MARA Holdings posts Q2 revenue beat with 64% year-on-year jump
Main Idea
MARA Holdings reported a 64% year-on-year revenue increase in Q2, driven by Bitcoin appreciation and expanded mining operations, with significant gains in net income and Bitcoin holdings.
Key Points
1. MARA Holdings' Q2 revenues reached $238 million, a 64% increase from $145 million in Q2 2024, surpassing analyst expectations of $223.7 million.
2. Net income surged 505% year-on-year to $808 million, up from a loss of under $200 million in Q2 2024, largely due to a $1.2 billion unrealized gain.
3. MARA's Bitcoin holdings surpassed 50,000 BTC, making it the second-largest public holder of Bitcoin, with a 170% increase to 49,951 BTC worth $5.3 billion as of June.
4. The company mined 2,358 BTC in Q2, a 3% increase from the previous quarter, with an energized hashrate of 57.4 EH/s, up 6% from Q1.
5. MARA announced strategic partnerships with Google-backed TAE Power Solutions and LG-backed PADO AI to develop grid-responsive platforms for AI infrastructure, targeting 75 EH/s by year-end.
Description
Crypto mining firm MARA Holdings’ Q2 revenues jumped 64% from a year ago to $238 million, driven by Bitcoin appreciation and expanded mining operations.
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