Key Highlights

  • MARA 2x ETF (CBOE:MHX) was quoted up 7.71% at USD 7.99 on October 22, 2026, which implies roughly 3.9% for MARA shares before fees, simple arithmetic dividing the fund move by two.
  • MARA's second quarter 2026 Revenue was USD 174.9 million, down 27%, and net loss was USD 611.3 million, including a USD 343.0 million mark-to-market loss on digital assets.
  • The company held 35,577 bitcoin, down 29%, including 9,270 pledged or loaned, and mined 2,422 Bitcoin at 70.3 exahash per second of energized hashrate. Cash was USD 421.3 million.
  • MARA 2x ETF (CBOE:MHX) is issued by Corgi Strategies, lists on the Cboe BZX Exchange, and the issuer cites a 0.45% expense ratio for most of its 2x Daily funds.

MARA's Second Quarter

MARA Holdings (NASDAQ:MARA) reported second quarter 2026 results in a Shareholder letter. Revenue fell 27% to USD 174.9 million, mainly because bitcoin's average price was about 28% lower than a year earlier, and the net loss was USD 611.3 million, or USD 1.60 per share. Bitcoin holdings fell 29% to 35,577 bitcoin, valued at about USD 2.1 billion at USD 58,524, and cash was USD 421.3 million. After quarter end it signed two bitcoin-backed Credit facilities with Coinbase and Two Prime totaling USD 600.0 million at a weighted cost of 7.56%, to fund the pending Long Ridge power acquisition. Cost per kilowatt hour at owned sites was USD 0.04.

The Power and AI Pivot

Management is prioritizing power, land and compute for AI and high-performance computing. Plans include the Long Ridge acquisition, awaiting FERC approval, rights to a Matagorda County, Texas site of up to 2 gigawatts, a target power portfolio of up to 4.8 gigawatts and a goal of signing at least one Lease before year end, plus an investor day later this year. Shares rose in the October 21, 2026 session as crypto stocks rebounded and the Nasdaq Composite gained 1.05%. No company release explains the day. Execution on a first lease and financing costs are the main markers. Power-ready sites are scarce, according to management, which is the logic behind the pivot.

How the 2x ETF Connects

The fund is issued by Corgi Strategies, lists on the Cboe BZX Exchange, and the issuer cites an expense ratio of 0.45% for most of its 2x Daily funds. MARA 2x ETF (CBOE:MHX) aims for twice MARA's daily return, so the quoted gain of 7.71% implies a stock move near 3.9%. As simple arithmetic, a 2x fund that gains 7.71% one day and loses 7.71% the next ends about 0.59% lower, while the stock moving half as much each way ends about 0.15% lower. Bitcoin miners are among the most volatile equities, because their shares respond to bitcoin prices, power costs and financing news at once. A leveraged fund tracking MARA can therefore suffer heavy compounding drag, and a single large drop could erase most of its value.

Where Things Stand

The answer is that MARA 2x ETF (CBOE:MHX) rose because MARA's shares gained with crypto stocks in a risk-on session, and the fund doubles the move; the same quarter showed a USD 611.3 million loss. The balance of evidence is mixed: bitcoin holdings and revenue fell, but the power and AI pivot offers a different growth path. It also needs new debt. The next markers are a first lease, the Long Ridge approval and investor day.