MARA and CleanSpark Stocks Slide as Bitcoin Losses Sink Quarterly Results

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MARA Holdings (MARA) and CleanSpark, Inc. (CLSK) shares fell in after-hours trading after the two Bitcoin (BTC) miners released their latest quarterly results.

Both companies recorded a drop in revenue and wider net losses for the period, tied to their Bitcoin holdings.

Bitcoin Price Slide Hammers Miner Treasuries

According to Google Finance data, MARA closed at $13.39 on May 11, up 3.48% on the day, before dropping 3.44% in after-hours trading. CLSK posted an even steeper after-hours decline of 9.09%, after closing the regular session at $14.3, up 0.7%.

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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. The quarterly results were impacted by a $1 billion loss tied to changes in the fair value of its digital asset holdings.

In addition, MARA noted that revenue fell 18% year over year to $174.6 million. The miner produced 2,247 Bitcoin at an average cost of $76,288 and sold 20,880 BTC at an average price of $70,137, ending the quarter with 35,303 BTC, worth about $2.4 billion.

“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,” the shareholder letter read.

Meanwhile, CleanSpark recorded a net loss of $378.3 million for its fiscal second quarter ended March 31, 2026. This marked a 173% increase from $138.8 million a year earlier.

The company said $224.1 million of the quarterly loss stemmed from declines in the fair value of its Bitcoin holdings, which were valued at $925.2 million at the end of the quarter.

The company’s revenue fell 24.9% year over year to $136.4 million, down from $181.7 million in the same quarter last year.

Despite weaker financial results, CleanSpark increased its Bitcoin holdings by 14% and boosted its average monthly hashrate by 18% year over year.

The results extend a broader pattern across the sector. Hut 8 (HUT), Core Scientific (CORZ), American Bitcoin (ABTC), Cipher Digital (CIFR), and Riot Platforms (RIOT) all reported quarterly losses earlier this month.

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