- MARA swung to a net loss of $611.3 million in Q2 2026, driven by a change in the value of its Bitcoin holdings despite record production.
- The company mined 2,422 Bitcoin in the quarter, a 3% increase year-over-year, but a 28% decline in the average Bitcoin Price offset gains.
- MARA is actively expanding into AI and high-performance computing, targeting at least two AI lease signings by year-end and pursuing major power infrastructure deals.
Bitcoin miner MARA swung to a net loss of $611.3 million in the second quarter of 2026, driven primarily by a change in the value of its Bitcoin holdings, despite reporting its highest quarterly production in more than a year. The net loss, equivalent to $1.60 per diluted share, marks a stark reversal from a net income of $808.2 million in the same period last year, according to the company’s SEC filing.
MARA mined 2,422 Bitcoin in the quarter, a 3% increase from the prior year. However, 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 CFO 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 infrastructure.
As of June 30, MARA held 35,577 Bitcoin with a total fair value of $2.1 billion, making it the fourth-largest public Bitcoin holder. In February, the company acquired a majority stake in Exaion SaS and announced a partnership with Starwood Capital Group to convert select sites for AI customers.
MARA is targeting at least two AI 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,” CEO Fred Thiel said.
In July, MARA agreed to acquire a 1,200-acre powered land site in Texas with access to up to 2 gigawatts of grid capacity. Thiel stated that Bitcoin mining remains foundational, generating cash flow to support other investments and concluding, “Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses.”
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