Bitcoin mining firm MARA Holdings has acquired a minority stake in institutional investment adviser Two Prime through a $20 million equity investment, while simultaneously increasing its Bitcoin allocation managed by the firm from 500 BTC to 2,000 BTC. The additional 1,500 BTC will be held in a Separately Managed Account (SMA) to generate yield through Two Prime's institutional strategies, shifting from passive holding to active asset utilization according to MARA CFO Salman Khan.
Two Prime, an SEC-registered firm managing $1.75 billion in assets, specializes in Bitcoin exposure for institutional investors. CEO Alexander Blume stated the partnership signals a broader move toward yield-focused Bitcoin strategies meeting institutional risk standards, calling it a "long-term alignment around vision and innovation." Susquehanna Crypto also participated in the funding round, with Two Prime recently ranked as the largest U.S. centralized-finance lender by Galaxy Research.
The move occurs amid severe post-halving pressure on miners, as MARA reported a Q1 net loss of $533 million despite $214 million in revenue. Industry peers like Core Scientific and HIVE Digital are pivoting toward AI data centers, with Core Scientific's $9 billion acquisition potentially leading to divestment of crypto operations. Analysts from Glassnode and VanEck have expressed skepticism about corporate Bitcoin treasury sustainability, citing dilution risks and reduced upside potential in maturing markets.