Bitcoin mining company MARA Holdings reported second-quarter earnings that exceeded analyst expectations, with its stock rising slightly in after-hours trading.
MARA Holdings' revenue grew 64% year-over-year to $238 million, an increase from $145 million in the second quarter of 2024, and also higher than the $214 million revenue in the first quarter of 2025, the company stated on Tuesday.
The company's revenue surpassed analyst expectations of $223.7 million, with net income soaring 505% year-over-year to $808 million, compared to a loss of nearly $200 million in the second quarter of 2024.
The revenue growth was primarily driven by $1.2 billion in unrealized gains from the appreciation of Bitcoin (BTC) during the period. The asset rose 31% in the three months ending June 30.
Following the earnings report, MARA Holdings (MARA) saw its stock price surge by 7.5% to $17.82 in after-hours trading on Tuesday, before retreating to $17.22.
MARA closed down 3.2% at $16.61 on Tuesday. Its stock price has risen 58% since the low point in mid-April, but has mostly traded sideways for much of this year.
MARA stated that shortly after the end of the second quarter, its Bitcoin holdings exceeded 50,000 BTC, claiming this "solidifies our position as the second-largest publicly traded Bitcoin holder, next to Strategy."
During the second quarter, MARA mined 2,358 BTC, a 3% increase from 2,286 BTC in the previous quarter. Its activated hash rate was 57.4 exahashes per second (EH/s), a 6% increase from 54.3 EH/s in the first quarter.
The company's Bitcoin holdings grew 170% to 49,951 BTC, valued at approximately $5.3 billion as of the end of June. It currently holds assets worth $5.87 billion, second only to Strategy, which holds an impressive 607,770 BTC (valued at $71 billion).
The company also announced a strategic partnership with Google-backed TAE Power Solutions and LG-backed PADO AI to jointly develop a grid-responsive load balancing platform for next-generation AI infrastructure.
MARA aims to reach 75 EH/s by the end of the year and sees significant opportunities in the growing AI and data center markets.
"Our vertically integrated mining business, large-scale BTC treasury, emerging international energy partnerships, and early investments in AI infrastructure all contribute unique and measurable value," said CEO Fred Thiel.
Related: Standard Chartered: Corporates have accumulated 1% of Ethereum (ETH) supply
Original: “MARA Holdings Q2 Revenue Exceeds Expectations, Up 64% Year-Over-Year”
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