MARA Stock Soars After Second Quarter Revenue Exceeds Wall Street Projections Amid Rising Bitcoin Prices
Bitcoin miner MARA Holdings (MARA) shares increased nearly 4% in post-market trading following the company’s record revenue announcement for its second quarter, which surpassed Wall Street’s expectations. MARA reported revenue of $238.5 million, representing a 64% increase from $145.1 million in the same quarter last year, as highlighted in their earnings presentation. The rise in revenue was primarily attributed to a 50% increase in the average bitcoin price during the quarter. Additionally, the reported revenue exceeded the average analyst estimate of $227.9 million based on FactSet data. The firm mined 2,358 bitcoin in the quarter, marking a 3% increase from the prior quarter. The energized hashrate or the mining machines currently online increased by 6% to 57.4 EH/s, with a goal of reaching 75 EH/s by the end of the year.
MARA, which began acquiring bitcoin through the open market, currently holds almost 50,000 BTC on its balance sheet, making it the second-largest publicly traded company, after Strategy (MSTR), to possess bitcoin in its treasury. At the current spot price of $117,618, these holdings would be valued at nearly $6 billion. Unlike many other companies with bitcoin treasuries, MARA actively manages its BTC. Approximately 31% or 15,550 bitcoin are loaned, actively managed, or pledged as collateral as part of its treasury strategy. “We are more than a bitcoin treasury company,” MARA stated. “As 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.
