Bitcoin Slides Below $77,000, Dragging MARA Shares Lower

CoinDesk reports that a pullback in Bitcoin, paired with a weaker U.S. stock market, is again weighing on crypto mining equities. MARA Holdings fell Thursday as digital asset prices slipped, with the Nasdaq down 1.14% and the S&P 500 off 0.54%. A jump in oil prices set the tone for the risk-off move. Brent crude pushed above $102 a barrel and U.S. crude topped $97, both at their highest levels since May. Investors are also tracking potential spillover from rising tensions between the U.S. and Iran. Bitcoin dropped about 2% on the day, slipping below $77,000. MARA's Bitcoin holdings remain a central part of its equity story. As of June 30, the company reported holding 35,577 bitcoins. Valued using the Sept. 8 Bitcoin closing price, that stake is estimated at roughly $2.79 billion, representing about 61% of the company's $4.57 billion market capitalization at the time. Not all of the holdings are unencumbered. MARA previously said 9,270 bitcoins were lent or pledged, about 26% of its end-June balance. It later disclosed that on Aug. 4 it pledged an additional 18,750 bitcoins as collateral for two financing arrangements, partially tied to its ongoing acquisition of Long Ridge. Coin balance: 35,577 BTC Estimated value: approximately $2.79 billion Lent or pledged: at least 28,020 BTC Revenue fell in Q2 despite higher output Operationally, MARA increased production in the second quarter, but results stayed under pressure. The company mined 2,422 bitcoins in Q2, up 3% year over year, while revenue declined 27% year over year to $174.9 million. MARA posted a net loss of $611.3 million for the period, including $343 million in unrealized fair-value losses on Bitcoin. Management's production gains were outweighed by price volatility in reported results. Costs remain tight. MARA estimates its electricity cost to mine at company-operated facilities at about $38,690 per bitcoin. Using Thursday's lower Bitcoin price, the implied gross profit margin per bitcoin is roughly $39,749. That spread does not represent bottom-line profitability, since it excludes labor, depreciation, financing costs and other operating expenses. Ultimately, miners' earnings power continues to hinge on crypto prices, energy costs and balance sheet structure. Earlier this week, MARA shares briefly rose 4.6% to $11.83 even as Bitcoin dipped about 0.9% on the day. That divergence faded as Bitcoin weakened again, pulling the stock back into closer alignment with crypto price action and broader risk sentiment.