What Just Happened To MARA Stock?
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Shares of MARA (MARA) fell 59.8% in the year to November 3, 2026, compared with an 11.8% return for the S&P 500. During the month from October 5 alone, the shares dropped 35.9%. Over that year, the Bitcoin miner reported a net loss for each of its last three quarters, and management said on an August 6, 2026 earnings call that the Bitcoin price environment remained challenging. So how deep have MARA’s losses gone?
MARA Swung To A Large Twelve-Month Loss
Over the twelve months ended June 30, 2026, MARA recorded a $3,456 million loss, reversing a $679 million profit from the prior twelve months. Operations account for only part of that $4,135 million swing. While the company lost money on operations during both periods, the operating loss widened to $1,014 million from $603 million, making up just $411 million of the total shift. Management said on the August 6 call that a lower valuation of its digital assets accounted for about $343 million of the fiscal Q2 2026 net loss, marking a paper loss rather than a sale.
Sales also declined. Revenue for fiscal Q2 2026 fell 26.7% from a year earlier to $175 million, and management said the lower average Bitcoin price alone reduced the total by $65.9 million. Shares of two other Bitcoin miners, Riot Platforms and Cleanspark, also fell over the same year, though by less than MARA. Riot dropped 32% and Cleanspark 53%, while another peer, Hut 8, rose 15.9%.
Debt Now Nearly Equals MARA’s Market Value
MARA held $2,466 million of debt on June 30, 2026, slightly below the $2,645 million reported a year earlier. With the shares down, however, that debt now equals 90.3% of the company’s market value, compared with 19.2% for the S&P 500.
The company has also been drawing down its Bitcoin. Holdings fell to 35.6 thousand Bitcoin at the end of June, down from 50 thousand a year earlier. In March 2026, MARA announced a sale of Bitcoin alongside a $1.0 billion repurchase of its convertible notes.
The Long Ridge deal adds to the borrowing. On April 30, 2026, MARA agreed to buy Long Ridge Energy & Power, an Ohio gas plant operator, for $1.5 billion including debt. To advance the transaction after June 30, MARA borrowed an additional $600 million against its Bitcoin. Management said on the August 6 call that the company would pay with Bitcoin-backed debt and by taking on about $900 million of Long Ridge’s debt. As of that call, 54% of MARA’s Bitcoin was pledged as collateral for its loans.
MARA Kept Growing Its Mining Output
The fall in the stock did not shrink MARA’s mining. Management said the company’s energized hashrate, the computing power it runs to mine Bitcoin, reached 70.3 exahash per second in fiscal Q2 2026, up 22% from a year earlier. MARA mined 2.42 thousand Bitcoin in that quarter, about 64 more than a year before, and its daily cost per petahash improved 4%.
Still, mining cost MARA more per coin. The purchased energy cost per Bitcoin at MARA’s own sites climbed to $38.7 thousand from $33.7 thousand. Management attributed this higher cost to more computing power competing worldwide. MARA’s hashrate is the measure to watch in its next report, expected in November 2026.
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