Mara, CleanSpark shares slide after big Bitcoin write-downs

Mara Holdings Inc. and CleanSpark Inc. shares fell in after-hours trading on May 11 after each company reported quarterly results showing large net losses driven mainly by fair-value reductions in their Bitcoin holdings.

Mara reported a net loss of $1.3 billion, or $3.31 per diluted share, compared with a $533.4 million loss a year earlier. Revenue for the quarter was $174.6 million, down 18% year over year. The company attributed roughly $1 billion of the loss to changes in the fair value of its digital assets. During the quarter Mara produced 2,247 Bitcoin at an average cost of $76,288 and sold 20,880 BTC at an average price of $70,137. The company finished the period with 35,303 BTC, valued at about $2.4 billion. Mara closed the regular session at $13.39 and fell 3.44% in after-hours trading.

In a shareholder letter, Mara wrote,

We advanced the Starwood strategic partnership from announcement to execution, closed our acquisition of a majority interest in Exaion, retired approximately 30% of our outstanding convertible debt, realigned the organization, and, after quarter end, announced a definitive agreement to acquire Long Ridge Energy & Power (‘Long Ridge’) from FTAI Infrastructure Inc.

CleanSpark recorded a net loss of $378.3 million for its fiscal second quarter ended March 31, 2026, up from a $138.8 million loss a year earlier. The company said $224.1 million of the quarterly loss resulted from declines in the fair value of its Bitcoin holdings, which were valued at $925.2 million at quarter end. Revenue was $136.4 million, down 24.9% from $181.7 million a year earlier. CleanSpark increased its Bitcoin holdings by 14% during the period and reported an 18% year-over-year rise in average monthly hashrate. The stock closed the regular session at $14.30 and dropped 9.09% in after-hours trading.

Several other public miners also reported quarterly losses tied to falling crypto valuations. Firms including Hut 8, Core Scientific, American Bitcoin, Cipher Digital and Riot Platforms disclosed losses this quarter. Declines in Bitcoin’s price reduced the reported value of miner treasuries and generated noncash fair-value losses on balance sheets, contributing to the headline net losses for the period.