MARA Follows Saylor’s Playbook With Two Prime Deal, BTC Allocation Grows
MARA Holdings has acquired an equity stake in Two Prime, boosting its Bitcoin deployment strategy
Bitcoin mining giant MARA Holdings has acquired a minority equity stake in institutional investment adviser Two Prime, significantly increasing its BTC exposure and adopting a yield-focused strategy similar to Michael Saylor’s Strategy.
As part of the $20 million investment deal, MARA increased the amount of Bitcoin it has allocated with Two Prime to 2,000 BTC, up from 500 BTC. The BTC will be managed in a Separately Managed Account (SMA) and used to generate yield on MARA’s behalf, the company confirmed on Tuesday.
Two Prime is registered with the U.S. Securities and Exchange Commission (SEC) and specializes in helping institutional clients gain exposure to Bitcoin with risk-adjusted yield strategies.
MARA, one of the world’s largest corporate holders of Bitcoin, initially built its BTC treasury through mining operations. It later adopted Saylor-style strategies – including equity sales – to accumulate more Bitcoin, reflecting a broader shift from passive BTC holding to active balance sheet utilization.
“This is part of our ongoing initiative to activate our Bitcoin holdings and treat them as a productive asset,” said Salman Khan, MARA’s chief financial officer.
MARA Faces Mixed Results in a Post-Halving Landscape
The Bitcoin halving in April – which cut mining rewards by 50% – has presented a challenging environment for mining firms, and MARA is no exception.
Despite generating $214 million in revenue in Q1 (a 30% increase), the company posted a net loss of $533 million, highlighting the cost pressures from rising energy prices and hardware expenses.
Electricity optimization has become a key focus for miners aiming to survive in the post-halving economy.
Other major miners like Core Scientific and HIVE Digital have started pivoting toward AI data center operations and high-performance computing (HPC), seeking new revenue streams beyond traditional crypto mining.
Core Scientific’s future in mining has become uncertain after its $9 billion all-stock acquisition by CoreWeave, which is expected to either transition assets to HPC or exit crypto entirely.
While MARA continues to double down on Bitcoin, the evolving landscape suggests that diversification and BTC monetization strategies – such as those used in the Two Prime partnership – may be critical for long-term sustainability.
