MARA Holdings Acquires 11,774 Bitcoin and Hits 50 Eh/S

MARA Holdings lately acquired 11,774 Bitcoin for $1.1 billion, rising its complete holdings to 40,435 Bitcoin, valued at roughly $3.92 billion. 

This buy coincided with MARA reaching a big milestone: its hashrate surpassed 50 exahashes per second (EH/s), the primary time a public Bitcoin miner has reached this degree.

The acquisition was financed by a zero-coupon convertible word providing accomplished in late November. 

MARA disclosed the typical buy value of the Bitcoin was $96,000 per coin.

For the fourth quarter, MARA reported a 12.3% “BTC Yield” and a 47.6% enhance for the yr, in keeping with a December ninth submitting with the U.S. Securities and Trade Fee. 

This metric measures modifications in Bitcoin holdings relative to totally diluted shares excellent.

Earlier in 2024, MARA adopted a brand new treasury coverage to retain all mined Bitcoin whereas using monetary methods to bolster reserves. 

This method aligns with related techniques utilized by corporations like MicroStrategy to extend Bitcoin holdings.

Along with its Bitcoin acquisition, MARA doubled its hashrate in 2024, reaching 50 EH/s by the yr’s finish. This milestone solidifies MARA’s place as a number one participant within the Bitcoin mining trade.

Commenting on the achievement, MARA CEO Fred Thiel acknowledged, “Mission achieved … however why cease right here,” hinting at plans for additional growth. 

He added, “Keep tuned as we now have extra miners on the shelf and we’ll simply carry on including utilizing our present capability.”

MARA’s hashrate on the finish of the third quarter was 36.9 EH/s, reflecting a rise of 13.1 EH/s in only a few months. This fast progress underscores MARA’s dedication to scaling its mining operations.