MARA Stock Drops 5% After $611 Million Q2 Loss and Bitcoin Holdings Decline

TLDR

• MARA posted a Q2 net loss of $611.3 million, reversing an $808.2 million profit from a year ago.
• Revenue dropped 27% year over year to $174.9 million.
• Bitcoin holdings fell 29% to 35,577 BTC, largely due to sales earlier in 2026.
• MARA pledged 18,750 BTC to unlock $600 million in new borrowing capacity.
• The company is pursuing a $1.5 billion acquisition of Long Ridge, including a 505-megawatt power plant in Ohio.

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MARA Holdings closed August 6 at $10.65, down 5.25% on the day, after the company reported its Q2 2026 earnings.

Marathon Digital Holdings, Inc., MARA

The Bitcoin miner posted a net loss of $611.3 million for the quarter, a sharp reversal from the $808.2 million profit it recorded in Q2 2025.

Revenue came in at $174.9 million, down 27% year over year. Adjusted EBITDA hit negative $360.9 million.

$MARA HOLDINGS Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $174.9M (Est. $204M) 🔴; -27% YoY
🔹 GAAP EPS: -$1.60
🔹 Adjusted EBITDA: -$360.9M (Est. $125M) 🔴
🔹 Net Loss: -$611.3M

Other Q2 Metrics:
🔹 Energized Hashrate: 70.3 EH/s; +22% YoY
🔹 Bitcoin Holdings: 35,577 BTC; -29% YoY…

— Wall St Engine (@wallstengine) August 6, 2026

A $343 million unrealized mark-to-market loss on digital assets drove a big chunk of the headline loss. Bitcoin’s average price associated with mining revenue dropped to around $71,325, compared to $98,975 in Q2 2025.

MARA ended June with 35,577 BTC, down 29% from 49,951 BTC a year earlier.

Most of that decline came from aggressive selling in Q1 2026. The company sold 20,880 BTC for roughly $1.5 billion to fund operations, debt repurchases, and infrastructure investments.

In Q2, MARA sold another 2,213 BTC at an average price of $73,078. It also mined 2,422 BTC over the same period, which nudged total holdings slightly higher on a sequential basis.

Of the 35,577 BTC held at quarter end, only 26,307 BTC were unrestricted. The rest were either loaned out or pledged as collateral.

Bitcoin Treasury Put to Work

After the quarter closed, MARA pledged an additional 18,750 BTC to secure two Bitcoin-backed credit facilities. That deal unlocked $600 million in new borrowing capacity with Coinbase and Two Prime.

In total, 54% of MARA’s Bitcoin holdings are now pledged as collateral. The company held $421.3 million in cash and roughly $2.5 billion in combined cash and Bitcoin at quarter end.

On the operational side, things looked better. Energized hashrate rose 22% year over year to 70.3 exahashes per second. Bitcoin production increased 3% to 2,422 BTC. Cost per petahash per day improved 4% to $27.70.

G&A expenses jumped to $69.5 million from $40.1 million, partly due to $15.4 million in acquisition and integration costs and a $10.2 million litigation settlement.

Expanding Beyond Bitcoin

MARA is pushing deeper into AI and high-performance computing infrastructure. The company has a pending $1.5 billion acquisition of Long Ridge, which includes a 505-megawatt gas-fired power plant in Ohio and a computing campus with potential capacity exceeding one gigawatt.

Long Ridge is expected to contribute around $144 million in annualized EBITDA, with roughly 70% of output under long-term contracts. The deal still requires regulatory approval.

MARA is also developing a 1,200-acre site in Matagorda County, Texas, which could provide up to two gigawatts of capacity. Management says no utility infrastructure improvements are required at the site.

The company’s total potential power portfolio could reach approximately 4.8 gigawatts. Management expects to sign at least two leases before year-end, supported by its Starwood partnership.