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]