MARA Holdings Shares Jump as Bitcoin Miner Posts Record Q2 Revenue

Bitcoin miner MARA Holdings (NASDAQ: MARA) surged nearly 4% in post-market trading after reporting record revenue for the second quarter, surpassing Wall Street expectations. The company posted $238.5 million in revenue, a 64% increase from $145.1 million a year earlier, driven primarily by a 50% rise in average bitcoin prices during the quarter. Analysts surveyed by FactSet had forecast $227.9 million.

MARA mined 2,358 bitcoin in the quarter, up 3% from the prior period. Its energized hashrate climbed 6% to 57.4 EH/s, with a target of 75 EH/s by year-end. The firm has also been actively purchasing bitcoin from the open market, boosting its holdings to nearly 50,000 BTC, valued at approximately $6 billion at the current price of $117,618. This makes MARA the second-largest publicly traded holder of bitcoin after Strategy (MSTR).

Unlike many bitcoin treasury companies that adopt a passive holding strategy, MARA actively manages around 31% of its bitcoin reserves — about 15,550 BTC — through lending, collateralization, and other strategies to enhance returns. “We are more than a bitcoin treasury company,” MARA stated in its shareholder letter. “As operators, we view bitcoin as a productive asset and deploy portions of our holdings to strengthen long-term capital positions.”

The company’s growth reflects increasing institutional demand for bitcoin and highlights the evolving business models of crypto miners who are integrating treasury management with operational strategies to maximize value amid rising bitcoin prices. Investors are closely watching whether MARA can achieve its ambitious 75 EH/s target while sustaining profitability as network difficulty and energy costs continue to fluctuate.