MARA swings to Q2 loss as Bitcoin’s slump masks higher output

Bitcoin miner MARA swung to a net loss of $611.3 million from a year-earlier profit in the second quarter of 2026, driven primarily by a change in the value of its Bitcoin holdings, despite reporting its highest quarterly Bitcoin production in more than a year.

The net loss, equivalent to $1.60 per diluted share, is down compared to a net income of $808.2 million, or $1.84 per diluted share, in the second quarter of 2025, according to the company’s 10-Q SEC filing. MARA mined 2,422 Bitcoin in the quarter, 3% more than the prior year period, but higher production was more than offset by a 28% decline in the average Bitcoin price.

“Two things defined Q2 for MARA. Bitcoin prices created a challenging revenue environment [and] we used the quarter to fundamentally transform our power portfolio and capital structure,” said MARA chief financial officer Salman Khan during an earnings call on Thursday.

The quarter highlights MARA’s exposure to Bitcoin prices even as it expands mining capacity and pursues AI and high-performance computing infrastructure. As of June 30, MARA held a total of 35,577 Bitcoin, with a total fair value of $2.1 billion, making it the fourth-largest public Bitcoin holder after Strategy, Twenty One Capital and Metaplanet.

MARA eyes continued AI expansion

In February, the company acquired a majority stake in Exaion SaS, which operates high-performance computing (HPC) data centers and secure cloud and AI infrastructure.

In the same month, MARA also announced a partnership with Starwood Capital Group and its data center development platform Starwood Digital Ventures to enable the conversion of select MARA sites to meet demand from “enterprise, hyperscale and AI customers.”

Related: Bitcoin miners’ AI pivot loses Wall Street’s wow factor

MARA said it is targeting at least two AI/HPC lease signings by year-end.

“Working alongside Starwood, we are progressing lease discussions across multiple sites, and we remain confident in our ability to sign at least 2 leases before year-end,” MARA CEO Fred Thiel said on Thursday.

In July, MARA also agreed to acquire a 1,200-acre powered land site in Matagorda County, Texas, with expected access to up to 2 gigawatts of grid capacity by April 2028. The company said it intends to develop the site for AI and HPC workloads as well as Bitcoin mining.

MARA’s expansion plans also include its pending acquisition of Long Ridge Energy & Power in Ohio, a $1.5 billion deal that MARA has said could support up to 600 megawatts of AI and critical-IT load over time.

Related: Galaxy, MARA Holdings deepen Texas expansion with land acquisitions

Bitcoin mining remains foundational

In a letter to shareholders on Thursday, Thiel said Bitcoin mining still represents the core of MARA’s business and will continue to generate cash flow that supports its other investments.

“Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses,” said Thiel.

“Our capital allocation philosophy remains straightforward. Every megawatt should be deployed into its highest-value application. In some markets, that will continue to be Bitcoin mining. In others, it will be AI infrastructure, sovereign cloud, or enterprise computing.”

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