MARA deepens Two Prime ties with $20 million equity stake, doubling down on bitcoin yield strategy
Marathon Digital (ticker MARA) has deepened its bet on institutional yield strategies, leading a $20 million equity round in SEC-registered investment advisor Two Prime, according to a release shared with The Block. The move formalizes an expanding relationship between the two firms that now includes a 2,000 BTC capital allocation — up from the 500 BTC initially disclosed in May.
Susquehanna Crypto also joined the round, backing Two Prime as it scales its crypto-native institutional offerings. With this latest funding, MARA adds an equity stake to its growing exposure to Two Prime's yield platform, which caters specifically to corporate treasuries, sovereign entities, and other large bitcoin holders.
"As digital assets become an integral part of corporate and sovereign balance sheets, institutions are reevaluating how to deploy them strategically," Two Prime CEO Alexander Blume stated in the release. "MARA's investment signals a broader shift toward active, yield-focused bitcoin strategies that meet institutional standards. This is a long-term alignment around vision, risk management, and innovation."
MARA CFO Salman Khan framed the move as part of a broader shift in MARA's treasury approach.
"This investment builds on an existing relationship that has delivered strong alignment around risk, transparency, and capital deployment," stated Khan. "It reflects our commitment to activating our bitcoin holdings, turning them into more than a passive asset tied to price appreciation."
The investment comes as MARA ramps up efforts to monetize its massive bitcoin holdings. The company said last month it mined 950 BTC in May, its highest total in over a year. That brings MARA's total bitcoin reserves to 49,179 BTC, the second-largest publicly traded bitcoin treasury behind Strategy.
MARA is the largest publicly traded bitcoin miner in the U.S. with a market capitalization of $6.2 billion, according to The Block's MARA price data. Shares trade around $19 after surging 25% over the past month.
"MARA is one of many Bitcoin firms that has ventured into AI infrastructure services to diversify its business, particularly following the 2024 Bitcoin halving that slashed mining revenues, though the firm has also made notable investments in an attempt to double its mining capacity," The Block's Dan Kuhn previously reported. "In March, MARA said it would sell up to $2 billion in stock offerings to expand its Bitcoin holdings, including through investing in its mining operations."
For Two Prime, the deal marks a growth-stage milestone. The firm currently manages roughly $1.75 billion in assets and was recently ranked the largest CeFi lender in the U.S., according to Galaxy Research.
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