MARA Holdings, the largest publicly traded bitcoin miner, reported a net loss of $611 million for the second quarter. The company's bitcoin holdings shrank 29% from a year earlier.
The $611 million hole
The loss for the three months ended June 30 is a big number for a miner that has often leaned on its bitcoin stack to weather tough markets. MARA didn't break down what drove the red ink, but the treasury drawdown gives a clue: the company has fewer coins to fall back on.
A thinner stack
MARA's bitcoin treasury ended the quarter at 35,577 BTC, down 29% from a year earlier. The company didn't explain the drop in its earnings release.
The NYDIG move
In the same week, MARA and Riot Platforms transferred a combined 581 BTC to NYDIG, a digital asset custodian. The transfer was recorded on-chain, and neither company has said why. Custodian transfers are often tied to loans or collateral, though that's not confirmed here. The amount is small next to MARA's remaining stack, but the fact that two major miners moved coins to the same custodian at the same time is worth watching.
The transfer to NYDIG and the treasury decline come as MARA works to keep its mining operations funded. Whether the company sells more bitcoin or turns to other financing will show up in the next quarterly filing.
