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Get filing alertsMARA swings to $611M Q2 loss on $343M Bitcoin mark-to-market hit; secures $600M BTC-backed credit
Filed August 6, 2026 · Period ending August 6, 2026 · ~2 min read
Key Changes
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Net loss of $611.3M vs. $808.2M income in Q2'25, driven by $343M unrealized mark-to-market loss on Bitcoin holdings (prior year had $1.2B gain). Revenue fell 27% to $174.9M on 28% Bitcoin price decline despite 3% production increase.
Exhibit 99.1 view on EDGAR → -
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Entered $600M BTC-backed credit facilities with Coinbase and Two Prime at 7.56% weighted average cost to fund Long Ridge acquisition; refinanced existing $150M Coinbase facility into new structure. Uses Bitcoin as collateral while maintaining price exposure.
Exhibit 99.1 view on EDGAR → -
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Bitcoin holdings of 35,577 BTC ($2.1B) at June 30, down 29% year-over-year; 9,270 BTC (26% of total) loaned or pledged as collateral, generating $4.3M interest income in Q2. Combined cash and BTC totaled $2.5B.
Exhibit 99.1 view on EDGAR → -
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Acquired rights to 2 GW powered site in Matagorda County, Texas, subject to ERCOT and interconnect approvals. Expected to more than double powered land portfolio and expand total capacity to 4.8 GW for digital infrastructure campus.
Exhibit 99.1 view on EDGAR → -
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Completed change-of-control consent solicitation for Long Ridge senior secured notes; awaiting FERC approval. Long Ridge expected to contribute positive EBITDA immediately with 70%+ power output under long-term contracts.
Exhibit 99.1 view on EDGAR →
Summary
MARA Holdings reported a challenging Q2 2026, swinging to a $611.3 million net loss from $808.2 million net income in the prior-year quarter. The loss was driven primarily by a $343 million unrealized mark-to-market loss on Bitcoin holdings, contrasting sharply with a $1.2 billion gain in Q2 2025. Revenue declined 27% to $174.9 million as Bitcoin's average price fell 28%, offsetting a 3% increase in production.
The company held 35,577 BTC ($2.1 billion) at quarter-end, down 29% year-over-year, with 26% of holdings loaned or pledged as collateral. Post-quarter, MARA secured $600 million in BTC-backed credit facilities with Coinbase and Two Prime at a 7.56% weighted average cost, refinancing an existing $150 million facility into the new structure.
The financing is intended to fund the pending Long Ridge acquisition using Bitcoin as collateral while preserving upside exposure. The company also acquired rights to a 2 GW powered site in Matagorda County, Texas, subject to regulatory approvals, which would more than double its powered land portfolio to approximately 4.8 GW. The Long Ridge transaction, awaiting FERC approval, is expected to contribute positive EBITDA immediately upon closing with over 70% of power output contracted long-term. Retail holders should monitor Bitcoin price volatility's impact on mark-to-market swings and the execution risk on the Long Ridge and Matagorda acquisitions, which are central to the company's infrastructure expansion strategy.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
MARA Holdings announced Q2 2026 financial results via shareholder letter and scheduled an earnings call for August 6, 2026.
Added in current filing · verify on EDGAR →
On August 6, 2026, MARA Holdings, Inc. (the “Company”) issued a shareholder letter announcing its financial results for the fiscal quarter ended June 30, 2026. The Company also issued a press release announcing its earnings webcast and conference call to be held on August 6, 2026.
MARA Holdings disclosed its financial results for the quarter ended June 30, 2026 through a shareholder letter and announced an earnings webcast and conference call for the same day. The 8-K body does not contain specific financial metrics; those would be in the attached exhibits (99.1 and 99.2).
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenues decreased | 27% to $174.9 million | IN Q2 2026 | from $238.5 million in Q2 2025. | Net income (loss) | decreased to | ($611.3 million) | IN Q2 2026 | from $808.2 million in Q2 2025. | Adjusted EBITDA | decreased to | ($360.9 million) | IN Q2 2026 | compared to $1.2 billion in Q2 2025.
MARA reported Q2 2026 revenue of $174.9 million, down 27% year-over-year, primarily due to a 28% decline in Bitcoin's average price despite a 3% increase in BTC production. The company swung to a net loss of $611.3 million from net income of $808.2 million in Q2 2025, driven by a $343 million unrealized mark-to-market loss on Bitcoin holdings (versus a $1.2 billion gain in the prior year). Adjusted EBITDA fell to negative $360.9 million from positive $1.2 billion, reflecting the significant negative fair value change in digital assets.
Event · Exhibit 99.2
MARA announced preliminary Q2 2026 results via shareholder letter and scheduled earnings call for Aug 6, 2026 at 5pm ET.
Added in current filing · view on EDGAR →
MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a leading digital infrastructure company, today announced its preliminary, unaudited second quarter 2026 financial results in a letter to shareholders.
MARA disclosed preliminary, unaudited financial results for the second quarter of 2026 through a shareholder letter. The results are preliminary and unaudited, meaning final figures may differ when the full quarterly report is filed. The company directed investors to access the detailed shareholder letter on its investor relations website.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
MARA will hold a webcast and conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss these financial results.
MARA scheduled an earnings webcast and conference call for August 6, 2026 at 5:00 p.m. Eastern Time to discuss the Q2 2026 financial results. Investors can register via a provided link and access a replay on the company's investor relations website.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 7, 2026 · How we verify