Bitcoin miner MARA swung to a web lack of $611.3 million from a year-earlier revenue within the second quarter of 2026, pushed primarily by a change within the worth of its Bitcoin holdings, regardless of reporting its highest quarterly Bitcoin manufacturing in additional than a 12 months.
The web loss, equal to $1.60 per diluted share, is down in comparison with a web revenue of $808.2 million, or $1.84 per diluted share, within the second quarter of 2025, in accordance to the corporate’s 10-Q SEC submitting. MARA mined 2,422 Bitcoin within the quarter, 3% greater than the prior 12 months interval, however greater manufacturing was greater than offset by a 28% decline within the common Bitcoin worth.
“Two issues outlined Q2 for MARA. Bitcoin costs created a difficult income atmosphere [and] we used the quarter to basically remodel our energy portfolio and capital construction,” stated MARA chief monetary officer Salman Khan throughout an earnings name on Thursday.
The quarter highlights MARA’s publicity to Bitcoin costs even because it expands mining capability and pursues AI and high-performance computing infrastructure. As of June 30, MARA held a complete of 35,577 Bitcoin, with a complete honest worth of $2.1 billion, making it the fourth-largest public Bitcoin holder after Technique, Twenty One Capital and Metaplanet.
MARA eyes continued AI enlargement
In February, the corporate acquired a majority stake in Exaion SaS, which operates high-performance computing (HPC) knowledge facilities and safe cloud and AI infrastructure.
In the identical month, MARA additionally introduced a partnership with Starwood Capital Group and its knowledge heart growth platform Starwood Digital Ventures to allow the conversion of choose MARA websites to fulfill demand from “enterprise, hyperscale and AI prospects.”
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MARA stated it’s concentrating on at the very least two AI/HPC lease signings by year-end.
“Working alongside Starwood, we’re progressing lease discussions throughout a number of websites, and we stay assured in our capability to signal at the very least 2 leases earlier than year-end,” MARA CEO Fred Thiel stated on Thursday.
In July, MARA additionally agreed to accumulate a 1,200-acre powered land web site in Matagorda County, Texas, with anticipated entry to as much as 2 gigawatts of grid capability by April 2028. The corporate stated it intends to develop the positioning for AI and HPC workloads in addition to Bitcoin mining.
MARA’s enlargement plans additionally embrace its pending acquisition of Lengthy Ridge Power & Energy in Ohio, a $1.5 billion deal that MARA has stated may assist as much as 600 megawatts of AI and critical-IT load over time.
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Bitcoin mining stays foundational
In a letter to shareholders on Thursday, Thiel stated Bitcoin mining nonetheless represents the core of MARA’s enterprise and can proceed to generate money stream that helps its different investments.
“Finally, we don’t view Bitcoin mining and AI infrastructure as competing companies,” stated Thiel.
“Our capital allocation philosophy stays easy. Each megawatt needs to be deployed into its highest-value software. In some markets, that can proceed to be Bitcoin mining. In others, it will likely be AI infrastructure, sovereign cloud, or enterprise computing.”
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