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MARA Shares Jump as Q2 Revenue Beats Wall Street's Expectations Thanks to Surging BTC Price
The bitcoin miner said the company posted its highest revenue quarter due to the average price of bitcoin surging 50% during the second quarter.
By Aoyon Ashraf
Jul 29, 2025, 10:38 p.m.
What to know:
- Bitcoin miner MARA Holdings reported record second-quarter revenue of $238.5 million, a 64% increase from the previous year, beating Wall Street expectations.
- MARA mined 2,358 bitcoin in the quarter, with its energized hashrate rising by 6% to 57.4 EH/s, and aims to reach 75 EH/s by year-end.
- The company holds nearly 50,000 BTC, worth almost $6 billion at current prices, and actively manages 31% of its bitcoin holdings.
Bitcoin miner MARA Holdings (MARA) shares jumped nearly 4% in post-market trading after the company posted record revenue for its second quarter, beating Wall Street's expectations.
MARA reported revenue of $238.5 million, a 64% rise from $145.1 million in the same quarter a year ago, according to an earnings presentation. The mining firm said the increase was primarily due to a 50% rise in the average bitcoin price during the quarter. MARA's revenue also beat the average analyst estimate of $227.9 million, according to the FactSet data.
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The company mined 2,358 bitcoin in the quarter, a 3% increase from the previous quarter. Energized hashrate or mining machines that are currently online rose by 6% to 57.4 EH/s. MARA is aiming to reach 75 EH/s by the end of this year.
The miner, which started buying bitcoin in the open market, currently has nearly 50,000 BTC on its balance sheet, making it the second-largest publicly traded company, after Strategy (MSTR), to hold bitcoin in its treasury. At the current spot price of $117,618, the holdings would be worth almost $6 billion.
However, unlike many other bitcoin treasury companies, the firm said that it doesn't just hold BTC on its balance sheet; rather, it actively manages them. It has about 31% or 15,550 bitcoin loaned, actively managed or pledged as collateral as part of its treasury management.
"We are more than a bitcoin treasury company," MARA said in the letter. "And because we are operators, not just holders, we view bitcoin as a productive asset. We actively deploy portions of our holdings to enhance returns and strengthen our long-term capital position," it added.
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