MARA sees Bitcoin reserves drop 29% in second quarter 2026

MARA, the world’s largest publicly listed Bitcoin miner, has published disappointing figures for the second quarter of 2026. The company saw its Bitcoin holdings fall by 29% year on year, while revenue also dropped sharply. Yet there are bright spots as well: hashrate is growing and production is slightly higher than last year.

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At a glance:

• MARA’s Bitcoin holdings fell from 49,951 to 35,577 BTC, a decline of 29% year on year.
• Revenue fell 27% to $175 million, with a net loss of $611 million.
• Hashrate rose 22% to 70.3 EH/s and Bitcoin production grew 3% to 2,422 BTC.

Revenue falls, losses widen

MARA reported revenue of $175 million for the second quarter of 2,026.27% lower than in the same period a year earlier. The net loss came to $611 million, or $1.60 per share. By comparison, in Q2 2025 the loss was $808 million, or $1.84 per share. Adjusted EBITDA came to minus $361 million, compared with a positive $1.2 billion a year earlier.

Combined liquidity, consisting of cash and Bitcoin, stood at approximately $2.5 billion at the end of the quarter. That at least gives the company some financial room, despite the red figures. More than half of the Bitcoin supply is still in the red, illustrating the broader market pressure facing miners such as MARA.

Less Bitcoin in the treasury, but production rises slightly

MARA’s Bitcoin holdings fell from 49,951 BTC at the end of Q2 2025 to 35,577 BTC now, a decline of 29%. That is notable, especially since the miner produced 3% more Bitcoin than a year earlier: 2,422 BTC in total over the past quarter. The number of blocks won also rose slightly, from 694 to 700, an increase of 1%.

The company’s hashrate grew 22% year on year to 70.3 EH/s, compared with 57.4 EH/s in Q2 2025. In addition, the cost per petahash per day fell 4%, from $28.7 to $27.7. This points to a more efficient operation. However, at the time of writing, Bitcoin is trading at $64.280, down 0.7% over the past 24 hours, which continues to put pressure on miners’ profitability. The full quarterly figures are available via MARA’s official presentation.