Marathon Digital's Q2 Loss Widens as Bitcoin Prices Weigh

Marathon Digital Holdings reported a wider-than-expected loss for Q2 2026, as revenue fell and price swings weighed on results. The company posted a net loss of $611.3 million, compared with net income of $808.2 million a year earlier.

Revenue declined by 26.7% year over year to $174.9 million, hurt by a 28% drop in Bitcoin's average price. Marathon mined 2,422 Bitcoin in the quarter, up from the year-earlier period, but lower prices and mark-to-market losses overshadowed production gains.

Management highlighted progress on the Long Ridge acquisition and a larger move into AI and digital infrastructure. The company ended the quarter with $421.3 million in cash and cash equivalents and about $2.5 billion in combined cash and Bitcoin.

The company's reported loss was also affected by accounting adjustments tied to digital assets, with about $343 million of the net loss coming from unrealized mark-to-market changes.