- MARA Holdings reported record revenue of $238.5 million for its second quarter.
- Company posted a 64% increase in revenue from the same period last year.
- The mining firm beat average analyst estimates for quarterly earnings.
- MARA mined 2,358 bitcoins during the quarter and now holds nearly 50,000 BTC.
- MARA actively manages its Bitcoin holdings, with about 31% currently loaned or pledged as collateral.
MARA Holdings saw its shares rise nearly 4% in post-market trading after the company reported record second-quarter revenue. The revenue for the period reached $238.5 million, which surpassed Wall Street’s expectations. The company credited the increase mainly to a higher average Bitcoin Price during the quarter.
According to the company’s earnings presentation, revenue rose 64% from $145.1 million in the previous year’s quarter. Revenue also beat the average analyst estimate of $227.9 million, based on FactSet data. During the quarter, the company mined 2,358 bitcoins, a 3% rise compared to the prior quarter.
MARA’s energized hashrate, or the operational power of their mining machines, grew by 6% to 57.4 exahashes per second (EH/s). The firm aims to increase this capacity to 75 EH/s by year-end. Currently, MARA Holdings holds almost 50,000 bitcoins on its balance sheet, making it the second-largest public company by bitcoin holdings after Strategy (MSTR). At the latest spot price of $117,618 per bitcoin, these holdings would be worth close to $6 billion.
The company began purchasing bitcoin directly from the open market and is not only holding its BTC as reserves. About 31% of its bitcoin holdings, or 15,550 coins, are either loaned, actively managed, or pledged as collateral. The company said in its shareholder letter, “We are more than a bitcoin treasury company. 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,” according to the report.
Unlike many other firms that only keep bitcoin as a long-term investment, MARA Holdings engages in treasury management to generate additional returns. The company’s strategy involves actively managing bitcoin resources rather than passively holding them.
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