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MARA Holdings reported weaker second-quarter revenue as lower Bitcoin prices weighed on its mining business, while the company continued expanding its AI and digital infrastructure plans. Revenue fell 27% to $174.9 million from $238.5 million a year earlier, below Wall Street estimates of about $209.5 million.
The Bitcoin miner posted a $611.3 million net loss, compared with net income of $808.2 million a year earlier. MARA recorded a $343 million unrealized loss tied to changes in the value of its Bitcoin holdings, compared with a $1.2 billion gain in the same period last year.
Bitcoin Production Rises as Revenue Drops
MARA mined 2,422 BTC during the quarter, up 3% from 2,358 BTC a year earlier. It also increased its energized hashrate by 22% to 70.3 EH/s.
Lower Bitcoin prices more than offset the increase in production and were the largest contributor to the revenue decline. MARA said a 28% decline in the average Bitcoin price reduced revenue by about $65.9 million, while lower revenue from other digital assets and the end of hosting services also contributed.
The company ended June with 35,577 BTC, down 29% from a year earlier. Cash and Bitcoin holdings together were valued at about $2.5 billion.
MARA Expands AI Infrastructure Plans
MARA used its quarterly update to emphasize its expansion beyond bitcoin mining into AI-focused digital infrastructure. The company is building its strategy around access to power, land, and computing capacity.
The company said its existing power and data center assets could support AI workloads alongside Bitcoin mining. In its shareholder letter, MARA said:
“Artificial intelligence is no longer constrained by capital alone. Power constrains it.”
MARA said lease discussions are progressing across several sites and expects to sign at least one lease before the end of 2026. It has not yet disclosed separate AI revenue or announced a completed AI data center lease.
Power Projects Support Wider Expansion
MARA is waiting for regulatory approval to complete its planned acquisition of the Long Ridge power site in Ohio. It also secured rights to a 2 GW powered land site in Matagorda County, Texas, subject to regulatory and interconnection approvals.
MARA said its existing and planned projects could increase its total power portfolio to as much as 4.8 GW. The company also arranged $600 million in Bitcoin-backed credit facilities intended to help finance the Long Ridge transaction without issuing additional equity.
