MARA Holdings has expanded its Bitcoin allocation by investing in Two Prime, a U.S.-registered institutional investment adviser. On July 16, the company announced it had acquired a minority stake in Two Prime with a $20 million equity investment.
As part of the deal, MARA increased its Bitcoin allocation from 500 BTC to 2,000 BTC. The 2,000 BTC, worth over $233 million based on current prices, will be held in a Separately Managed Account (SMA) and used for a yield-generation strategy.
Two Prime, registered with the U.S. Securities and Exchange Commission (SEC), helps professional investors and institutions manage digital assets. The firm will manage the 2,000 BTC on MARA’s behalf under regulated terms.
Bitcoin Treasury Grows to 50,000 BTC
With this update, MARA Holdings now controls 50,000 BTC, according to BitcoinTreasuries.NET. This makes it the second-largest publicly traded firm holding Bitcoin, behind only MicroStrategy.
The Bitcoin treasury was originally built through self-mining operations. Later, MARA announced plans to sell company stock to increase its Bitcoin holdings. This move aligned with the accumulation strategy used by MicroStrategy, led by Michael Saylor.
Salman Khan, Chief Financial Officer at MARA Holdings, confirmed that the company no longer treats Bitcoin as a passive asset. He stated that MARA wants to “activate its Bitcoin balance” through yield generation instead of holding it for price gains.
MARA Faces Post-Halving Losses Despite Revenue Rise
MARA Holdings reported a $533 million net loss in Q1 2025. The company also saw a 30% increase in revenue, which reached $214 million during the same period.
The recent Bitcoin halving reduced block rewards by 50%, affecting miner earnings. At the same time, rising energy and equipment costs made operations more expensive. These pressures have affected profitability across the Bitcoin mining sector.
Several miners have started shifting to alternative business models. For example, HIVE Digital and Core Scientific have moved toward high-performance computing (HPC) and artificial intelligence (AI) data center hosting.
Core Scientific’s Crypto Mining Role Unclear After CoreWeave Acquisition
Core Scientific was acquired by CoreWeave in a $9 billion all-stock deal. The new owner, CoreWeave, said it may repurpose Core Scientific’s assets for HPC infrastructure.
The company has not confirmed whether it will continue Core Scientific’s crypto mining operations or exit that part of the business. This creates uncertainty around Core Scientific’s role in Bitcoin mining moving forward.
In contrast, MARA Holdings continues to center its strategy on Bitcoin. The Two Prime deal and the 2,000 BTC allocation reinforce that direction.
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