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Jun 30, 2025
Marathon Digital Q2 2025 Earnings Report
Reported a record-setting quarter with substantial revenue growth and a strong increase in net income, driven by bitcoin appreciation and mining efficiency.
Key Takeaways
Marathon Digital Holdings delivered a standout Q2 2025, achieving record revenues and net income. Operational efficiency and increased hashrate, combined with the appreciation in bitcoin's value, led to a net income of over $808 million. The company mined 2,358 BTC and now holds nearly 50,000 BTC in its treasury.
Revenue reached an all-time high of $238.5M, driven by higher BTC prices and mining output.
Net income surged to $808.2M, aided by a $1.2B gain on digital asset valuation.
Mined 2,358 BTC in Q2, increasing total BTC holdings to 49,951.
Energized hash rate rose 82% YoY to 57.4 EH/s, supporting expanded mining operations.
Forward Guidance
Marathon expects to continue growing its mining capacity and international footprint, while also expanding into AI and energy infrastructure.
Positive Outlook
- On track to reach 75 EH/s by year-end
- Strategic partnerships formed for AI and energy infrastructure
- New wind-powered data center completed in Texas
- Substantial capital flexibility with over $1B raised post-quarter
- Second-largest public BTC holder, supporting long-term liquidity
Challenges Ahead
- High dependence on BTC price fluctuations for earnings stability
- Rising G&A expenses due to operational scaling
- Increased energy and maintenance costs
- Heavy exposure to digital asset valuation risks
Historical Earnings Impact
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Avg. Return Before/After Earnings
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