MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss of over $611 million for Q2 2026, as revenue fell 27% year-over-year to $174.9 million. The company’s Bitcoin holdings dropped 29% year-over-year to 35,577 BTC, worth about $2.1 billion, as it sold coins to support liquidity and capital projects. During the quarter, MARA mined 2,422 BTC but sold 2,213 at an average price of $73,078, generating $4.3 million in interest income from lending. An unrealized loss of $343 million on digital holdings reflected Bitcoin’s roughly 45% price decline from the same period last year.
MARA Holdings, the largest publicly traded Bitcoin miner, reported a net loss of over $611 million for the second quarter of 2026, as revenue fell 27% year-over-year to $174.9 million, according to a shareholder letter released August 6. The company posted an adjusted EBITDA loss of $360.9 million, compared with a positive $1.2 billion a year earlier, attributing much of the decline to Bitcoin’s lower price.
Revenue benefited from higher production, but a 28% year-over-year drop in Bitcoin’s average price reduced revenue by about $65.9 million. MARA also posted an unrealized loss of $343 million on its digital holdings as BTC fell about 45% from the same period last year.
Operationally, energized hashrate climbed 22% to 70.3 EH/s, while production rose 3% to 2,422 BTC, and total blocks won increased to 700. Cost per petahash per day improved by 4%, although purchased energy cost per Bitcoin increased to $38,690.
MARA ended June with 35,577 BTC worth about $2.1 billion, down 29% from a year earlier, including 9,270 BTC that were either loaned or pledged as collateral. During the quarter, the company mined 2,422 BTC, sold 2,213 BTC at an average price of $73,078, and generated about $4.3 million in interest income by lending 4,742 BTC.
Management said it expects to continue selling the flagship cryptocurrency opportunistically to support liquidity and capital projects when market conditions warrant. Spot On Chain’s Hupzy flagged the results, writing that MARA is “liquidating its BTC treasury to fund operations,” calling it a supply overhang rather than a one-time event.
Between March 4 and 25, the miner sold 15,133 BTC for about $1.1 billion, using most of the proceeds to repurchase around $1 billion in convertible notes due in 2030 and 2031, alongside a roughly 15% workforce cut. The company is now focusing on building infrastructure beyond Bitcoin mining, awaiting regulatory approval for its Long Ridge acquisition and recently securing rights to a powered land site in Matagorda County, Texas.
