Bitcoin miner MARA Holdings surpassed analyst expectations in its second-quarter earnings, with its share price seeing a modest after-hours uptick.
The company reported a 64% year-over-year revenue increase, reaching $238 million—up from $145 million in Q2 2024 and also exceeding the $214 million posted in Q1 2025. Analysts had expected $223.7 million in revenue.
Net income surged 505% year-over-year to $808 million, a sharp reversal from a nearly $200 million loss in the same period last year. The significant profit boost was primarily driven by a $1.2 billion unrealized gain tied to Bitcoin’s 31% price increase during the quarter ending June 30.
MARA Shares Edge Higher in After-Hours Trading
With its earnings release, shares in MARA Holdings (MARA) spiked to a high of 7.5% in after-hours trading on Tuesday to $17.82 before cooling to $17.22.
MARA closed Tuesday trading down 3.2% at $16.61. Its shares have gained 58% since a slump in mid-April but have largely traded sideways for most of this year.
World’s Second-Largest Bitcoin Treasury
Shortly after the close of Q2, MARA announced its Bitcoin holdings had exceeded 50,000 BTC, reinforcing its status as the second-largest publicly traded corporate holder of Bitcoin, behind only MicroStrategy.
During the quarter, MARA mined 2,358 BTC—up 3% from the 2,286 BTC produced in Q1. The company’s energized hashrate also grew to 57.4 exahashes per second (EH/s), a 6% increase from 54.3 EH/s in the previous quarter.
MARA’s Bitcoin holdings surged 170% year-over-year to 49,951 BTC by the end of June, valued at approximately $5.3 billion. As of now, that figure has grown to $5.87 billion. MicroStrategy remains the leader with 607,770 BTC valued at around $71 billion.
Eyes on AI growth
MARA also revealed new strategic partnerships with Google-backed TAE Power Solutions and LG-backed PADO AI to co-develop grid-responsive, load-balancing platforms aimed at supporting next-generation AI infrastructure.
The company is targeting an energized hashrate of 75 EH/s by the end of the year and sees major potential in the expanding AI and data center markets.
“Our vertically integrated mining operations, substantial Bitcoin treasury, emerging international energy collaborations, and early investments in AI infrastructure each add unique and tangible value,” said CEO Fred Thiel.
