Marathon Digital posts Q2 $611M loss as BTC falls
Marathon Digital reported a Q2 net loss of $611.3 million after a 28% drop in average Bitcoin price cut the value of its holdings, despite mining 2,422 BTC, up 3% year-over-year.
Marathon Digital Holdings (MARA) posted a net loss of $611.3 million in the second quarter of 2026, according to its 10-Q filing. The company reported a loss of $1.60 per diluted share, compared with net income of $808.2 million, or $1.84 per diluted share, in Q2 2025.
The company mined 2,422 Bitcoin in the quarter, a 3% increase from the year-earlier period. Higher production was more than offset by a 28% decline in the average price of Bitcoin, which reduced the fair value of the coins it holds.
As of June 30, Marathon held 35,577 Bitcoin with a fair value of about $2.1 billion. The results were disclosed in the SEC filing and discussed on the company’s earnings call.
On the call, CFO Salman Khan described Q2 as defined by two factors: “Bitcoin prices created a challenging revenue environment [and] we used the quarter to fundamentally transform our power portfolio and capital structure.”
Marathon is expanding into high-performance computing and AI infrastructure. In February it acquired a majority stake in Exaion SaS, which operates HPC data centers and secure cloud and AI systems, and announced a partnership with Starwood Capital Group to convert select sites for enterprise, hyperscale and AI customers.
CEO Fred Thiel wrote that the company is “progressing lease discussions across multiple sites” and remains confident it will sign at least two AI/HPC leases before year-end.
In July Marathon agreed to buy a 1,200-acre powered land site in Matagorda County, Texas, with potential access to up to 2 gigawatts of grid capacity by April 2028. The company is pursuing a pending $1.5 billion acquisition of Long Ridge Energy & Power in Ohio, which Marathon estimates could support up to 600 megawatts of AI and critical-IT load over time.
In a letter to shareholders, Thiel wrote that Bitcoin mining remains the company’s core business and will generate cash flow to support other investments. He added that Marathon will allocate megawatts to the highest-value application in each market, including mining, AI infrastructure, sovereign cloud or enterprise computing.
Marathon said it will continue developing its power portfolio and pursuing lease agreements for AI and HPC customers through the remainder of the year.
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