This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies.

The amount was paid in advance—$22.3 million in Q1 and $51 million in Q2—representing a significant portion of MARA’s $108 million in cash outflows for vendor advances in the first half of the year.

“During the six months ended June 30, 2025, the Company advanced $73.3 million to Auradine for product purchases, all of which were fulfilled by the end of the period, with no outstanding balance remaining,” MARA stated in its Q2 earnings filing.

As of June 30, the Bitcoin mining giant still had $51.4 million in outstanding purchase commitments with Auradine, scheduled for delivery in periodic installments through the remainder of 2025.

The deliveries underscore MARA’s deepening financial and strategic ties with Auradine. In addition to hardware purchases, MARA invested $20 million in Auradine’s preferred shares in February and converted $1.2 million of a prior SAFE investment into equity. Its total holdings in Auradine now stand at $85.4 million, and MARA holds a seat on the startup’s board of directors.

During the 2020 halving cycle, MARA’s proprietary mining fleet was almost exclusively composed of Bitmain’s Antminers. The pivot to Auradine marks a strategic shift toward procuring U.S.-made mining equipment. Meanwhile, Bitmain has also been ramping up domestic manufacturing capacity in the U.S., bolstered by electronic part imports amid looming trade tariff uncertainties.

The original article can be viewed here.

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