Marathon reports record sales of 35.5 billion yen in the April to June quarter.

## Significant increase in net profit

The major US cryptocurrency mining company MARA Holdings (hereinafter referred to as Marathon) reported its earnings for the second quarter of 2025 (April to June) on the 29th. Revenue increased by 64% compared to the same period last year, reaching $238.5 million (approximately 35.5 billion yen), achieving the highest quarterly revenue in its history.

Net profit increased significantly from a loss of $199.7 million (approximately 29.7 billion yen) in the same period last year to a revenue of $808.2 million (approximately 120 billion yen).

It has also been reported that since July, the number of Bitcoins (BTC) held has reached 50,000 BTC, and liquidity has exceeded $6 billion (approximately 890 billion yen) due to the issuance of convertible bonds.

Marathon is also generating yield from the Bitcoin it holds. It has deposited 2,000 BTC into Two Prime's Bitcoin yield service for institutional investors.

As of June 30, we are utilizing 15,550 BTC for lending, active management, or as collateral. By operating a portion of our held assets in this way, we aim to secure business funding, expand infrastructure, and reduce capital costs.

In May, we began a partnership with the venture company PADO AI Orchestration (PADO), which is funded by G NOVA, with the aim of improving the operational efficiency of the new data center. PADO is a company that provides a platform designed to accurately predict power demand.

In June, we also announced a strategic partnership with TAE Power Solutions, which provides power load management systems. Together, we will advance the development of a high-frequency, real-time responsive load management system that can be deployed at a gigawatt scale.

Increasing risks for companies in Bitcoin financial strategy

Marathon's CEO Fred Thiel stated on the 29th that if too many companies rush to accumulate Bitcoin, it could put downward pressure on the price of Bitcoin. Marathon itself holds a significant amount of Bitcoin, following Strategy among publicly traded companies.

Mr. Teal stated that if the mNAV (market Net Asset Value) reaches 1 or becomes negative, companies holding Bitcoin will be forced to sell it. This points to the possibility of accelerating selling pressure on Bitcoin in the market.

What is mNAV?

An indicator that shows the extent to which a company's stock price is trading at a premium or discount to its net asset value. If this is above 1.0, the stock price is considered to be at a premium (overvalued), and if it is below 1.0, it is seen as a discount (undervalued).

In the past, during the bear market from 2022 to 2023, when Bitcoin fell 80% from its all-time high, the mNAV premium of Strategy Inc. collapsed.

The cryptocurrency venture capital firm Breed pointed out that for smaller, newer Bitcoin financial strategy companies compared to firms like Strategy, the barriers to fundraising increase and the risks grow during a bear market.

The CEO of Teal emphasizes that Marathon is different from other Bitcoin treasury companies. He points out that the majority of the Bitcoin held by the company was acquired through mining, rather than purchasing.

When acquiring through in-house mining, costs can be reduced compared to purchasing on the market. There are also advantages to consider, such as being able to continue accumulating despite the downturn in Bitcoin prices.