Mara Holdings Hit by Bitcoin Slump, Posts $611.3 Million Second-Quarter Net Loss
Forecast Trend Report by Period
Mara Holdings posted a steep net loss in the second quarter of 2026 as a drop in Bitcoin prices outweighed higher mining output.
Cointelegraph reported on August 7 that the company recorded a net loss of $611.3 million in the quarter, reversing from net income of $808.2 million a year earlier. Diluted loss per share was $1.60.
Bitcoin production rose 3% from a year earlier to 2,422 BTC during the period. But the average price of Bitcoin fell 28%, offsetting the gain from higher output.
Chief Financial Officer Salman Khan said two factors defined the second quarter: weaker Bitcoin prices and a restructuring of the company’s power portfolio and capital structure. Mara focused on fundamentally reshaping the business despite a difficult revenue environment, he added.
As of June 30, Mara held 35,577 BTC with a fair value of about $2.1 billion. It ranks as the world’s fourth-largest publicly traded corporate Bitcoin holder, behind Strategy, Twenty One Capital and Metaplanet.
Beyond Bitcoin mining, Mara is expanding its artificial intelligence and high-performance computing infrastructure business. In February, it acquired a majority stake in HPC data center operator Exaion SAS. The company is also working with Starwood Capital Group to convert some mining facilities into AI and enterprise data centers.
In July, Mara acquired a site of about 1,200 acres in Matagorda County, Texas. The property could support grid interconnection of as much as 2 gigawatts by April 2028.
Chief Executive Officer Fred Thiel said Bitcoin mining remains at the core of the company’s business and will continue generating cash flow to support other investments. Mara will allocate power to the business line offering the highest value based on market conditions, including Bitcoin mining, AI infrastructure, cloud and enterprise computing, he said.
