MARA Holdings (MARA) mined more bitcoin, but revenue fell 27%. Published October 19, 2026 at 3:41 pm EDT MARA Holdings (NASDAQ:MARA) mined 2,422 bitcoin in the second quarter, a little more than it mined a year earlier. Yet revenue fell 27% to $174.9 million because the average price of each coin it produced was far lower. That gap explains why the company wants to stop being known as a bitcoin miner. It now describes itself as an owner of power-ready land and electricity, and it hopes to rent that capacity to AI companies. But mining still pays the bills and no AI customer has signed on yet, so the question is whether a customer arrives before the bitcoin cushion thins. MARA runs 19 data centers, most filled with machines that earn bitcoin by processing transactions, and it holds a large stash of the coin. It wants to turn some sites into data centers that rent computing space to AI customers. On the evidence so far, it is a bitcoin miner paying for an AI transition that has no customer yet. Investors who want more stocks like this can find MARA in our recent list, 9 Best Bitcoin Stocks to Buy Now. Bitcoin still decides the results. The company's reported results still move with bitcoin's price. MARA posted a net loss of $611.3 million in the second quarter, and $343.0 million of that came from marking its bitcoin down to market value. It is a paper loss, but it landed on the line investors read as profit. Mining itself kept growing, with more machines running than a year earlier even as each coin was worth less. Sales grew about 190.9% a year over the past five years, a long record of growth. But over the past 12 months MARA lost $3.46 billion on $804.22 million in sales, so the growth never reached profit. If you own the shares, you own a bet on bitcoin's price and a bet on AI demand at the same time. The power sites still need a tenant. Management's answer is power. MARA is waiting on regulatory approval for Long Ridge, a power plant with more than 70% of its output sold under long-term contracts. Management expects it to add earnings once it closes. MARA also secured rights to a powered land site in Matagorda County, Texas, and together the two would lift its power portfolio to as much as 4.8 gigawatts. No customer has signed yet. Management told shareholders it is confident of signing at least one lease before year-end, working with its partner Starwood. For investors looking to add AI power exposure, our list of 10 Best AI Energy Stocks to Buy in 2026 covers more names. The company took on $600.0 million of new bitcoin-backed loans to help fund Long Ridge, and it bought no bitcoin in the quarter while its holdings fell 29% to 35,577 coins. If no tenant signs, the company will have borrowed against the asset that protects it. The plan survives this, because the power assets are lined up and the lease timeline is management's own. It does limit how much credit the company deserves until a contract exists. Investors are pricing MARA on a promise. Because MARA loses money, the usual earnings test does not apply. The forward P/E, which divides a stock's price by expected earnings, shows no meaningful value for the company, so the stock is not priced on earnings at all. Companies in its sector carry a median forward P/E of 21.01, which shows what investors pay for expected earnings, and MARA has none to compare. Among hedge funds, holders of MARA numbered 27 in the second quarter of 2026, up from 25 in the first quarter. The count comes from quarterly filings, so it shows professional interest edging up even though the company still loses money. If you're looking for lower-priced stocks that hedge funds hold, check out 10 Best US Stocks to Buy Under $20: Ranked by Hedge Funds. On the other side, short interest stands at 29.84% of shares outstanding, which means traders have borrowed and sold a large share of the stock, betting the price will fall. A reading that high shows many traders doubt the story will deliver. So the puzzle at the start has a plain answer. MARA mined more bitcoin and still reported less revenue because its results follow bitcoin's price, and the AI plan has not changed that yet. The stock is priced on that plan, which makes the lease management expects before year-end the thing to watch.

Strategy Executive Chairman Michael Saylor says Bitcoin is returning to a bull market, driven by bank custody, lending, and tokenization. He expects banks to speed up those services over the next 12-24 months. Meanwhile, wallets linked to miner MARA Holdings sent 1,000 BTC, worth about $82.8 million, to Binance and Gate over five days, Lookonchain said. Exchange deposits do not confirm a sale. Saylor also said Strategy repurchased about $1.5 billion of STRC preferred stock and holds cash covering roughly 3.5 years of dividends. MARA sold about 23,093 BTC for $1.6 billion in the first half of 2026. It held about 35,577 BTC as of June 30.

Bitcoin news: MARA sent 1,000 BTC to exchanges as Saylor hints at another buy. Is the biggest miner selling? The largest Bitcoin miner just moved 1,000 BTC onto exchanges while its holdings have quietly shrunk by thousands of coins, and now Michael Saylor is hinting at a buy. Whether that signals a sale, a loan, or something else changes... This post may contain links from its sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. MARA Holdings (NASDAQ:MARA | MARA Price Prediction), the largest publicly traded Bitcoin miner, transferred 1,000 Bitcoin (CRYPTO:BTC), valued at around $82.8 million, to the Binance and Gate exchanges over five days, according to the on-chain tracker Lookonchain. MARA hasn't explained these transfers. So, is MARA selling Bitcoin? In contrast, Michael Saylor, executive chairman of Strategy Inc. (NASDAQ:MSTR), signaled more Bitcoin purchases. He tweeted, "We found room for more orange," his usual hint at another purchase. Strategy Inc. holds 848,250 BTC and last reported buying 250 BTC, though it has not made a new announcement yet. Bitcoin trades at approximately $82,720. MARA shares were at $7.70 premarket, up 2.3% from the previous close of $7.53, even though they remain down 20.2% for the week and 30.3% for the month. Meanwhile, Strategy Inc. was trading at around $140 premarket, down 9.6% for the week, as investors worry that a stock index could drop the company. MARA's mining revenue falls as its costs climb. MARA primarily earns revenue through Bitcoin mining, where specialized computers compete to add new blocks to the network and earn newly mined coins. Its revenue decreased to $174.9 million in the second quarter, down from $238.5 million the previous year. A 28% drop in Bitcoin's average price cut revenue by $65.9 million. MARA's hashrate, the total computing power its machines contribute to the network, rose to 70.3 exahashes per second. However, the cost of energy needed to mine each Bitcoin has increased to $38,690 from $33,735 a year ago. Management attributed this rise to increased mining difficulty, which occurs when more machines come online. About $343 million of MARA's $611.3 million net loss came from a mark-to-market loss, which is a paper loss from valuing its Bitcoin at lower prices without selling any coins. Management noted that every $10,000 change in Bitcoin's price affects that line by approximately $350 million. MARA ended the quarter with $421.3 million in cash. MARA is spending heavily on power and AI. MARA is also moving into energy and is acquiring Long Ridge Energy, a gas-fired power plant, in a $1.5 billion deal, including debt. MARA plans to assume about $900 million of Long Ridge's debt, and the deal is pending approval from the Federal Energy Regulatory Commission (FERC). MARA has also secured rights to a 2 GW-powered site in Matagorda County, Texas, with plans to convert most of its capacity for AI and high-performance computing through a joint venture with Starwood. Its Exaion unit already operates an AI cloud in Europe, ensuring customer data complies with European regulations. zone59.net also cover seven suppliers benefiting from similar shifts in a free AI infrastructure report. START NOW: Finally! You can open a SoFi Crypto account and access 25+ cryptocurrencies without juggling apps or logins. To finance these ventures, MARA borrowed $600 million using Bitcoin-backed credit facilities with Coinbase (NASDAQ:COIN) and Two Prime at an average interest rate of 7.6%. Lenders can claim the pledged Bitcoin if MARA fails to repay, and the new loans left 54% of MARA's Bitcoin pledged as collateral. Management has indicated that MARA will continue to sell Bitcoin selectively to fund operations. Its filings support this, showing MARA held 35,577 BTC at the end of June, down from 49,951 BTC a year earlier, with no updated figures released since its August 6 earnings call. Saylor's buy hint cannot offset MARA's exchange deposits. Companies that send coins to an exchange are often preparing to sell, as exchanges facilitate trades between buyers and sellers. However, companies also move coins for other reasons, like lending them out, using them as collateral, or hedging against price fluctuations. MARA does engage in lending; in the second quarter, it had 4,742 BTC out on loan, generating about $4.3 million in interest. While the deposits may imply a sale, they don't prove one. MARA reported Coinbase and Two Prime as lenders for the new credit lines, yet the coins were sent to Binance and Gate. MARA has not disclosed any specific buyers, sale prices, or proceeds, and it hasn't confirmed the wallet labels Lookonchain assigned. Saylor's tweet also warrants close examination. As the head of the largest corporate holder of Bitcoin, he promotes the asset central to his company's balance sheet, but his post mentions no specific amounts, dates, or funding sources. Strategy Inc. has also sold Bitcoin this year, with $218.4 million sold to date under its Bitcoin monetization program as of its second-quarter report. During the same period as Strategy Inc.'s last 250 BTC purchase, the company also spent $192.4 million buying back preferred shares instead of buying more Bitcoin. MARA's deposit of 1,000 BTC is four times that 250 BTC buy. Is MARA selling Bitcoin? What does it mean for prices? Signs suggest MARA may be selling, or preparing to sell, some of its Bitcoin. The coins went to trading platforms, and MARA has said it sells Bitcoin selectively. It also has a power plant deal, AI expansion plans, and rising mining costs to fund. Selling Bitcoin can generate cash without diluting shareholders, but it may weigh slightly on Bitcoin prices since the proceeds go into infrastructure. MARA's next update should settle it. If the report shows fewer than 35,577 BTC and mentions any sales, the coins were sold; steady holdings, with more coins lent or pledged, would suggest a collateral move. An 8-K filing showing Strategy Inc. buying more than 1,000 BTC would mean one buyer absorbed the miner's coins. MARA's shares could still rise on FERC approval or new leases, even if Bitcoin prices stall. Finally! Access 25+ cryptocurrencies the easy way. After years of waiting for a good option, SoFi now offers access to major cryptocurrencies like Bitcoin, Ethereum, and Solana, along with more than 25 total digital assets. What stands out isn't just the selection, it's the integration. You don't need a separate app, a new login, or a different funding source. Crypto lives next to the rest of your portfolio, which makes position sizing, rebalancing, and capital deployment far easier for investors who actively manage risk. If you're an active investor who wants crypto exposure without stepping outside a regulated financial ecosystem, SoFi is a top choice. Get started here. (Sponsor) Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable - no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more - basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing