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BTC TLDR
Bitcoin production rose, but prices fell
MARA further deployed AI infrastructure
MARA turned into a net loss of US$611.3 million in the second quarter of 2026, compared with a profit of US$808.2 million in the same period last year.
The losses mainly came from changes in the value of bitcoins held by MARA, rather than mining performance.
MARA dug up 2,422 bitcoins during the quarter, the highest production in more than a year and a 3% increase from the same period last year.
The average Bitcoin price fell 28% during the quarter, offsetting gains from increased production.
MARA is expanding into artificial intelligence and data center infrastructure, while continuing to develop Bitcoin mining.
MARA Holdings reported a net loss of US$611.3 million for the second quarter of 2026, a reversal of a profit of US$808.2 million in the same period last year.
equates to a diluted loss per share of $1.60, compared with last year's diluted earnings per share of $1.84.
The company disclosed these data in a 10-Q filing with the U.S. Securities and Exchange Commission. MARA Chief Financial Officer Salman Khan discussed the results during an earnings conference call on Thursday.
Khan said: "Two things define MARA's second quarter. Bitcoin prices have created a challenging revenue environment, and we used this quarter to fundamentally restructure our power portfolio and capital structure."
Bitcoin production rises, but price falls
MARA dug up 2,422 bitcoins during the quarter, the company's highest quarterly production in more than a year and a 3% increase from the same period in 2025.
Despite the increase in production, the average price of Bitcoin fell 28% during the quarter, which offset gains from increased mining volumes.
As of June 30, MARA held 35,577 bitcoins. The company said the fair value of those positions was $2.1 billion.
This makes MARA the fourth-largest public holder of Bitcoin, behind Strategy, Twenty One Capital and Metaplane.
MARA further deploys AI infrastructure
MARA has been expanding business areas beyond Bitcoin mining.
In February this year, the company acquired a majority stake in Exaion SaS, a business entity that operates cloud computing and artificial intelligence computing data centers.
In the same month, MARA announced a partnership with Starwood Capital Group. The deal aims to transform some MARA sites to serve enterprises, ultra-large customers and artificial intelligence customers.
CEO Fred Thiel said the company is negotiating with Starwood to lease multiple sites. "We remain confident that we will sign at least two leases before the end of the year," Thiel said Thursday.
In July, MARA agreed to purchase a 1,200-acre site with power conditions in Da County, Texas. The site is expected to have up to 2 GW of grid capacity by April 2028.
MARA plans to use the Texas site for artificial intelligence computing and Bitcoin mining. The company is also advancing a $1.5 billion deal to acquire Ohio's Long Ridge Energy & Power.
According to the company, the Ohio project could support up to 600 MW of artificial intelligence and computing loads in the future.
Thiel said in a letter to shareholders that Bitcoin mining remains the company's core business. He pointed out that the mining business will continue to generate cash to support other MARA projects.
Thiel wrote: "We don't view Bitcoin mining and artificial intelligence infrastructure as competing businesses." He added that the company will invest power resources where it can create the greatest value, whether it is mining, artificial intelligence, cloud services or enterprise computing.
MARA has not yet given a specific date for the completion of the Long Ridge acquisition. The company said it will provide updates on lease signing and site development by the end of the year.
