Bitcoin mining firm MARA Holdings (NASDAQ: MARA) saw its shares jump nearly 4% in after-hours trading following the release of its second-quarter financial results.
The company reported record revenue of $238.5 million for Q2, marking a 64% increase compared to the same period last year and surpassing Wall Street’s expectations of $227.9 million on average. This revenue jump was largely driven by a 50% rise in the average price of bitcoin over the quarter.
During the quarter, MARA mined 2,358 bitcoin, a 3% increase from the previous quarter. The company’s energized hashrate—the measure of mining capacity actively online—increased by 6% to 57.4 exahashes per second (EH/s). MARA has set an ambitious target to expand its hashrate to 75 EH/s by the end of 2025, which would represent significant growth.
MARA now holds nearly 50,000 bitcoin, making it the second-largest publicly traded company to hold BTC in its treasury after MicroStrategy. At the current bitcoin price of approximately $117,618, these holdings are valued at close to $6 billion. Unlike many firms that simply hold bitcoin as a passive asset, MARA actively manages around 31% of its holdings—roughly 15,550 BTC—through loans, collateral pledges, and other strategies aimed at enhancing returns and strengthening its capital position.
Also, Mara Holdings Inc.has successfully raised $850 million through a private convertible note offering. The capital will be used primarily to repurchase existing debt and purchase additional bitcoin, reinforcing the company’s position in the cryptocurrency market.
In its shareholder letter, MARA emphasised that it is “more than a bitcoin treasury company” and views bitcoin as a productive asset rather than just a store of value. The company’s integrated approach includes expanding its mining capacity, leveraging treasury management, and exploring energy partnerships and AI infrastructure investments as part of its growth strategy.
MARA’s recent financial success and operational growth highlight the company’s resilience amid the volatile crypto market and position it well for continued expansion as bitcoin prices remain elevated.
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