MARA Holdings (MARA) Stock Price Sinks As Bitcoin Losses Cloud Pivot

MARA Holdings stock closed at US$10.10, down just over 5% on Thursday, capping a rough three months that have already taken more than 20% off the share price. The headline this quarter is not the revenue line; it is the scale of losses tied to Bitcoin volatility and the balance sheet choices now being made to fund a pivot toward power rich digital infrastructure.

Q2 brought total revenue of US$174.9m but also a net loss of US$609.7m, heavily influenced by unrealized fair value hits on digital assets. For investors, the real story now is how that loss profile sits against multi year plans to turn MARA Holdings into a power and compute platform rather than a pure Bitcoin miner.

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Q2 2026 Earnings Summary

• Revenue, Q2 2026 vs. Q2 2025: US$174.9m vs. US$238.5m (revenue declined 26.7%)
• Net Loss, Q2 2026 vs. Q2 2025: loss of US$609.7m vs. profit of US$808.2m (swing to loss of US$1.42b)
• Basic EPS, Q2 2026 vs. Q2 2025: loss of US$1.60 per share vs. earnings of US$2.29 per share (EPS declined very significantly)
• Trailing Twelve Month Net Income, Q2 2026 vs. Q2 2025: loss of US$3.46b vs. profit of US$678.8m (TTM loss widened by about US$4.14b)