MARA Holdings Reports 64% Revenue Growth to $238.5 Million in Q2 2025

MARA Holdings, Inc. reported significant financial performance for the second quarter of 2025, with revenues reaching $238.5 million, a 64% increase from $145.1 million in the same period last year. The surge in revenue was primarily driven by a substantial rise in bitcoin mining revenue, which increased by approximately $99.6 million, attributed to a 50% increase in the average bitcoin price and a 15% rise in bitcoin production. The average price of bitcoin mined during the quarter was $98,975, compared to $65,849 in the prior year. However, the company experienced a decrease in revenue from hosting services, which fell to $1.2 million from $8.7 million due to the planned termination of various hosting agreements.

In terms of profitability, MARA reported a net income of $808.2 million for the quarter, a significant turnaround from a net loss of $199.7 million in the previous year. This improvement was largely due to a gain of $846 million from the change in the fair value of digital assets, compared to a loss of $148 million in the prior year. The company also recognized a gain of $20.3 million from the change in the fair value of derivative instruments. However, total costs and operating expenses increased to $441.3 million, driven by higher energy costs and general administrative expenses, which rose by 74% to $92.9 million.

MARA's operational metrics showed that the company mined 2,358 bitcoin during the quarter, an increase from 2,058 bitcoin in the same period last year. The total energized hashrate reached a record high of 57.4 EH/s, reflecting the company's ongoing investment in expanding its mining capabilities. The company also reported a total of 49,951 bitcoin held as of June 30, 2025, with a fair value of approximately $5.3 billion. This includes 15,550 bitcoin that were loaned or actively managed under a trading arrangement, representing 31% of total holdings activated through its bitcoin asset management strategy.

Strategically, MARA has made significant moves, including the acquisition of a wind farm in Texas for $49.2 million, aimed at enhancing its energy portfolio and reducing operational costs. The company has also entered into a separately managed account trading arrangement with Two Prime to actively manage a portion of its bitcoin holdings. Looking ahead, MARA aims to reach a target of 75 EH/s by the end of 2025, further solidifying its position in the bitcoin mining sector. The company remains focused on leveraging its digital assets for liquidity and growth, while navigating the volatile market conditions associated with bitcoin prices and energy costs.