Mara Adds 2 GW Texas Site After Long Ridge Consent

The Tip Desk · August 6, 2026 · 4 min read

Revenue fell 27% to $174.9 million as bitcoin's average price dropped 28%, while the company booked a $611.3 million net loss.

MARA Holdings (MARA), a Bitcoin miner converting power assets into AI infrastructure, reported a $611.3 million net loss, or $1.60 a share, for the second quarter of 2026, versus net income of $808.2 million, or $1.84 a share, a year earlier.

The swing included a $343.0 million unrealized bitcoin mark-to-market loss, compared with a $1.2 billion gain in the year-ago period, as the bitcoin price fell 45% over that span. Adjusted EBITDA was a loss of $360.9 million, compared with $1.2 billion in the second quarter of 2025, driven primarily by the decline in the fair value of bitcoin holdings.

Revenue was $174.9 million, down 27% from $238.5 million in the second quarter of 2025, after an 18% year-over-year decline to $174.6 million in the first quarter. The latest drop reflected a 28% fall in bitcoin’s average price, which contributed about $65.9 million of the decrease, a $7.2 million increase in bitcoin production, and a $4.9 million decline in other revenues from lower other digital-asset income and the elimination of hosting services.

Production still ticked higher. MARA mined 2,422 bitcoin, up 3% from 2,358 a year earlier, at an average of 26.6 bitcoin a day. Blocks won rose 1% to 700 from 694. Energized hashrate was 70.3 EH/s, up 22% from 57.4 EH/s a year earlier, after a 33% year-over-year increase to 72.2 EH/s in the first quarter. Sequentially, energized hashrate declined 3% from that first-quarter level.

Cost per petahash per day improved 4% to $27.7 from $28.7 in the second quarter of 2025, and improved 27% over the past nine quarters. Purchased energy cost per bitcoin at owned sites was $38,690, up from $33,735 a year earlier, after $40,047 in the first quarter. Higher power costs and network difficulty outpacing hashrate growth contributed to the increase. Purchased energy costs were $48.8 million, compared with $41.7 million a year earlier, tied to expansion of owned mining sites. Cost per kWh at owned sites remained $0.04.

Operating and maintenance costs were $26.9 million, up $4.5 million from $22.4 million a year earlier, primarily from higher site and miner repair and maintenance. Third-party hosting and other energy costs were $69.2 million. The most significant hosting arrangements are set to expire beginning in the third quarter of 2027, with all third-party hosting to conclude by the first quarter of 2028. General and administrative expenses excluding stock-based compensation were $69.5 million, compared with $40.1 million a year earlier, including $15.4 million of acquisition and integration costs and a $10.2 million patent-dispute settlement. Depreciation and amortization was $174.7 million.

The second quarter marked another step in MARA's pivot toward digital infrastructure. It continued to advance the Long Ridge transaction and was awaiting FERC approval. Subsequent to quarter-end, it acquired rights to a 2 GW powered land site in Matagorda County, Texas, which, upon ERCOT and interconnect approvals, would more than double its powered land portfolio and expand its power portfolio to up to 4.8 GW. It also completed a change-of-control consent solicitation for Long Ridge’s 2032 senior secured notes.

Working alongside Starwood, lease discussions were progressing across multiple sites, and MARA remained confident in its ability to sign at least one lease before year-end. The Matagorda site is expected to provide sufficient wholly owned capacity to complete its transition away from hosted mining as existing agreements expire.

At June 30, 2026, MARA held 35,577 bitcoin, including 9,270 loaned or pledged as collateral, valued at about $2.1 billion at a spot price of $58,524. Cash and cash equivalents were $421.3 million. Combined cash and bitcoin, including loaned and pledged coins, was about $2.5 billion. The company loaned 4,742 bitcoin, generating about $4.3 million of interest income, and about 26% of holdings were activated through its digital-asset management strategy.

Subsequent to quarter-end, MARA entered two bitcoin-backed credit facilities with Coinbase and Two Prime totaling $600.0 million at a 7.56% weighted average cost on incremental borrowings, and refinanced a $150.0 million Coinbase facility into the new Coinbase facility. The financings would fund cash consideration for Long Ridge while preserving exposure to bitcoin.

The second half of 2026 is about execution: signing customers, bringing new assets online, and demonstrating the earnings power of the platform MARA has assembled.