TLDR
MARA swung to a net loss of $611.3 million in Q2 2026, compared to a $808.2 million profit a year earlier.
The loss came mainly from a change in the value of MARA’s Bitcoin holdings, not from mining performance.
MARA mined 2,422 Bitcoin during the quarter, its highest output in more than a year and 3% above the same period last year.
The average Bitcoin price fell 28% during the quarter, offsetting the higher production.
MARA is expanding into AI and data center infrastructure while continuing to mine Bitcoin.
MARA Holdings posted a net loss of $611.3 million for the second quarter of 2026. This is a reversal from the $808.2 million profit the company reported in the same quarter last year.
The loss equals $1.60 per diluted share. Last year’s profit was $1.84 per diluted share.
The company shared these numbers in a 10-Q filing with the Securities and Exchange Commission. MARA’s chief financial officer, Salman Khan, spoke about the results during an earnings call on Thursday.
“Two things defined Q2 for MARA,” Khan said. “Bitcoin prices created a challenging revenue environment and we used the quarter to fundamentally transform our power portfolio and capital structure.”
Bitcoin Output Rose But Prices Fell
MARA mined 2,422 Bitcoin during the quarter. That is the company’s highest quarterly production total in over a year and 3% more than the same period in 2025.
Despite the higher output, the average price of Bitcoin dropped 28% during the quarter. This drop canceled out the gains from mining more coins.
As of June 30, MARA held 35,577 Bitcoin. The company said this holding had a fair value of $2.1 billion.
That makes MARA the fourth-largest public holder of Bitcoin. Only Strategy, Twenty One Capital, and Metaplanet hold more.
MARA Pushes Further Into AI Infrastructure
MARA has been expanding beyond Bitcoin mining. In February, the company bought a majority stake in Exaion SaS, a business that runs data centers for cloud and AI computing.
That same month, MARA announced a partnership with Starwood Capital Group. The deal aims to convert some MARA sites for use by enterprise, hyperscale, and AI customers.
CEO Fred Thiel said the company is working with Starwood on lease talks across several sites. “We remain confident in our ability to sign at least 2 leases before year-end,” Thiel said Thursday.
In July, MARA agreed to buy a 1,200-acre site with power access in Matagorda County, Texas. The site is expected to have up to 2 gigawatts of grid capacity by April 2028.
MARA plans to use the Texas site for both AI computing and Bitcoin mining. The company is also working on a $1.5 billion deal to acquire Long Ridge Energy & Power in Ohio.
That Ohio deal could support up to 600 megawatts of AI and computing load over time, according to the company.
In a letter to shareholders, Thiel said Bitcoin mining remains central to the business. He said mining will keep generating cash to support MARA’s other projects.
“We do not view Bitcoin mining and AI infrastructure as competing businesses,” Thiel wrote. He added that the company will place power where it earns the most value, whether that is mining, AI, cloud services, or enterprise computing.
MARA has not given a specific date for when the Long Ridge acquisition will close. The company said it will provide updates on lease signings and site development before the end of the year.
