Bitcoin miner MARA's adjusted EBITDA jumps over 1,000% in record quarter

Bitcoin miner MARA Holdings Inc. (ticker MARA) said Tuesday it set a handful of new fiscal records during the second quarter of this year, including all-time quarterly highs for adjusted EBITDA, revenue, and net income.

After posting an increase in revenue but still losing money in the first quarter of this year, MARA said during the second quarter its adjusted EBITDA jumped 1,093% year on year to $1.2 billion. MARA also earned $808.2 million in Q2, compared to a net loss of nearly $200 million in Q2 2024.

The miner's Bitcoin holdings rose 170% year on year to 49,951 BTC, it said in a statement. "Our treasury has positioned us as one of the largest corporate holders of bitcoin globally, and we are proud of that position. But unlike bitcoin treasury companies what sets MARA apart is how we got here: the majority of our bitcoin was mined, not purchased."

MARA, the largest bitcoin miner by holdings and second-largest corporate holder after Strategy, said Monday it had raised approximately $940.5 million to fund additional bitcoin purchases and general corporate purposes.

The company reported its second-quarter revenues increased by 64% year on year to $238 million.

MARA's profit turnaround

Last quarter, both Bitcoin miners MARA and CleanSpark posted an increase in revenues but registered a net loss, with MARA losing $533 million and CleanSpark losing $139 million.

Since then the price of Bitcoin has risen to a new all-time high while several a litany of companies seek a Bitcoin-treasury model akin to Strategy's. That, along with the popularity of spot Bitcoin ETFs and traditional institutions turning to the digital asset, has driven increased demand for BTC.