格隆汇7月30日｜BMNR涨超6%，MARA Holdings涨超4%，嘉楠科技、Circle涨超3%，Coinbase涨超 2%。 ...

智通财经7月30日电，加密货币概念股盘初集体上行，BMNR涨超6%，MARA Holdings涨超4%，嘉楠 科技、Circle涨超3%，Coinbase涨超2%。 ...

智通财经7月30日电，美股绩优股盘前走强，星巴克、MARA Holdings涨超4%，FuboTV涨近10%。 ...

分组1 - Marathon Digital Holdings, Inc. reported a quarterly loss of $0.81 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.53, and compared to a loss of $0.24 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $238.49 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.21%, and showing an increase from year-ago revenues of $145.14 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once, indicating inconsistent performance in earnings [2] 分组2 - The stock has added about 2.3% since the beginning of the year, underperforming compared to the S&P 500's gain of 8.6%, raising questions about future performance [3] - The current consensus EPS estimate for the coming quarter is -$0.47 on revenues of $228.45 million, and for the current fiscal year, it is -$2.36 on revenues of $919.85 million [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is currently in the bottom 42% of over 250 Zacks industries, suggesting a challenging environment for the sector [8]

Financial Data and Key Metrics Changes - The company reported record financial performance in Q2 2025, with revenues increasing by 64% to $238.5 million from $145.1 million in Q2 2024, marking the highest revenue quarter in company history [15][16] - Net income reached $808.2 million or $1.84 per diluted share, compared to a net loss of $199.7 million or $0.72 per diluted share in the same quarter last year [17] - The market value of Bitcoin holdings increased by over $4.2 billion or 362% year over year, with Bitcoin holdings surging by over 170% from approximately 18,500 BTC to nearly 50,000 BTC [14][15] Business Line Data and Key Metrics Changes - The energized hash rate expanded by 82%, increasing from 31.5 exahash per second to 57.4 exahash per second [14] - The company produced an average of 25.9 BTC each day during Q2 2025, compared to 22.9 BTC each day in Q2 2024, resulting in 300 more BTC earned [16] - There was a 52% increase in the number of blocks won in the quarter compared to the same period last year [16] Market Data and Key Metrics Changes - The average Bitcoin price increased by 50%, contributing $77 million to revenue [16] - The company is positioned to benefit from the growing demand for compute infrastructure that is geographically sovereign, energy aligned, and secure by design, particularly in Europe and emerging markets [10] Company Strategy and Development Direction - The company is focusing on low-cost energy strategies and has completed construction of a new behind-the-meter data center at a wind-powered site in Texas [5] - Strategic partnerships have been announced with TAE Power Solutions and Pato AI to co-develop grid-responsive load balancing platforms for AI infrastructure [4] - The company aims to extend its vertically integrated compute platform into edge environments to meet the unique needs of latency-sensitive and compliance-driven use cases [10] Management's Comments on Operating Environment and Future Outlook - Management views the current Bitcoin market as somewhat frothy, with persistent demand balanced by ample supply from long-term holders taking profits [8] - The company believes it is positioned to benefit regardless of Bitcoin price fluctuations, focusing on digital energy and the convergence of computing and energy [9] - The company is laying the groundwork for international expansion, including establishing a regional headquarters in Saudi Arabia and an entity in France [11] Other Important Information - The company held over $5 billion in liquid assets as of June 30, 2025, and raised approximately $1 billion since then, providing flexibility for growth and expansion [22] - The company is on track to reach its target of 75 exahash by the end of the year, with all miners secured and funded except for $150 million expected to be paid in the second half [23][82] Q&A Session Summary Question: Can you talk a little bit more about MARA's cost to mine per Bitcoin? - The company transitioned to an asset-heavy strategy, resulting in a lower electricity cost per coin, which is around $50,000, more than 50% cheaper than buying in the open market [88] Question: How will the signing of the Genius Act affect Mara's path to Bitcoin mining? - The Genius Act is expected to increase liquidity in the market, allowing for greater capital allocation to Bitcoin, which is seen as beneficial for the company [90][92]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved record revenues of $238.5 million, a 64% increase from $145.1 million in Q2 2024, driven by a 50% increase in the average Bitcoin price contributing $77 million [16][19] - Net income reached $808.2 million or $1.84 per diluted share, compared to a net loss of $199.7 million or $0.72 per diluted share in the same quarter last year [19] - The market value of Bitcoin holdings increased by over $4.2 billion or 362% year over year [16] Business Line Data and Key Metrics Changes - The energized hash rate expanded by 82%, increasing from 31.5 exahash per second to 57.4 exahash per second [15] - The company produced an average of 25.9 BTC per day in Q2 2025, compared to 22.9 BTC per day in Q2 2024, resulting in 300 more BTC earned [17] - There was a 52% increase in the number of blocks won in the quarter compared to the second quarter of last year [18] Market Data and Key Metrics Changes - The company surpassed 50,000 Bitcoin holdings, solidifying its position as the second largest Bitcoin holder globally [5] - The current price of Bitcoin is viewed as "frothy," with persistent demand balanced by ample supply from long-term holders taking profits [7] Company Strategy and Development Direction - The company is focusing on low-cost energy strategies and has completed construction of a new data center at a wind-powered site in Texas [5] - Strategic partnerships have been announced with TAE Power Solutions and Pato AI to develop grid-responsive load balancing platforms for AI infrastructure [4] - The company is exploring international opportunities, including establishing a regional headquarters in Saudi Arabia and a European headquarters in France [10][12] Management's Comments on Operating Environment and Future Outlook - Management believes the convergence of AI and Bitcoin mining presents a unique opportunity for growth, particularly in sovereign data and energy-efficient computing [9][32] - The company is positioned to benefit regardless of Bitcoin price fluctuations, focusing on digital energy and efficient energy systems [9] - Concerns were raised about the frothiness in the market for Bitcoin treasury companies, with potential risks if Bitcoin prices decline [56][60] Other Important Information - The company issued $950 million of 0% convertible senior notes due 2032 to bolster its balance sheet and provide strategic flexibility [23] - The company aims to reach a target of 75 exahash by the end of the year, with most miners secured and funded [25][81] Q&A Session Summary Question: Can you talk a little bit more about MARA's cost to mine per Bitcoin? - The company's electricity cost per Bitcoin is among the lowest in the sector, hovering around $50,000 per coin, which is over 50% cheaper than buying in the open market [86] Question: How will the signing of the Genius Act affect MARA's path to Bitcoin mining? - The Genius Act is expected to increase liquidity in the market, allowing for greater capital allocation to Bitcoin, which is seen as beneficial for the company [88][90]

Bitcoin miner MARA's adjusted EBITDA jumps over 1,000% in record quarter https://t.co/lRD3Mx7k7v ...

Financial & Operational Highlights - Revenue increased 64% YoY to $238 million[9], marking the highest revenue quarter in the company's history[13] - Adjusted EBITDA increased 1,093% YoY to $12 billion[9], reaching an all-time quarter high[13] - Net income reached $808 million, or $184 per share, a significant increase from a loss of $200 million, or $072 per share, in the previous year[9] - Bitcoin holdings increased 170% YoY to 49,951 BTC[9] - The company's liquidity, including cash and BTC holdings, was approximately $54 billion at the end of Q2 2025, with an additional $950 million raised subsequently[9] Production & Efficiency - Energized hashrate increased 82% YoY to 574 EH/s[9] - Bitcoin production increased 15% YoY to 2,358 BTC, primarily due to the halving in April 2024[9] - Fleet efficiency improved to 183 J/TH due to the S21 Pro roll-out[13] - Purchased energy cost per BTC was $337K, believed to be among the lowest in the sector[13] Strategic Partnerships - Partnered with Pado AI Orchestration (LG-backed) to co-develop next-gen data center power management solutions[13] - Partnered with Google-backed TAE Power Solutions to build modular, high-frequency load management systems for hyperscale energy demands[13] - Expanded partnership with Two Prime through a minority investment and allocated 2,000 BTC to their asset management platform[13]

Bitcoin Holdings and Valuation - As of June 30, 2025, the company held approximately 49,951 bitcoin, with a carrying value of about $5.3 billion, reflecting a fair value of $107,173 per bitcoin[206][207]. - The company reported a total of 2,004 bitcoin held and actively managed within the SMA as of June 30, 2025[221]. - The average price of bitcoin mined increased to $96,203 for the six months ended June 30, 2025, up from $58,176 in the prior year, reflecting a $38,026 increase[243]. - The company held a total of 49,951 bitcoin with a fair value of $5.3 billion as of June 30, 2025, with the fair value of a single bitcoin at approximately $107,173[273]. Mining Operations - The company mined 4,644 bitcoin during the six months ended June 30, 2025, a decrease of 225 bitcoin, or 5%, compared to the prior year period, primarily due to the April 2024 halving event[209]. - The energized hashrate reached a record high of 57.4 EH/s as of June 30, 2025, up from 31.5 EH/s in the previous year[211]. - Bitcoin mining revenue for Q2 2025 was $228.8 million, a 77% increase from $129.1 million in Q2 2024, driven by a 50% increase in average bitcoin price[225]. - Bitcoin mining revenue reached $436.5 million for the six months ended June 30, 2025, compared to $267.9 million in the prior year, reflecting a 63% increase[243]. Financial Performance - Total revenues for Q2 2025 reached $238.5 million, up $93.3 million or approximately 64% compared to $145.1 million in Q2 2024[225]. - The company recognized a gain on digital assets of $846.0 million in Q2 2025, compared to a loss of $148.0 million in the prior year period, marking a $994.0 million increase[233]. - For the three months ended June 30, 2025, the company reported a net income of $808.2 million, compared to a net loss of $199.7 million for the same period in 2024[267]. - Adjusted EBITDA for the three months ended June 30, 2025, was $1.25 billion, significantly improving from a loss of $125.5 million in the prior year[267]. Expenses and Impairments - General and administrative expenses increased by $39.5 million, or approximately 74%, totaling $92.9 million in Q2 2025, primarily due to strategic expansion and increased personnel costs[231]. - Research and development expenses rose to $8.5 million in Q2 2025, a 122% increase from $3.8 million in the prior year, reflecting ongoing innovation initiatives[238]. - General and administrative expenses increased by $56.4 million to $178.8 million for the six months ended June 30, 2025, reflecting a 46% rise due to operational scale and acquisitions[249]. - The company recognized an impairment of $26.0 million related to damaged mining equipment during Q2 2025 due to a severe storm[235]. - The company recognized an impairment of $26.0 million for mining equipment due to storm damage during the six months ended June 30, 2025[253]. Energy Costs - Energy costs represented 34.1% and 36.1% of owned mining revenues for the three and six months ended June 30, 2025, respectively[212]. - The average price of direct energy paid for owned facilities was $0.04 per kWh for both the three and six months ended June 30, 2025[213]. - Purchased energy costs increased by approximately 60% to $41.7 million in Q2 2025, driven by the expansion of owned mining sites[227]. Interest Income and Expenses - The company generated $6.8 million and $13.1 million in interest income from loaned bitcoin for the three and six months ended June 30, 2025, respectively[220]. - Interest income increased by $16.7 million to $21.6 million for the six months ended June 30, 2025, primarily due to income from loaned bitcoin and higher cash balances[259]. - Interest expense rose by $20.2 million to $22.8 million for the six months ended June 30, 2025, mainly due to Convertible Notes and Line of Credit[259]. Future Outlook and Strategy - The company aims to reach a target of 75 EH/s by the end of 2025, following strategic partnerships with LG-backed PADO AI and TAE Power Solutions[208]. - The company expects future bitcoin holdings to generally increase, funded primarily through production activities and occasional purchases[276]. - The company anticipates sufficient liquidity to support ongoing operations over the next 12 months, primarily through public capital markets[281].

Q2 2025 Shareholder Letter IR.MARA.COM Contents | To Our Shareholders | 3 | | --- | --- | | Financial and Operational Discussion | 7 | | Earnings Webcast and Conference Call | 13 | | Statements of Operations | 14 | | Investor Notice | 17 | | Forward-Looking Statements | 17 | Key Highlights Revenues increased 64% to $238.5 million Net income (loss) increased 505% IN Q2 2025 from $145.1million in Q2 2024. Adjusted EBITDA increased 1093% $1.2 BILLION compared to ($125.5) millionin Q2 2024. Energized hashrate ( ...