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Bitcoin Miner MARA Stock Under Pressure Following $1.5 Billion Bitcoin Sell-Off
TL;DR
MARA Holdings' stock fell 5% after the company sold 20,880 Bitcoin for nearly $1.5 billion, resulting in a net loss of $1.26 billion in Q1 2026. Despite this, it retains 35,303 Bitcoin valued at approximately $2.84 billion.
Key points
- MARA sold 20,880 Bitcoin for nearly $1.5 billion
- Stock dropped 5% after earnings report
- Company reported a net loss of $1.26 billion in Q1 2026
- MARA still holds 35,303 Bitcoin valued at $2.84 billion
- Revenue decreased by 18% compared to last year
Mentioned in this story
MARA Holdings
MARA Holdings still has in its coffers 35,303 Bitcoin valued at roughly $2.84 billion, making it the fourth largest corporate Bitcoin holder in the world. But that position comes after the company sold a significant chunk of its reserves — and investors took notice.
A Rough Quarter By The Numbers
MARA’s stock dropped 5% during Tuesday’s trading session, touching an intraday low of $11.74 before closing around $12.65. After-hours trading brought another 1.85% decline.
The sell-off followed the release of the company’s first-quarter 2026 earnings, which showed a net loss of $1.26 billion — more than double the $533 million loss recorded in the same period last year. Revenue came in at $175 million, down 18% from a year ago, partly due to falling Bitcoin prices.
During the quarter, MARA sold 20,880 BTC worth nearly $1.5 billion. A large portion of those sales — 15,133 BTC sold between March 4 and March 25 for about $1 billion — went toward buying back convertible notes.
About $1 billion of the proceeds were used to reduce the company’s convertible debt load from $3.3 billion to $2.3 billion, a reduction of roughly 30%. That transaction generated a $71 million gain from debt extinguishment.
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Shifting Away From Mining
MARA is making a clear move away from aggressive Bitcoin mining. Officials said the company does not plan to make large-scale purchases of ASIC mining hardware going forward.
About 90% of its non-hosted mining capacity can reportedly be converted into AI and IT infrastructure. The company said its strategy centers on placing new infrastructure alongside existing Bitcoin mining operations, allowing it to generate revenue from power assets while drawing on its operational experience in mining.
Q&A
What caused MARA Holdings' stock to drop 5%?
The stock drop was triggered by the company's significant Bitcoin sell-off and disappointing earnings report showing a net loss of $1.26 billion.
How much Bitcoin does MARA Holdings still own after the sell-off?
MARA Holdings still owns 35,303 Bitcoin, valued at roughly $2.84 billion, making it the fourth largest corporate Bitcoin holder.
What were the financial results for MARA Holdings in Q1 2026?
In Q1 2026, MARA reported a net loss of $1.26 billion and revenue of $175 million, an 18% decline from the previous year.
