What Is Going On With MARA Stock After Its Steep Fall?

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Holders are wondering if the business is coming apart after MARA (MARA) stock lost 41.5% from September 28 to October 27, 2026. The S&P 500 gained 0.6% over the same period. Over that stretch, crypto-linked stocks slid as bitcoin fell toward $80,000, and news reports said MARA sold about $81 million of its bitcoin. Part of the answer is already known. MARA mined about 64 more bitcoin in its June 2026 quarter than a year earlier, and it is borrowing against its bitcoin to build a power business. So why is MARA taking in less money while it mines more bitcoin?

MARA’s Revenue Fell With Bitcoin’s Price

A 28% drop in the average price of bitcoin from a year earlier outweighed MARA’s higher output. Revenue for the June 2026 quarter was $175 million, down 26.7% from a year earlier. On its August 6, 2026 earnings call, MARA said that mining more bitcoin added $7.2 million to revenue, while the lower price took away $65.9 million and other revenue fell about $4.9 million.

Profit swings even more. MARA reported a net loss of $610 million for the June 2026 quarter, compared with net income of $808 million a year earlier. About $343 million of the latest loss came from a lower marked value of the digital assets the company holds, a loss on paper rather than in cash, MARA said.