Bitcoin miner MARA posts $808m profit as BTC rally drives record gains

MARA Holdings reported strong earnings for the second quarter, with a significant increase in revenue and Bitcoin treasury.

The recent Bitcoin (BTC) market rally had a strong impact on treasury and mining firms. On Tuesday, July 29, MARA Holdings, formerly Marathon Digital Holdings, reported strong earnings for the second quarter of 2025. The BTC miner and treasury firm benefited from lower energy prices and BTC appreciation.

Mara Holdings reported total revenue of $238 million, a 64% year-over-year increase, mostly from its Bitcoin mining operations. This increase was largely driven by the higher price of Bitcoin, which is currently trading near its all-time high. Average BTC prices in Q2, which rose 50% YoY, contributed directly to mining revenues.

MARA holdings quarterly revenues | Source: MARA

The company reported even stronger net income, at $808.2 million, compared to a $199.7 million loss in Q2 of 2024. This was largely due to a non‑cash gain on Bitcoin holdings, amounting $1.2 billion, largely due to unrealized profits on Bitcoin holdings.

MARA Holdings net income | Source: MARA

MARA Holdings continues to accumulate BTC

The company’s Bitcoin holdings also rose by 170%, now totaling 49,951 BTC. Shortly after the quarter-end, MARA’s BTC holdings surpassed 50,000 BTC. This makes it the second-largest BTC treasury firm, only trailing Strategy .

Unlike most Bitcoin miners, MARA Holdings doesn’t sell the BTC it mines. Instead, the firm leverages its BTC as a strategic reserve asset to boost its share price long-term. The company also uses stock offerings to acquire additional Bitcoin reserves.

Since the regulatory changes in the U.S., Bitcoin has become a popular treasury asset. More and more companies are leveraging their Bitcoin reserves to enable investors to gain exposure to the biggest crypto asset.