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]

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]

Market Overview - The cryptocurrency market is experiencing a strong rally, with Bitcoin (BTC) reaching an all-time high of 123,091.61 on July 14 and currently hovering around 118,000. Ethereum (ETH) has rebounded sharply, increasing over 57% in the past month [1][2]. Regulatory Developments - The signing of the GENIUS Act by President Donald Trump on July 18 aims to regulate the stablecoin market in the U.S. This act is significant as major retailers like Walmart and Amazon are considering launching their own stablecoins [4]. - Two key regulations pending are The CLARITY Act, which seeks to define the classification of cryptocurrencies, and The Anti-CBDC Surveillance State Act, which aims to prevent the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional authorization [5][6]. Investment Opportunities - Investing in crypto-centric stocks with favorable Zacks Rank is recommended for near-term gains. Notable stocks include Robinhood Markets Inc. (HOOD), Interactive Brokers Group Inc. (IBKR), IREN Ltd. (IREN), Visa Inc. (V), and Cipher Mining Inc. (CIFR) [3][10]. Company Insights Robinhood Markets Inc. (HOOD) - Robinhood operates a financial services platform allowing users to invest in various assets, including cryptocurrencies. The company is expected to see improved trading revenues due to higher retail participation and product diversification efforts [11][12]. - HOOD has an expected revenue growth rate of 26.8% and earnings growth rate of 20.2% for the current year, with a Zacks Rank of 1 (Strong Buy) [13]. Interactive Brokers Group Inc. (IBKR) - IBKR is a global automated electronic broker that facilitates cryptocurrency trading and has a Zacks Rank of 1. The company is expected to benefit from its proprietary software development and expansion of its product suite [14][15]. - Expected revenue and earnings growth rates for IBKR are 7.4% and 9.7%, respectively, for the current year [16]. IREN Ltd. (IREN) - IREN is a Bitcoin mining company focusing on renewable energy sources for its operations. It holds a Zacks Rank of 2 (Buy) and has an expected revenue growth rate of 86.1% and earnings growth rate of over 100% for the current year [17]. Visa Inc. (V) - Visa is modernizing its digital payment systems and expanding its stablecoin settlement capabilities, collaborating with merchant acquirers like Worldpay and Nuvei. The company has a Zacks Rank of 2 [18][19]. - Expected revenue and earnings growth rates for Visa are 10.3% and 13.1%, respectively, for the current year [20]. Cipher Mining Inc. (CIFR) - Cipher Mining is an industrial-scale Bitcoin mining company that also offers high-performance computing services. It has a Zacks Rank of 2 and an expected revenue growth rate of 72% for the current year, although earnings are projected to decline [21][22].

🇺🇸JUST IN: China’s Bitcoin mining giant Bitmain plans to open its first US factory in Texas or Florida by the end of Q3 2025. https://t.co/JW7mAZBXIt ...

Company Expansion - Bitmain, the world's largest Bitcoin mining machine and chip manufacturer, plans to open its first US factory [1] - The factory is potentially located in Texas or Florida [1] - Bitmain plans to initially hire 250 local employees [1]

Bitcoin miner Cango generates 147 BTC in a week, joins 50 EH/s club with holdings above 4,380 BTC https://t.co/ISb0g7Sdbd ...

Core Insights - Bit Mining Limited (NYSE: BTCM) has gained investor attention due to its adoption of a corporate Bitcoin treasury strategy since December [1] - The company is relatively lesser-covered in the Bitcoin mining industry but is becoming more prominent [1] Company Overview - Bit Mining Limited is involved in Bitcoin mining and has recently implemented a corporate strategy focused on holding Bitcoin as part of its treasury [1] - The company has been recognized for its potential in the cryptocurrency market, particularly with the growing interest in Bitcoin [1] Industry Context - The Bitcoin mining industry is experiencing increased investor interest, particularly for companies adopting innovative strategies like corporate treasury management [1] - The trend towards holding Bitcoin as a treasury asset is becoming more common among cryptocurrency companies, indicating a shift in how these firms manage their assets [1]