Bitcoin mining company MARA Holdings has completed a minority acquisition of Two Prime, an institutional investment adviser managing $1.75 billion in assets, in a deal that significantly increases the amount of BTC Two Prime manages on MARA’s behalf.
The minority stake included a $20 million equity investment in Two Prime, with MARA increasing its Bitcoin (BTC) allocation with the company to 2,000 BTC from 500 BTC, MARA said Tuesday. The Bitcoin will be held in a Separately Managed Account and used to generate yield on MARA’s behalf.
Two Prime is an investment adviser registered with the US Securities and Exchange Commission (SEC). The company helps institutions and professional investors gain exposure to Bitcoin.
MARA holds one of the world’s largest Bitcoin treasuries, initially built through its self-mining operations. As reported by Cointelegraph, the company later announced plans to sell stock to acquire additional Bitcoin, a play reminiscent of Michael Saylor’s Strategy.
MARA’s chief financial officer, Salman Khan, said the strategy is part of the company’s broader effort to activate its Bitcoin balance, which includes using BTC as more than just a “passive asset tied to price appreciation.”
Related: 10 public companies that quietly turned their balance sheets into Bitcoin treasuries
MARA faces mixed results in a post-halving landscape
Like several mining firms, MARA has experienced mixed outcomes following Bitcoin’s recent quadrennial halving, which cut block rewards by 50%. The reduced revenue potential, coupled with rising energy and equipment costs, placed pressure on miners’ profitability.
For MARA, this translated into a $533 million net loss in Q1, despite a nearly 30% increase in revenue to $214 million.
As Cointelegraph reported, streamlining electricity costs has become a key profitability driver in the post-halving environment.
In response to these challenges, several miners, including Core Scientific and HIVE Digital, have begun pivoting their business models toward AI data center hosting and repurposing infrastructure for high-performance computing (HPC) workloads.
However, Core Scientific’s future in Bitcoin mining is less certain after it was acquired by CoreWeave in a $9 billion all-stock deal. CoreWeave said it may “repurpose” Core Scientific’s assets toward HPC or divest its crypto operations entirely.
Related: Despite record high, S&P 500 is down in Bitcoin terms