MARA Holdings Inc. has expanded its Bitcoin holdings by acquiring an additional 11,774 Bitcoin for $1.1 billion on December 10. This purchase was funded through a zero-coupon convertible note offering.
MARA now holds a total of 40,435 Bitcoin, valued at approximately $3.92 billion based on the current market price. MARA has reported a 12.3% "BTC Yield" for the fourth quarter and a 47.6% yield year-to-date, as detailed in a filing with the United States Securities and Exchange Commission.
In addition to the Bitcoin acquisition, MARA Holdings has achieved a hashrate of 50 exahashes per second (EH/s), making it the first public Bitcoin miner to reach this milestone. The company doubled its energized hashrate in 2024, surpassing its end-of-year target ahead of schedule. CEO Fred Thiel expressed enthusiasm over this achievement and hinted at further expansions.
Despite these advancements, MARA's stock experienced a decline of 4.4% on December 10, with only a slight gain of just over 1% in after-hours trading. The company's stock performance has been mixed this year, down 0.55% overall. This volatility reflects the broader fluctuations in the cryptocurrency market.
MARA Holdings' recent activities highlight the growing institutional interest in Bitcoin and cryptocurrency mining. The company's commitment to retaining mined Bitcoin and expanding its mining capabilities positions it well for future growth. As the demand for Bitcoin continues to rise, MARA's proactive approach may yield significant returns in the long run. The competitive landscape of Bitcoin mining is expected to intensify, with companies vying for market share and technological advancements that enhance mining efficiency.
MARA's recent achievements and strategic initiatives reflect a broader narrative within the cryptocurrency space, where innovation and institutional engagement are driving the evolution of digital assets. The actions of key players like MARA will be instrumental in shaping the future of Bitcoin and its role in the global financial system.