Marathon Digital Holdings (MARA) reported a $1.3 billion net loss for Q1 2026. This result equals a loss of $3.31 per share, missing analyst estimates. A $1.0 billion non-cash charge from declining Bitcoin fair values drove the loss. Quarterly revenue fell 18% year-over-year to $174.6 million.
Management is transitioning the company into a diversified digital infrastructure provider. The new strategy focuses on artificial intelligence and high-performance computing. Marathon sold over 20,000 Bitcoin to reduce debt and fund the expansion. This move ends the previous HODL strategy to lower reliance on volatile crypto prices.