Commercial Lines also showed consistent profitability, beating industry combined ratios by 8 to 20 points over the last 20 years despite a challenging commercial auto market.
Expense ratios, including loss adjustment expenses (LAE), have been reduced over the last decade, contributing to maintaining competitive pricing and profitability.
Personal auto saw a less than 1% rate decline in the quarter, with increased marketing spend of $2.5 billion year-to-date, up $900 million from last year, supporting growth despite competitive pressures.
Progressive delivered strong profitability in the first half of 2025, adding over $5 billion in premiums written and nearly 2.4 million additional policies in force (PIFs) compared to the first half of 2024.
The company outperformed the industry combined ratio by more than 7 points in 2024 and gained over 1.5 points in personal auto market share, the largest share gain by any carrier in 15 years.
The company’s combined ratio target remains at or below 96, balancing growth and underwriting profit.
A $1.2 billion gain on digital assets, including BTC receivable, was recorded in Q2 2025 reflecting the impact of bitcoin holdings on the balance sheet.
Average bitcoin production was 25.9 BTC per day in Q2 2025 compared to 22.9 BTC per day in Q2 2024, resulting in 300 more BTC earned.
Bitcoin holdings surged over 170% year-over-year from approximately 18,500 BTC to nearly 50,000 BTC, with market value increasing by more than $4.2 billion or 362%.
Net income was $808.2 million or $1.84 per diluted share in Q2 2025 compared to a net loss of $199.7 million or $0.72 per diluted share in Q2 2024.
Owned and operated sites now account for approximately 70% of total hashrate, contributing to operational and financial improvements.
Purchased energy cost per bitcoin was $33,735, among the lowest in the sector, with a 24% year-over-year improvement in daily cost per petahash.
Q2 2025 was a record-breaking quarter for MARA with new highs in revenues, adjusted EBITDA, net income, energized cash rate, lead efficiency, and blocks produced in May.
Revenues increased 64% to $238.5 million from $145.1 million in Q2 2024, driven primarily by a 50% increase in average bitcoin price contributing $77 million.
Dafinchi