Bitcoin miner MARA Holdings reported second-quarter earnings that surpassed analyst expectations, leading to a slight increase in its share price during after-hours trading.

Financial Performance Exceeds Expectations

MARA Holdings recorded revenues of $238 million for the second quarter, marking a 64% year-over-year increase from $145 million in Q2 2024. The company noted this also surpassed its first-quarter 2025 revenue of $214 million.

Net income surged 505% year-over-year to $808 million, turning a net loss of approximately $200 million in Q2 2024 into substantial profit.

The company stated that this significant profit improvement was primarily fueled by a $1.2 billion unrealized gain resulting from Bitcoin appreciation during the quarter. Bitcoin increased 31% over the three-month period.

Share Price Reaction

Following the earnings release, MARA stock experienced a 7.5% spike in after-hours trading on Tuesday, reaching a high of $17.82 before settling at $17.22.

The stock closed regular trading at $16.61, representing a 3.2% decline for the day. However, MARA shares have climbed 58% since mid-April, although they have largely moved sideways throughout most of the year.

Bitcoin Holdings Reach New Milestone

Shortly after the earnings report, MARA announced that its total Bitcoin holdings crossed the 50,000 BTC threshold, solidifying its position as the second-largest publicly traded corporate holder of Bitcoin, behind MicroStrategy.

During the quarter, MARA mined 2,358 BTC, a slight increase of 3% compared to the second quarter of 2024. The company’s utilization of mining hardware (“energized” hashrate) reached 57.4 exahashes per second (EH/s), a 6% increase from Q1 2025.

As of the end of June, MARA holds approximately $5.3 billion worth of Bitcoin, bringing its total holdings to an estimated 49,951 BTC. The company values its position now at $5.87 billion. MicroStrategy holds significantly more Bitcoin, about 607,770 BTC valued at $71 billion.

Aiming for Growth in AI Infrastructure

MARA also announced strategic partnerships aimed at developing grid-responsive, load-balancing platforms for next-generation AI infrastructure. The company collaborated with TAE Power Solutions, supported by Google, and PADO AI, backed by LG.

The company targets achieving 75 EH/s computing power by the end of the year. MARA sees significant potential in the expanding AI and data center market.

“Our vertically integrated mining operations, large BTC treasury, budding international energy partnerships, and early AI infrastructure investments each contribute distinct and measurable value,” commented MARA CEO Fred Thiel.