MARA Holdings Posts $238M Q2 Revenue 64% Year-On-Year Surge

Bitcoin mining company MARA Holdings reported a robust second quarter with revenue rising 64% year-over-year to $238 million, surpassing Wall Street expectations. Net income soared to $808 million, a significant turnaround from a loss of nearly $200 million the previous year, largely due to a $1.2 billion unrealized gain from a 31% increase in Bitcoin's price. MARA’s Bitcoin production modestly increased to 2,358 BTC, with energized hashrate up 6% to 57.4 EH/s, and its Bitcoin holdings exceeded 50,000 BTC, valued at approximately $5.87 billion, making it the second-largest public Bitcoin holder after MicroStrategy. The company is expanding beyond mining through partnerships with Google-backed TAE Power Solutions and LG-backed PADO AI to develop energy-efficient platforms for AI and next-generation data centers. CEO Fred Thiel indicated plans to scale mining capacity to 75 EH/s by the end of 2025, highlighting the company's strategy to capitalize on surging AI infrastructure demand. MARA also actively manages its Bitcoin treasury, deploying assets to enhance returns rather than passively holding them.