Bitcoin
MARA Swings to Q2 Loss Despite Record Bitcoin Production
Bitcoin miner MARA reported its highest quarterly output in over a year but posted a $611.3 million net loss as a 28% decline in average Bitcoin price eroded revenue.
Marathon Digital Holdings swung to a net loss of $611.3 million in the second quarter of 2026, or $1.60 per diluted share, compared with a profit of $808.2 million a year earlier. The shift came despite the company mining 2,422 Bitcoin in the quarter, a 3% increase from the prior year period, as a steep fall in Bitcoin's average price overwhelmed production gains. The company's holdings totalled 35,577 Bitcoin as of June 30, valued at $2.1 billion and making it the fourth-largest public Bitcoin holder.
CFO Salman Khan attributed the quarter's challenges to the difficult revenue environment created by Bitcoin price movements, noting that the company used the period to restructure its power portfolio and capital structure. CEO Fred Thiel highlighted efforts to diversify revenue streams, pointing to ongoing lease discussions with Starwood Capital Group to convert MARA sites for enterprise, hyperscale and AI customers. The company is targeting at least two AI and high-performance computing lease signings by year-end.
MARA's expansion strategy extends beyond Bitcoin mining. In February it acquired a majority stake in Exaion SaS, an operator of high-performance computing data centres and AI infrastructure. The company also agreed in July to acquire a 1,200-acre site in Matagorda County, Texas, with expected access to up to 2 gigawatts of grid capacity by April 2028, which it plans to develop for AI, HPC workloads and Bitcoin mining.
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