MARA 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

• high

  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 →
• high

  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 →
• high

  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 →