Production & Utilization - Iren surpassed MARA in Bitcoin production in July [1] - Iren surpassed MARA in fleet utilization in July [1]

Core Insights - MARA Holdings reported a quarterly loss of 81 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 53 cents, and compared to a loss of $0.24 per share in the same quarter last year [1] - On a GAAP basis, MARA reported EPS of $1.84, a significant improvement from a loss of 72 cents a year ago, driven by a $1.2 billion gain from the fair value of digital assets [2] - Net income reached $808.2 million, marking a 505% year-over-year increase, making it the company's most profitable quarter ever [3] Financial Performance - Revenues surged 64% year over year to a record $238.5 million, driven by mining 2,358 BTC during the quarter, which was a 3% increase from the first quarter [5][6] - Adjusted EBITDA increased to $1.25 billion, reversing a loss of $483.6 million from the previous quarter and significantly higher than the $125.5 million loss in the year-ago quarter [3][6] - The cost per petahash per day decreased by 24% year over year to $28.7, while the energy cost per Bitcoin declined by 5.6% since the first quarter to $33,735 [10] Operational Efficiency - The energized hashrate grew to 57.4 EH/s, an 82% increase from 31.5 EH/s a year ago, and up 6% sequentially [8] - MARA deployed 30,000 new miners with an energy efficiency of 18.3 J/TH, emphasizing its commitment to sustainable scaling [8] - The company ended the quarter with 49,951 BTC and total liquidity of $5.4 billion, positioning it for aggressive maneuvers in the crypto economy [13] Strategic Positioning - MARA closed a $950 million upsized 0.00% Convertible Senior Notes offering due in 2032 and repurchased $19.4 million in 1% Senior Notes due 2026 at a discount, indicating prudent capital structuring [14] - The trailing 12-month adjusted Return on Capital Employed was 27%, showcasing an efficient capital reinvestment strategy [15] - The added funds will allow MARA to strategically invest in more Bitcoin, M&A opportunities, and potential debt buybacks, laying the groundwork for sustained expansion [16]

Core Insights - MARA Holdings, Inc. reported a 2% month-over-month decrease in blocks won and a 1% decrease in Bitcoin produced for July 2025, with total Bitcoin holdings surpassing 50,000 BTC, making it the second-largest publicly traded holder of Bitcoin globally [1][3][7] Production Metrics - Number of blocks won in July: 207, down from 211 in June, representing a 2% decrease [6] - Bitcoin produced in July: 703 BTC, down from 713 BTC in June, a 1% decrease [6] - Average Bitcoin produced per day: 22.7 BTC, down from 23.8 BTC in June, a 4% decrease [6] - Energized hashrate increased by 3% to 58.9 EH/s compared to 57.4 EH/s in June [6] Financial Position - As of June 30, 2025, the company held over $5 billion in liquid assets and raised nearly $1 billion since then, providing flexibility for domestic growth and international expansion [5] - The company treats its Bitcoin holdings as productive, risk-managed assets, aiming to enhance long-term shareholder value through disciplined asset management [5] Operational Developments - The company is preparing to energize the data center at its Texas wind farm in the second half of the year [4] - Operational efficiency improvements were noted at the Wolf Hollow and Kearney sites despite higher than expected curtailment at Ohio sites [4]

Financial Performance - MARA (Marathon Digital Holdings) reports record-breaking quarter [1] - Revenue increased 64% year-over-year to $238 million [1] Industry Position - MARA is America's largest public Bitcoin mining company [1]

Core Insights - Mara reported a significant turnaround in profitability for Q2 2025, with GAAP earnings per share of $1.84, exceeding analyst expectations of a ($0.07) loss, and revenue of $238.5 million, a 64% increase from the previous year [1][2] Financial Performance - EPS (GAAP) for Q2 2025 was $1.84, compared to a loss of ($0.72) in Q2 2024 [2] - Revenue (GAAP) reached $238.5 million, up from $145.1 million in Q2 2024, marking a 64.3% year-over-year increase [2] - Net income (GAAP) was $808.2 million, a significant improvement from a loss of ($199.7 million) in the prior year [2] - Adjusted EBITDA was reported at $1.25 billion, reflecting a strong operational performance [2] - The company mined 2,358 bitcoins, a 14.6% increase from 2,058 bitcoins in Q2 2024 [2] Operational Highlights - The energized hashrate increased by 82% to 57.4 exahash per second in Q2 2025, with daily bitcoin production rising to 25.9 BTC [6] - Cost per bitcoin for purchased energy decreased by 5.6% from Q1 2025, reaching $33,735 [7] - The company’s electricity rate of $0.04 per kilowatt hour is among the lowest in the industry [7] Strategic Focus - Mara's strategy includes managing bitcoin price volatility, reducing energy costs, advancing mining technology, and expanding into AI infrastructure services [4] - The company is investing in research and development, with spending more than doubling to $8.5 million [8] - Partnerships with tech firms aim to create hybrid facilities that combine AI and mining capabilities [9] Future Outlook - Mara aims to achieve a hashrate of 75 exahash per second by the end of 2025, focusing on international expansion and technology investments [11] - The company plans to retain nearly all mined bitcoin to benefit from potential price appreciation and related income streams [11] - Cash plus bitcoin holdings totaled $5.4 billion as of Q2 2025, with bitcoin holdings increasing by over 170% from approximately 18,500 BTC in Q2 2024 to 49,951 BTC [10]

Company Rating - Compass Point 投资公司重申对 MARA 的“中性”评级 [1] Strategy Assessment - 该公司专注于为比特币下一次减半做准备，但依赖于未经证实的策略 [1] - 投资者可能难以立即评估这些策略 [1]

MARA Holdings (NASDAQ: MARA ) Q2 is an example of when strong execution and long-term strategic positioning begins to translate into meaningful financials. Bitcoin's ( BTC-USD ) price was also an important tailwind for the quarter's performance, driving the headline $808.2 Mandela has been a cryptocurrency enthusiast and trader since 2017. He loves coding and writing about cryptocurrencies and crypto investment strategies. He has an in-depth understanding of distributed ledger technology, the Web3 technolog ...

Company Performance - Bitcoin miner MARA is missing out on the AI boom [1]

每经AI快讯，7月30日，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%。 ...

Group 1 - Cryptocurrency concept stocks experienced a collective rise, with BitMine Immersion Technologies (BMNR.US) up over 7%, MARA Holdings (MARA.US) up over 5%, and other companies like 嘉楠科技 (CAN.US), Circle (CRCL.US), and Coinbase (COIN.US) also seeing increases [1] - A cryptocurrency task force established by former President Trump is set to release a policy report that will clarify the government's stance on critical issues such as tokenization and cryptocurrency legislation, which are vital for the digital asset industry [1] - Jito Labs' Chief Legal Officer, Rebecca Rettig, indicated that while some regulatory frameworks exist, the recommendations in the upcoming report are expected to serve as a roadmap for integrating cryptocurrency into the future economy [1]