MARA Goes All In: Prepaying $73M for Auratine Miners While Cementing $85M Strategic Position
Bitcoin miner Marathon Digital Holdings (MARA) significantly expanded its relationship with chip innovator Auratine in the first half of 2025, according to its latest quarterly filing. $MARA reported prepaying Auratine $73.3 million for Teraflux Bitcoin mining hardware. This substantial upfront capital expenditure was split between Q1 ($22.3 million) and Q2 ($51.0 million), forming the bulk of the company's $108.0 million in cash allocated to supplier advances during the period.
As of June 30th, MARA still has an active $51.4 million equipment purchase commitment with Auratine, scheduled for delivery in phases throughout the remainder of 2025.
Beyond hardware purchases, MARA deepened its strategic stake in Auratine. A February investment of $20.0 million in Auratine preferred stock, coupled with the conversion of a prior $1.2 million SAFE note into equity, brings Marathon's total investment in the startup to $85.4 million. This significant ownership position also grants MARA representation on Auratine's board of directors.
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