MARA Holdings Q2 2026 Earnings: Revenue Falls 27% to $175M, $611M Net Loss
Signal21 Editorial Desk
A loss made of paper Bitcoin
MARA Holdings reported a second-quarter net loss of about $611 million, or roughly $1.60 per share — far wider than the small loss analysts had expected. On the headline it looks alarming. Underneath, most of it is a paper mark: a roughly $343 million unrealized loss on the company's Bitcoin holdings as the price of Bitcoin fell through the quarter. That is an accounting revaluation of coins MARA still holds, not cash leaving the business.
Revenue told a similar story. It fell about 27% year over year, to roughly $174.9 million from $238.5 million, and MARA attributes about $65.9 million of that decline to a roughly 28% drop in Bitcoin's average price — the market moving against the asset, not the business failing to execute.
The machine ran faster, not slower
Strip out the Bitcoin price and the operation improved. MARA mined 2,422 Bitcoin in the quarter, about 26.6 per day and 64 more than a year earlier, while energized hashrate reached 70.3 exahash per second, up 22% from 57.4 a year ago. The company ended the quarter holding 35,577 Bitcoin, worth roughly $2.1 billion at a spot price near $58,524. This is a miner producing more, running a larger fleet, and keeping a large treasury intact — while the reported number is dominated by a mark it did not choose.
Why Signal21 turns more constructive
A quarter like this is the kind of print the market tends to see coming. Bitcoin's weakness through the quarter was public and continuous; a large unrealized markdown at a company holding more than 35,000 coins was arithmetic, not a shock. With the bad number now reported and absorbed, and the balance sheet and mining operation intact, the overhang that kept us cautious near term has largely cleared.
Signal21 therefore moves its near-term view on MARA to Bullish Bias: the worst of the expected bad news is out, the sellers who were going to react have largely done so, and the operational trend is up. The medium-term view stays Bullish Bias on the debt reduction and power buildout, and the long-term view remains Strong Bullish on MARA's power-and-compute thesis maturing into durable non-mining revenue. This is market analysis, not a recommendation to buy or sell any security.