Biggest Bitcoin Miner's Holdings Shrink Nearly 30%

Revenue Miss and a Steep Net Loss

MARA Holdings (NASDAQ: MARA), the largest publicly traded Bitcoin miner, delivered a bruising set of second-quarter results on August 6, 2026. The company reported second-quarter revenue of $174.88 million, down 27% year-over-year. That figure missed a Street estimate of $203.67 million.

The company reported a net loss of $611 million, or $1.60 per share, far below analyst expectations for a $0.35 profit and marking a sharp reversal from the $808 million profit posted in the year-earlier period. Approximately $343 million of the net loss came from unrealized mark-to-market changes on digital assets. Higher production was more than offset by a 28% decline in the average $BTC price.

The company's Bitcoin holdings decreased 29% year-over-year to 35,577 BTC from 49,951 BTC, reflecting strategic deployment of assets. 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. Combined cash and Bitcoin holdings stood near $2.5 billion.

Operational Gains and an Infrastructure Pivot

Not everything in the report pointed downward. Energized hashrate increased 22% year-over-year to 70.3 exahash per second, while Bitcoin production rose 3% to 2,422 BTC. The company also improved its cost efficiency, with cost per petahash per day declining 4% to $27.7 from $28.7.

MARA is also pushing beyond pure mining. The company's shareholder letter focused heavily on a transitioned focus on artificial intelligence, with power-ready sites being scarce and the company having infrastructure in place to help power the "next generation of compute." The company operates across four continents and 19 data centers in North America, the Middle East, Europe, and Latin America, with approximately 1.9 gigawatts of total capacity.

Management provided forward guidance projecting Q3 2026 earnings per share of $0.43, with full-year 2026 revenue of $810.18 million and fiscal 2027 revenue of $946.53 million.

Sources:
Investing.com: MARA Q2 2026 results and infrastructure shift
CryptoNews: MARA swings to Q2 loss as Bitcoin slump masks higher output
Benzinga: MARA Holdings Q2 highlights