Bitcoin miner MARA Holdings exceeded analyst expectations in the second quarter, with revenues jumping 64% year-on-year to $238 million. The company reported a net income surge of 505% to $808 million, largely driven by a $1.2 billion unrealized gain from Bitcoin appreciation. MARA also announced strategic partnerships in the AI sector.

Following the earnings release, MARA Holdings shares spiked 7.5% in after-hours trading, reaching $17.82 before settling at $17.22. The stock closed Tuesday trading at $16.61, marking a 58% gain since mid-April. MARA reported holding over 50,000 BTC, solidifying its position as the second-largest corporate public holder of Bitcoin.

During the second quarter, MARA Holdings mined 2,358 BTC, up 3% from the previous quarter, with an energized hashrate of 57.4 EH/s. The firm’s Bitcoin holdings now stand at 49,951 BTC, valued at $5.3 billion. MARA aims to increase its hashrate to 75 EH/s by year-end and sees growth potential in the AI and data center markets.

MARA Holdings’ strong financial performance, increased Bitcoin holdings, and strategic partnerships with industry leaders highlight its growth trajectory. The company’s focus on expanding its mining operations, Bitcoin treasury, and AI infrastructure investments position it for success in the evolving digital landscape.

Read more at Cointelegraph: MARA Holdings Beats Q2 Expectations With Record Revenue Jump