MARA Holdings Inc. (NASDAQ:MARA) shares are sliding on Friday as traders digest second-quarter financial results and the company’s push to position its power footprint for both Bitcoin mining and AI-oriented compute.

MARA Holdings Q2 Results

The company reported second-quarter revenue of $174.88 million, down 27% year-over-year, and an adjusted loss of $1.60 per share, versus a Street view that had called for a profit of 26 cents per share.

MARA also mined 2,422 Bitcoin in the quarter while purchasing none, and it ended the period holding 35,577 Bitcoin—down 29% year-over-year. That operating snapshot is shaping how traders weigh the AI pivot against near-term mining economics.

MARA Holdings emphasized its pivot toward artificial intelligence in its latest shareholder letter, framing its existing infrastructure as a key solution to the industry’s shortage of power-ready sites.

With 19 data centers across four continents and newly acquired rights to a 2 GW site in Texas, the company is positioning itself to supply the “next generation of compute.”

“This is the business MARA is building,” the company noted, adding that companies controlling power will define the future of AI infrastructure. “Ultimately, we do not view Bitcoin mining and AI infrastructure as competing businesses. They are complementary applications of the same underlying asset: power.

MARA Stock Price Action Update

MARA Price Action: MARA Holdings shares were down 8.36% at $9.75 at the time of publication on Friday, according to Benzinga Pro data.

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