MARA, one of the largest public bitcoin holders, held 49,951 BTC as of June 30, with approximately 15,550 BTC—or around 31%—actively allocated across lending agreements, asset management programs, and collateralized credit lines.

By the end of 2024, MARA had loaned out 7,377 BTC, as previously reported by TheMinerMag. In Q2 2025, the company expanded the program slightly, lending an additional 500 BTC. This brought the total under loan to 7,877 BTC as of June 30.

During the quarter, the lending program generated $6.8 million in interest income, bringing the year-to-date total to $13.1 million. Based on average BTC prices in Q1 and Q2, this equates to an annualized yield of approximately 3.5%.

The company transferred 500 BTC in mid-May to test the waters, followed by another 1,500 BTC in late June. As of June 30, a total of 2,004 BTC was under active management.

The initial tranche of 500 BTC generated 4 BTC over roughly 45 days—a return of 0.8%, or an annualized yield of 6.5%. This outpaces returns from lending, though it may also introduce higher active risk. The SMA prioritizes capital preservation and liquidity, with trades limited to bitcoin-denominated options, futures, swaps, and spot strategies.