Overview
- MARA reported a $611.3 million net loss for Q2 2026 and revenue of $174.9 million, driven largely by a roughly $343 million fair‑value write‑down on its digital assets.
- The company reduced its Bitcoin holdings to 35,577 BTC at June 30 after selling large blocks in 2026 to repurchase about $1 billion of convertible debt and bolster its balance sheet.
- After the quarter, MARA secured roughly $600 million of new borrowing capacity through two Bitcoin‑secured facilities and initially pledged 18,750 BTC as collateral for those loans.
- The financing supports MARA’s shift into AI and high‑performance computing through the planned Long Ridge acquisition and new Texas powered sites, but Long Ridge still requires regulatory approval.
- Because MARA has not disclosed maintenance ratios or margin‑call mechanics for the BTC loans, the company faces potential collateral liquidation risk that could force further coin sales and affect its liquidity.