MARA Holdings Suffers $611 Million Loss Amid Bitcoin Price Swings

MARA Holdings, one of the largest publicly traded bitcoin miners, reported a net loss of $611 million in the second quarter. This is a sharp reversal from last year's profit of $808 million and far below the predicted $0.35 per share profit.

The company's revenue fell 27% to $174.9 million, missing Wall Street estimates by over 16%. The decline was largely due to bitcoin's price swings, which affected MARA's digital asset holdings.

MARA's total bitcoin holdings decreased 29% year-over-year to 35,577 BTC. Of this stash, 26,307 BTC remains unrestricted, while 4,742 BTC is loaned out and 4,528 BTC is pledged as collateral.

Rival Riot Platforms and MARA sent a combined 581 BTC to custodian NYDIG, worth around $37 million. This move has historically preceded disclosed selling from both companies within days or weeks.