NEW YORK, August 6, 2026, 18:55 EDT — U.S. markets had finished trading, with MARA shares showing minimal movement after hours.
- Second-quarter preliminary revenue declined by 27% to $174.9 million, falling short of consensus estimates by approximately 16.5%.
- Bitcoin-backed new and refinanced facilities reached $750 million, backed at first by 18,750 Bitcoin.
- MARA ended the session at $10.65, a decline of 5.25%. Shares fell 5.9% across five sessions.
MARA committed 18,750 Bitcoin as collateral for $750 million in borrowing after the quarter, representing approximately 53% of its reserve as of June 30.
The structure finances its expansion into power and AI infrastructure, while also converting its declining Bitcoin reserves into collateral for acquisitions.
MARA disposed of 23,093 Bitcoin in the first half, almost five times more than the 4,669 coins it produced.
Based on Bitcoin prices on Thursday, the original collateral had a value of roughly $1.21 billion, resulting in an estimated gross initial loan-to-value ratio of about 62%.
Bitcoin reserves and financing
| Measure | Reported amount | Investor read-through |
|---|---|---|
| Bitcoin held at Dec. 31, 2025 | 53,822 BTC | — |
| Bitcoin held at June 30, 2026 | 35,577 BTC | Decrease of 33.9% |
| Bitcoin mined in first half | 4,669 BTC | — |
| Bitcoin sold in first half | 23,093 BTC | 4.95 times mined output |
| Original collateral for loan | 18,750 BTC | 52.7% of June balance |
| Recent borrowings | $600 million | Raised post-quarter |
| Refinanced credit line | $150 million | Aggregate facilities at $750 million |
| Collateral worth at $64,312 each | $1.206 billion | Gross initial loan-to-value 62.2% |
Figures for percentages and valuation ratios derive from company filings and the price of Bitcoin on Thursday.
Earnings came in below analyst forecasts. Initial, unaudited revenue declined 27% to $174.9 million.
The consensus forecast was $209.4 million, representing a 16.5% shortfall. The company reported a net loss of $611.3 million, which included a $343 million fair-value loss on Bitcoin.
Q2 comparison
| Metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $174.9 million | $238.5 million | -27% |
| Net income or loss | $(611.3) million | $808.2 million | Not meaningful |
| Energized hashrate | 70.3 EH/s | About 57.4 EH/s | +22% |
| Bitcoin produced | 2,422 | 2,358 | +3% |
| Energy cost per Bitcoin at owned sites | $38,690 | $33,735 | +15% |
| Cost per petahash per day | $27.70 | $28.70 | -4% |
The company called the quarterly numbers preliminary and unaudited.
Scale increased, but did not result in comparable coin output. Hashrate climbed 22%, while Bitcoin output grew only 3%.
Cost of purchased energy for each coin rose by 15%. According to management, network difficulty increased at a pace that exceeded MARA’s hashrate growth.
Chief Financial Officer Salman Khan outlined the financial strategy. “We are funding a $1.5 billion enterprise value acquisition through Bitcoin-backed debt and assumption of Long Ridge’s balance sheet.” MarketBeat
Management projects Long Ridge will contribute $144 million in annualized EBITDA. Approximately 70% of the facility’s energy output is under contract.
The $1.5 billion enterprise value for the deal represents a multiple of 10.4 on that projection. Approval from the Federal Energy Regulatory Commission is still outstanding.
Management anticipates securing a minimum of two customer leases prior to the end of the year. The company’s power portfolio has the potential to expand to 4.8 gigawatts, pending necessary approvals.
Chief Executive Fred Thiel stated, “The foundation has been built. Our focus now is monetizing it.” MarketBeat
The peer tape showed mixed performance. Bitcoin was last around $64,300 late on Thursday.
Market comparison over five sessions
| Company | Aug. 6 price | Thursday move | Since July 31 | Market value |
|---|---|---|---|---|
| MARA Holdings, Inc. NASDAQ:MARA | $10.65 | down 5.1% | off 5.9% | $4.05 billion |
| Riot Platforms, Inc. NASDAQ:RIOT | $21.21 | down 1.4% | up 5.2% | $7.37 billion |
| CleanSpark, Inc. NASDAQ:CLSK | $12.75 | down 6.1% | off 7.3% | $2.91 billion |
| IREN Limited NASDAQ:IREN | $37.93 | down 2.5% | up 3.1% | $12.66 billion |
Five-day shifts reflect differences between July 31 closing values and August 6 pricing.
MARA trailed behind Riot and IREN during the period, but outperformed CleanSpark.
Before the earnings announcement, analysts were split: nine assigned MARA a Buy rating, five recommended Hold, and one gave it a Sell.
The median price target was $15, compared with Thursday’s closing price of $10.65. That gap may change after updates following the results.
Analyst ratings
| Measure | Current reading |
|---|---|
| Buy ratings | 9 |
| Hold ratings | 5 |
| Sell ratings | 1 |
| Overall recommendation | Overweight |
| Mean price target | $17.86 |
| Median price estimate | $15.00 |
| Price target range | $5.50-$30.00 |
When markets open on Friday and throughout next week, investors will monitor analyst estimates and ongoing debt analysis. The key challenge remains whether customer leases will materialize before mining economics deteriorate further.
FERC timing offers an added catalyst. Management indicated it anticipates approval ahead of year-end, but the closing is still subject to conditions.
Risks: A drop in Bitcoin price would lower collateral value and affect reported earnings. The Long Ridge project might face postponements, leases could be deferred, and persistent increases in network difficulty may maintain elevated mining costs.
Related articles: NASDAQ:MARA
