Mara Bitcoin miner posts 1093% adjusted ebitda in Q2

MARA Holdings Inc., a Bitcoin mining firm, reported record financial results in the second quarter of 2025 according to its recent statement.

The company’s adjusted EBITDA climbed 1,093 percent year on year to reach $1.2 billion.

This marks a significant increase from the previous year when MARA posted losses in the same quarter.

The miner recorded net income of $808.2 million in Q2 2025, reversing a net loss of nearly $200 million in Q2 2024.

Revenue also grew 64 percent year on year to $238 million for the quarter.

MARA's Bitcoin holdings grew 170 percent year on year to 49,951 BTC.

The company highlighted that the majority of its Bitcoin was mined rather than purchased, differentiating it from other large Bitcoin treasury holders.

“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,” the company said in its statement.

In addition to operational gains, MARA recently raised approximately $940.5 million to support further Bitcoin purchases and general corporate needs.

The improved quarter follows a period in early 2025 when MARA and peers experienced rising revenues but continued to report net losses.

Since then, a rise in Bitcoin’s price and growing institutional demand have contributed to a more favourable market.

MARA is currently regarded as the largest Bitcoin miner by holdings and the second-largest corporate Bitcoin holder after Strategy.

At the time of reporting, BTC price was $117,878.