Crypto mining firm MARA Holdings reported a 64% year-on-year revenue increase in Q2 to $238 million, surpassing analyst expectations of $223.7 million. This growth was attributed to both a rise in Bitcoin prices and expanded mining operations. The company's net income also saw a substantial increase, reaching $808 million compared to a loss of nearly $200 million the previous year, largely due to a $1.2 billion unrealized gain from Bitcoin appreciation, which rose 31% in the three months ending June 30. Following the earnings report, MARA's share price surged up to 7.5% in after-hours trading. The firm now holds over 50,000 BTC, making it the second-largest corporate holder of Bitcoin after MicroStrategy. MARA mined 2,358 BTC during Q2, a slight increase from the previous quarter. The company has also announced collaborations with energy partners to enhance its operations and is aiming for a 75 EH/s hash rate by year-end, linking its success to growth opportunities in the AI and data center markets.

Source šŸ”—