2 GW site in Matagorda County, Texas.