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Jun 30
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.
Marathon Digital
Marathon Digital
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
- Potential dilution from recent convertible note issuance