MARA Makes $1.1B Bitcoin Buy, Breaks Hashrate Record at 50 EH/s

Key Takeaways:

• MARA Holdings invested $1.1 billion to acquire 11,774 Bitcoin.
• The company set an industry milestone by reaching a hashrate of 50 EH/s.
• MARA adopted a treasury strategy to retain all mined Bitcoin, mirroring MicroStrategy’s Bitcoin playbook.

MARA Holdings, formerly Marathon Digital, has made waves with its latest Bitcoin acquisition and groundbreaking mining milestone. The Florida-based Bitcoin mining giant purchased 11,774 Bitcoin worth $1.1 billion recently, funded by a zero-coupon convertible note offering, bringing its total holdings to 40,435 Bitcoin valued at $3.92 billion.

MARA Holdings Bitcoin Yield And Industry-Leading Hashrate Milestone

In a December 9 filing with the U.S. Securities and Exchange Commission (SEC), MARA reported a 12.3% BTC yield in the fourth quarter (Q4) 2024 and a strong 47.6% year-to-date increase. 

This metric, which measures the percentage change in Bitcoin holdings relative to fully diluted shares, underscores MARA's strategic focus on Bitcoin as a core asset.

MARA also reported a hashrate milestone, becoming the first publicly-listed Bitcoin miner to achieve a rate of 50 exahashes per second (EH/s). This achievement represents a remarkable doubling of its 2024 mining capacity.

“Mission accomplished … but why stop here,” remarked CEO Fred Thiel, hinting at further growth with additional miners ready to deploy. 

The company added 13.1 EH/s to its hashrate since the third quarter (Q3).

In line with its commitment to sustainability, MARA acquired a wind farm in Hansford County, Texas, with 240 MW of interconnection capacity. 

This investment aligns with MARA’s strategy of leveraging clean and stranded energy sources to power its mining operations while minimizing its carbon footprint.

Corporate Investors' Sentiment on Bitcoin as a Treasury Asset

MARA's recent acquisition follows the path of industry leaders like MicroStrategy, which has championed Bitcoin adoption with holdings of over 423,650 BTC. 

While MARA's rapid accumulation of 40,435 BTC establishes it as a competitive player in the corporate Bitcoin landscape, this strategy reflects a broader trend among corporations exploring cryptocurrency as a treasury asset.

Tesla’s well-publicized Bitcoin purchase marked an early example of this trend, and MicroStrategy’s aggressive accumulation has solidified its status as a pioneer in corporate Bitcoin reserve strategies. 

Despite these advances, not all corporations support the adoption of Bitcoin. 

For instance, Microsoft shareholders recently voted against incorporating Bitcoin into its balance sheet, citing concerns about volatility and its impact on shareholder value.

Meanwhile, Amazon could gauge its interest after a hink-thank proposal suggested allocating 5% of its reserves to Bitcoin.

At press time, Bitcoin trades at $98,872, slightly down from its recent all-time high of $103,900.