In the second quarter of 2025, Mara Company achieved record performance in terms of revenue, adjusted EBITDA, net profit, hash rate efficiency, and monthly block production. The company continues to invest in infrastructure, including collaborating with Tae Power Solutions and Podo AI to develop a grid-responsive load balancing platform, and constructing a new wind-powered data center in Texas. Mara holds over 50,000 bitcoins, making it the world's second-largest bitcoin holder. The company emphasizes its identity not only as a bitcoin holder, but also as an innovator, builder, and operator, creating long-term value through the management and operation of bitcoin assets. Furthermore, Mara is a leader in the digital energy field, exploring infrastructure designs suitable for hybrid workloads, such as artificial intelligence inference, as well as sovereign edge infrastructure to meet data sovereignty and energy efficiency needs. The company is actively expanding in global markets, including establishing regional headquarters in Saudi Arabia and France to leverage low-cost energy and meet rapidly growing market demands.

At the first investor day event, Bitcoin mining giant Mara showcased its strong financial performance and future strategy. The company announced that in the past year, its Bitcoin holdings increased by over 170%, market value increased by 362% to reach $4.2 billion. Additionally, Mara emphasized that it is not just a Bitcoin mining company, but also a leader in mining, infrastructure, and AI fields through its digital energy strategy. The company's second-quarter revenue reached a record high of $238.5 million, a 64% increase year-on-year. Furthermore, Mara revealed its strategies in Bitcoin asset management, including collaborations with external advisors and utilizing Bitcoin as collateral for lending activities to support operations and increase shareholder value. The company stated that it is dedicated to expanding its global business and further strengthening its leading position in the global Bitcoin market.

The latest developments in the Bitcoin mining industry and High Performance Computing (HPC) sector were discussed, particularly the trend of many Bitcoin mining companies attempting to transition to HPC, while facing risks of intense competition and profit compression. At the same time, the entry of new participants such as Tether and Bitmain is changing the market landscape of the Bitcoin mining industry.

A Bitcoin mining company has expressed its goal of becoming the world's largest Bitcoin miner, while emphasizing unique opportunities in sovereign data and enterprise-level AI fields. They are currently establishing partnerships with sovereign nations, governments, and energy companies, particularly in the Gulf region of Europe, to capitalize on the region's demand for local data storage and AI. This strategy highlights the importance of collaboration between Bitcoin miners and energy companies, as well as providing sovereign data and AI services through government cooperation and operating local data centers to meet the needs of local businesses, thereby driving business growth.

In the discussion, a leader in the Bitcoin mining industry shared their successful experience in collaborating with sovereign nations, particularly with the UAE, in setting up a Bitcoin mining data center. They emphasized the importance of establishing the right partnerships with energy companies. The discussion also touched on how Bitcoin mining companies balance investment needs with asset acquisitions, and the strategies they take when facing competition and market changes, shifting from asset-light to controlling energy assets to achieve long-term success and growth.

The company hinted that most of its 3 gigawatt project pipeline may be located outside of the United States, while reiterating its goal that by 2028, international business will account for approximately 50% of total revenue.

The conversation discussed the latest developments in cooling technology in the Bitcoin mining industry, especially liquid cooling technology. Early liquid cooling technology faced issues such as leaks and high water consumption, but now companies like Bitmain have improved this technology to make it more reliable. The shift towards 2U rack-mounted equipment was mentioned, allowing Bitcoin mining to be mixed with AI in the same data center. Additionally, reasons for choosing immersion cooling technology in certain regions were explored, as well as the potential use of cold plate technology in the future as a transition to address the high heat density demands of AI and Bitcoin mining.

The conversation discussed the performance of Bitcoin mining in the past quarter, emphasizing the volatility and randomness of mining activities. It specifically mentioned the strong performance in May and the decline in June, analyzing seasonal factors such as power limitations due to high temperatures in Texas and maintenance cycles that affect mining efficiency. Overall, although there is a certain degree of luck involved, the impact of power limitations caused by summer heat on mining activities is more significant.

Discussed the market attention and potential risks brought by Bitcoin and other cryptocurrencies as part of corporate financial strategies, including the possibility of market bubbles due to investors' excessive enthusiasm for such strategies, as well as potential asset price drops and financial pressures for companies in market reversals. In addition, similarities with the 2017 ICO craze were mentioned, as well as the correlation between Bitcoin prices and macroeconomic factors.

The dialogue discussed the long-term investment strategy of a Bitcoin company for its significant holding of Bitcoin (over 50,000 coins, valued at over $5 billion). The discussion covered possible selling strategies to manage the company's capital costs once the value and volatility of Bitcoin stabilize to be similar to gold. Additionally, active management and profit strategies for the Bitcoin inventory were discussed, as well as whether to adopt hedging strategies and specific operational strategies (such as the Col strategy) to manage Bitcoin assets.

A Bitcoin mining company discussed its strategy for holding and managing Bitcoin as assets on the balance sheet, with the dual goals of seeking capital appreciation and generating cash flow from the assets. They lower costs by self-producing Bitcoin rather than purchasing on the market, and create value from their holdings by implementing investment strategies such as covered call options and trading strategies, to avoid price risk while achieving cash flow. Currently, approximately one third of the company's Bitcoin is managed using this active asset management strategy.

In the early stages of the Bitcoin mining industry, the company is testing and gradually expanding successful strategies, while considering its responsibility to shareholders. The company is considering reducing its reliance on traditional Bitcoin mining by implementing a Bitcoin revenue strategy to achieve business diversification. This strategy is similar to old-fashioned wealth management, using the revenue generated from holding Bitcoin to cover operating costs, thus alleviating pressure on other business areas in order to invest in diversified income strategies. The company is particularly focused on expanding investments in sovereign data and Inference AI businesses, with the aim of utilizing existing Bitcoin assets to open up new sources of income to address the challenge of future Bitcoin reward reductions.

Discussed the synergies between the company's international expansion goals and the mobile strategy to go beyond the core US market, emphasizing their importance in the company's global strategy.

The Mara company has successfully lowered the electricity costs per bitcoin by implementing an asset reset strategy, reaching a lower level within the industry. Additionally, the company has further reduced the marginal costs of bitcoin mining by acquiring a wind farm and utilizing its low-cost intermittent electricity, resulting in a 75% to 85% decrease in operational costs compared to traditional bitcoin mining. Furthermore, as third-party contracts gradually expire, the company has the opportunity to continue reducing costs and diversifying revenue sources. This diversification not only reflects in income, but also in the diversity of electricity sources and methods of bitcoin generation, ultimately bringing long-term benefits to shareholders.

The company significantly reduced the mining cost of bitcoin by shifting towards an asset-heavy strategy and vertical integration model. Currently, the mining cost of each bitcoin is around $50,000, more than 50% cheaper than purchasing on the market. With the gradual exit of third-party mining businesses and the continued use of low-cost energy sources such as wind and natural gas, it is expected that the cost will further decrease. In addition, the company is committed to research and development and business diversification, including investing in the field of artificial intelligence, to achieve diversified sources of income.

Discussed the impact of the "Genius Bill" on the integration of stablecoins with the traditional financial system, especially how it can promote Bitcoin trading and mining by increasing 24/7 liquidity. It was mentioned that the use of stablecoins will allow people to instantly transfer funds to exchanges for trading, no longer being restricted by banking hours, potentially increasing the trading volume and liquidity of Bitcoin. Additionally, it was noted that institutions and investors may increase their investments in Bitcoin as a result, further driving its value and liquidity.