MARA rises after soundly beating earnings expectations

bitcoin miner MARA Holdings, the second-largest corporate bitcoin holder, with 50,000 bitcoin, reported second-quarter earnings that beat analysts’ estimates.

The stock popped 4% in after-hours trading.

The company reported revenue of $238.5 million, a 64% increase from the previous quarter and above the consensus estimate of $227.9 million, according to FactSet.

For the second quarter, MARA reported surprisingly positive earnings per share of $1.84, while analysts had expected a loss of $0.07 per share.

Yesterday, MARA announced that it had completed a $950 million offering of 0.00% convertible senior notes due in 2032, partly to acquire additional bitcoin.  

JPMorgan analysts upgraded MARA yesterday to “overweight” from “neutral,” saying that it has “the most valuable mining operation (~$2.5bn), primarily owed to their industry-leading scale (targeting 75 EH/s by YE25).”

“As we continue to scale and diversify our business, we believe that MARA’s value extends well beyond any single aspect of our business,” CEO Fred Thiel said in the shareholder letter. “Our vertically integrated mining operations, large BTC treasury, budding international energy partnerships, and early AI infrastructure investments each contribute distinct and measurable value. When viewed through a sum-of-the-parts lens, we believe the market has not fully recognized the intrinsic worth and long-term potential of our business.”