MARA Holdings Sees Q2 Revenue Decline Amid Bitcoin Losses

MARA Holdings, Inc., a company focused on bitcoin mining and digital assets, reported its Q2 2026 financial results. The company saw revenue decline to $174.9M, down from $238.5M in Q2 2025, marking a decrease of $63.6M or 26.7%. This drop was largely driven by fair-value losses on bitcoin holdings.

The net loss attributable to common stockholders reached $609.7M for the quarter, compared to net income of $808.2M in Q2 2025. Notably, the company's diluted earnings per share were not reported explicitly.

Despite this decline, MARA Holdings is expanding its operations and diversifying its workload. The company has energized capacity of approximately 1.9GW across 19 sites and plans to expand to about 4.8GW following recent transactions. Additionally, it's shifting from pure bitcoin mining towards AI, high-performance computing, and critical IT workloads, supported by the Exaion acquisition and a joint venture with Starwood.

The company has also been optimizing its operations, improving miner efficiency to around 17.3 J/TH through targeted selective upgrades. Furthermore, it sold approximately 23,093 BTC to fund operations and growth, engaging in lending and trading of bitcoin to provide liquidity and income.