Bitcoin Miner Mara Holdings (Mara) shares jumped nearly 4% in post-market trading after recording record revenue in the second quarter, breaking Wall Street expectations.
Mara reported revenue of $238.5 million, up 64% from $145.1 million in the same quarter a year ago, according to a revenue presentation. The mining company said the increase was primarily due to an average Bitcoin price rise of 50% during the quarter. Mara’s revenues fell to an average analyst estimate of $227.9 million, according to FactSet data.
The company mined 2,358 Bitcoins in the quarter, up 3% from the previous quarter. The currently online enriched hashrate or mining machine ranges from 6% to 57.4 EH/s. Mara aims to reach 75 EH/s by the end of the year.
Miners who have begun purchasing Bitcoin in the open market now have nearly 50,000 BTC on their balance sheets, becoming the second largest public company after Strategy (MSTR), holding Bitcoin at the Ministry of Finance. The current spot price is $117,618, and its holdings are worth almost $6 billion.
However, unlike many other Bitcoin finance companies, the company said it does not just hold BTC on its balance sheet. Rather, it actively manages them. As part of financial management, approximately 31% or 15,550 Bitcoin has been loaned out and is actively pledged as management or collateral.
“We’re more than a Bitcoin finance company,” Mara said in the letter. “And we see Bitcoin as a productive asset as we are not just our holders but operators. We will actively deploy some of our holdings to strengthen returns and strengthen our long-term capital position,” he added.