CoinDesk Podcast Network THE MINING POD: MARA’s Q2 Earnings, In-Kind BTC ETFs, Bitmain’s U.S. Manufacturing Moves
Aug 1, 2025
In this insightful discussion, Matt Kimmel from CoinShares shares his expertise on MARA's impressive Q2 earnings, revealing a 12% revenue increase. The conversation shifts to the SEC's groundbreaking approval of in-kind Bitcoin ETFs, changing the game for investors. Kimmel also highlights Bitmain's strategic move to enhance U.S. manufacturing, shipping significant parts stateside. He examines the competitive landscape, noting JPMorgan's prediction that specialized miners will thrive over hybrid models as the sector evolves.
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MARA's Q2 Earnings Insight
- Mara's Q2 earnings showed a 12% revenue increase and a $1.18 billion EBITDA turnaround.
- The EBITDA rise is mostly due to fair value accounting gains on their Bitcoin holdings, not just operational profit.
SEC Approves In-Kind Bitcoin ETFs
- SEC approved in-kind Bitcoin ETF creation and redemption, improving efficiency and reducing costs.
- Authorized participants like Jane Street and Goldman Sachs will now directly handle Bitcoin, integrating U.S. banking with Bitcoin.
Bitmain Onshores Miner Manufacturing
- Bitmain is shipping raw miner parts to its Delaware affiliate to assemble miners in the U.S., likely to avoid tariffs.
- Recent U.S. tax laws encourage onshore manufacturing with favorable asset depreciation, possibly influencing Bitmain's move.