Marathon Digital Holdings (NASDAQ:MARA) reported second-quarter results that far exceeded expectations, driven by substantial growth in bitcoin holdings and mining capacity.
The company posted adjusted earnings of $1.84 per share, topping the consensus estimate of -$0.28 by a wide margin. Revenue surged to $238.48 million, beating forecasts of $226.59 million and representing a 64% increase from $145.1 million a year ago.
Marathon’s energized hashrate rose 82% year-over-year to 57.4 EH/s from 31.5 EH/s, and it mined 2,358 bitcoins during the quarter.
Marathon also grew its bitcoin holdings by 170% to 49,951 BTC, now valued at approximately $5.3 billion, cementing its position as the second-largest publicly traded holder of bitcoin.
