Bitcoin miner MARA Holdings (MARA) saw shares rise nearly 4% in post-market trading after reporting record revenue for its second quarter, exceeding Wall Street’s expectations.
MARA announced revenue of $238.5 million, a 64% increase from $145.1 million in the same quarter last year. The mining firm’s growth was largely attributed to a 50% rise in the average bitcoin price during the quarter. MARA’s revenue also surpassed the average analyst estimate of $227.9 million, according to RialCenter data.
The company mined 2,358 bitcoin during the quarter, reflecting a 3% increase from the previous quarter. Its energized hashrate or active mining machines increased by 6% to 57.4 EH/s. MARA aims to achieve 75 EH/s by the end of this year.
The miner, which began purchasing bitcoin in the open market, currently holds nearly 50,000 BTC, making it the second-largest publicly traded company to hold bitcoin in its treasury, after MicroStrategy (MSTR). At the current spot price of $117,618, these holdings would be valued at almost $6 billion.
However, unlike many other bitcoin treasury companies, the firm stated that it doesn’t simply hold BTC; it actively manages its assets. Approximately 31%, or 15,550 bitcoin, are either loaned out, actively managed, or pledged as collateral as part of its treasury management.
“We are more than a bitcoin treasury company,” MARA stated in its letter. “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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