NEW YORK, August 7, 2026, 13:11 EDT — U.S. cash equity markets begin trading.
- MARA shares declined 4.6% as unaudited revenue for the second quarter slipped 27%.
- The new credit facilities were at first backed by 18,750 bitcoin, equal to 52.7% of the company’s bitcoin holdings as of June.
- Initial calculation: A $10,000 fluctuation in bitcoin represents approximately 9% of present equity value.
MARA Holdings, Inc. NASDAQ:MARA declined 4.6% to $10.16. The company’s unaudited revenue for the second quarter dropped 27% to $174.9 million. Bitcoin traded steady, hovering close to $64,760.
The underlying challenge is in funding. On August 4, MARA finalized two bitcoin-secured loans worth a total of $750 million. This consists of $600 million in fresh debt alongside a $150 million refinancing. The facilities originally secured 18,750 bitcoin as collateral.
The collateral represents 52.7% of MARA’s holdings as of June. Based on Friday’s bitcoin price, its value was approximately $1.21 billion, an amount about 1.6 times greater than the total principal of the facility.
The setup causes the AI’s short-term exposure to bitcoin to increase. MARA projects that a $10,000 change in bitcoin would alter pretax income by $355.8 million. This figure represents roughly 9% of the present equity value and is double the company’s quarterly revenue.
The shift appeared to be specific to the company.
| Asset or company | Price | Friday move |
|---|---|---|
| MARA Holdings NASDAQ:MARA | $10.16 | down 4.6% |
| Bitcoin | $64,762 | up 0.1% |
| Riot Platforms, Inc. NASDAQ:RIOT | $20.97 | down 1.1% |
| CleanSpark Inc. NASDAQ:CLSK | $12.42 | down 2.6% |
| IREN Limited NASDAQ:IREN | $39.35 | up 3.7% |
Most recent prices as of approximately 13:00 EDT.
The quarter saw higher production but softer financial results. MARA mined 2,422 bitcoin, an increase of 3%. Energized hashrate climbed 22% to 70.3 EH/s. Purchased energy cost per bitcoin advanced 15%.
| Metric | Q2 2026, unaudited | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $174.9 million | $238.5 million | -27% |
| Net income or loss | -$611.3 million | $808.2 million | N/M |
| Adjusted EBITDA | -$360.9 million | $1.245 billion | N/M |
| Bitcoin produced | 2,422 | 2,358 | +3% |
| Energized hashrate | 70.3 EH/s | 57.4 EH/s | +22% |
| Energy cost per bitcoin | $38,690 | $33,735 | +15% |
| Bitcoin holdings | 35,577 | 49,951 | -29% |
The quarter-on-quarter analysis was derived from company filings.
The loss of $611.3 million was primarily due to changes in valuations. Total fair-value losses on digital assets amounted to $343 million. In the same quarter a year ago, there was about a $1.2 billion fair-value gain.
Operational efficiency continued to rise, with daily cost per petahash dropping by 4% to $27.70. Increased network difficulty and higher power expenses contributed to a rise in the cost per bitcoin.
The proposed offset involves contracted AI cash flow. Bernstein, a unit of AllianceBernstein Holding L.P. NYSE:AB, maintained its Market Perform rating and $17 price target for MARA, referencing the company’s absence of a commercial AI contract. CleanSpark kept its Outperform rating and $24 target following its $6.6 billion lease agreement.
MARA reports that pending agreements could bring possible power capacity up to 4.8 GW. Bernstein estimates 4.2 GW based on its own portfolio criteria. Executives continue to project at least two additional leases before the end of the year.
Chief Executive Fred Thiel stood by the approach during Thursday’s call. “We did not arrive at this opportunity by chasing a new trend,” he stated. Executives describe the funding as non-dilutive, saying it increases collateral and leverage. Investing.com
Analysts are divided in their opinions. Price targets on Friday varied between $12 and $17. The latest data from FactSet Research Systems Inc. NYSE:FDS indicate nine analysts rate the stock as Buy, five as Hold, and one as Sell.
| Research source | Date | Recommendation | Target | Implied move from $10.16 |
|---|---|---|---|---|
| Bernstein / AllianceBernstein NYSE:AB | Aug. 7 | Market Perform | $17.00 | +67% |
| Rosenblatt Securities | Aug. 7 | Buy | $15.00 | +48% |
| Cantor Fitzgerald | Aug. 7 | Overweight | $12.00 | +18% |
| FactSet consensus | Current | Overweight | $17.68 average | +74% |
Recent rating changes and present FactSet consensus.
The spread target is significant. For bulls, the outlook depends on finalized leases and completed regulatory processes. Bears focus on issues surrounding bitcoin, collateral, and capital demands.
The initial screen shown below reflects Friday’s prices and June holdings. This is not an enterprise-value assessment.
| Measure | Value | Relative scale |
|---|---|---|
| MARA stock price | $10.16 | Current trading value |
| Equity market capitalization based on 386.3 million shares | $3.92 billion | Initial estimate |
| Second-quarter revenue | $174.9 million | Stated, not yet audited |
| Pretax change for each $10,000 bitcoin fluctuation | $355.8 million | 9.1% of equity cap; equals 2.0 times Q2 revenue |
| Bitcoin pledged initially | 18,750 | 52.7% of June bitcoin holdings |
| Spot value of pledged bitcoin | $1.21 billion | 1.6 times the facility’s principal |
| Possible power generation portfolio | 4.2–4.8 GW | No disclosed commercial AI leasing |
Figures are based on the July 30 share tally, prices from Friday, and reported collateral.
Risks: Declines in bitcoin prices may decrease collateral values, potentially leading to margin calls or the right to liquidate assets. Long Ridge must still obtain regulatory clearance. Uncertainties persist around AI leases, build timelines, and financial requirements.
The upcoming trigger is definitive. Securing a signed lease would introduce a tangible non-crypto revenue stream. Absent this, MARA continues to function as a bitcoin proxy, financing its AI initiative directly with bitcoin.
Related articles: NASDAQ:MARA
