16 hours ago
Bitcoin miner MARA Holdings (MARA) shares jumped astir 4% successful post-market trading aft the institution posted grounds gross for its 2nd quarter, beating Wall Street's expectations.
MARA reported gross of $238.5 million, a 64% emergence from $145.1 cardinal successful the aforesaid 4th a twelvemonth ago, according to an earnings presentation. The mining steadfast said the summation was chiefly owed to a 50% emergence successful the mean bitcoin terms during the quarter. MARA's gross besides bushed the mean expert estimation of $227.9 million, according to the FactSet data.
The institution mined 2,358 bitcoin successful the quarter, a 3% summation from the erstwhile quarter. Energized hashrate oregon mining machines that are presently online roseate by 6% to 57.4 EH/s. MARA is aiming to scope 75 EH/s by the extremity of this year.
The miner, which started buying bitcoin successful the unfastened market, presently has astir 50,000 BTC connected its equilibrium sheet, making it the second-largest publically traded company, aft Strategy (MSTR), to clasp bitcoin successful its treasury. At the existent spot terms of $117,618, the holdings would beryllium worthy astir $6 billion.
However, dissimilar galore different bitcoin treasury companies, the steadfast said that it doesn't conscionable clasp BTC connected its equilibrium sheet; rather, it actively manages them. It has astir 31% oregon 15,550 bitcoin loaned, actively managed oregon pledged arsenic collateral arsenic portion of its treasury management.
"We are much than a bitcoin treasury company," MARA said successful the letter. "And due to the fact that we are operators, not conscionable holders, we presumption bitcoin arsenic a productive asset. We actively deploy portions of our holdings to heighten returns and fortify our semipermanent superior position," it added.
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