MARA, CleanSpark Shares Drop After Bitcoin Valuation Losses

MARA and CleanSpark shares fell in after-hours trading after each miner reported wider quarterly net losses driven largely by declines in the fair value of their Bitcoin holdings. On May 11, MARA closed the regular session at $13.39, up 3.48%, then fell about 3.44% in after-hours trading. CleanSpark closed the regular session at $14.30, up 0.7%, then declined roughly 9.09% after hours.

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 quarter included approximately $1.0 billion of losses tied to changes in the fair value of its digital asset holdings. Revenue fell 18% year over year to $174.6 million. 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 ended the quarter with 35,303 BTC, which it valued at about $2.4 billion.

In a shareholder letter, MARA listed several corporate items completed or advanced during the quarter, including moving a strategic partnership with Starwood to execution, closing an acquisition of a majority interest in Exaion, retiring about 30% of outstanding convertible debt, reorganizing parts of the business, and, after quarter end, signing a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure Inc.

CleanSpark reported a net loss of $378.3 million for its fiscal second quarter ended March 31, 2026, up 173% from a $138.8 million loss a year earlier. The company attributed $224.1 million of the quarterly loss to declines in the fair value of its Bitcoin holdings, which were valued at $925.2 million at the end of the quarter. Revenue fell 24.9% year over year to $136.4 million, down from $181.7 million in the same period a year earlier.

Operationally, CleanSpark increased its Bitcoin holdings by 14% during the quarter and reported an 18% year-over-year gain in average monthly hashrate.

Other publicly traded miners, including Hut 8, Core Scientific, American Bitcoin, Cipher Digital and Riot Platforms, also reported quarterly losses earlier this month tied to declines in the market value of their crypto treasuries. Fair-value accounting produces noncash valuation adjustments that affect reported net income.

Both MARA and CleanSpark highlighted operational and strategic measures in their filings as they reported the results.