Bitcoin Miner Holdings (MARA) shares increased almost 4% in trade after the market after the company registered record income for its second quarter, exceeding Wall Street expectations.
Mara reported revenues of $ 238.5 million, an increase of 64% of $ 145.1 million in the same quarter a year ago, according to a profit presentation. The mining firm said the increase was mainly due to a 50% increase in the average price of Bitcoin during the quarter. Mara’s revenues also exceeded the average estimate of analysts of $ 227.9 million, according to FACTSET data.
The company extracted 2,358 bitcoin in the quarter, a 3% increase with respect to the previous quarter. Energy hashrate or mining machines that are currently online increased 6% to 57.4 eh/s. Mara aims to achieve 75 eh/s for the end of this year.
The miner, who began buying Bitcoin in the open market, currently has almost 50,000 BTC in his general balance, which makes it the second largest public company, after the strategy (MSTR), to maintain Bitcoin in his treasure. At the current spot price of $ 117,618, holdings would be worth almost $ 6 billion.
However, unlike many other Bitcoin Treasury companies, the firm said it not only has BTC in its balance; Rather, he actively manages them. It has approximately 31% or 15,550 Bitcoin provided, actively administered or committed as a guarantee as part of its treasure management.
“We are more than a Bitcoin Treasury company,” Mara said in the letter. “And because we are operators, not only to the headlines, we see Bitcoin as a productive asset. We actively implement portions of our holdings to improve yields and strengthen our long -term capital position,” he added.
