Bitcoin Miner Mara Holdings (Mara) shares burst almost 4% in trading after the market after the company announced record revenue for its second quarter and beat Wall Street’s expectations.
Mara reported a $ 238.5 million revenue, a 64% increase 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 increase of 50% in the average Bitcoin price during the quarter. Mara’s revenue also beat the average analyst estimate of $ 227.9 million according to the FactSet data.
The company extracted 2,358 Bitcoin in the quarter, an increase of 3% from the previous quarter. Energyized hash rate or miners that are currently online rose with 6% to 57.4 EH/s. Mara aims to reach 75 EH/S by the end of this year.
Mines, which started buying Bitcoin in the open market, currently have nearly 50,000 BTC on its balance, making it the second largest listed company, following strategy (MSTR) that holds Bitcoin in its treasury. At the current spot price of $ 117,618, the holdings would be almost $ 6 billion worth.
Unlike many other Bitcoin Treasury companies, however, the company said it doesn’t just have BTC in its balance; Rather, it actively manages them. It has approx. 31% or 15,550 Bitcoin borrowed, actively administered or pledged as security as part of its state -affair management.
“We’re more than a Bitcoin Treasury company,” Mara said in the letter. “And because we are operators, not just holders, we consider Bitcoin as a productive asset. We actively insert parts of our stocks to improve the return and strengthen our long -term capital position,” it added.
