- MARA purchased 11,774 Bitcoins for $1.1 billion, boosting its holdings to 40,435 BTC worth $3.92 billion.
- The company’s Bitcoin yield is 12.3% for Q4, with a year-to-date yield of 47.6%.
- MARA’s hashrate doubled in 2024 to 50 EH/s, becoming the first public miner to achieve this milestone.
MARA Holdings Inc. (NASDAQ: MARA), a Florida-based Bitcoin mining firm, announced the purchase of 11,774 Bitcoins valued at $1.1 billion. On December 10, MARA completed an acquisition funded by a zero-coupon convertible note offering, purchasing BTC at an average price of $97K, significantly increasing its total holdings.
As of December 9, MARA’s Bitcoin holdings have increased to 40,435 BTC, now worth nearly $3.92 billion. According to a Dec. 9 filing with the SEC, MARA has achieved a 12.3% “BTC Yield” in Q4 and 47.6% year-to-date. The company’s strategic investments demonstrate its commitment to strengthening its position in the BTC ecosystem.
MARA Holdings: Bitcoin Strategy and Market Outlook
MARA has focused on integrating renewable energy sources to power its Bitcoin mining operations. Recently, it acquired a wind farm in Texas with 240 MW interconnection capacity. The acquisition supports MARA’s sustainability goals by reducing its carbon footprint while maintaining strong mining operations, which boosts investor confidence.
MARA’s stock has seen mixed performance, rising 47% over three months to $22.81 but declining 8.82% last month due to share dilution. Despite fluctuations, the company has consistently positioned itself as a market leader, with a rising hashrate and strategic acquisitions ensuring steady growth.
In November, MARA issued $1 billion in zero-coupon convertible senior notes due in 2030. Proceeds were allocated to repurchase $212 million of existing debt and acquire additional Bitcoin. The notes’ high conversion price reflects institutional confidence in MARA’s strategic growth plans. CEO Fred Thiel expressed optimism about BTC mining’s future under a pro-crypto administration.
MARA also announced it would double its energized hashrate in 2024 to reach an end-of-year target of 50 EH/s, becoming the first public BTC miner to cross this milestone. With a current hashrate of 36.9 EH/s at the end of Q3, the company plans to scale its mining capacity with additional miners further.
MARA Thrives in Volatile Bitcoin Market
MARA reported Q3 earnings on November 12, revealing a loss of $0.34 per share, below analysts’ expectations. However, the company achieved a 34.5% year-over-year revenue increase to $131.6 million. Despite setbacks, MARA’s stock rose 30% when BTC neared $90,000, showcasing resilience amid market volatility.
Bitcoin’s price peaked above $100,000, fueled by favourable political developments, before cooling to $97,380. MARA has capitalized on the price rebound, strategically acquiring assets and expanding its operations. The firm remains optimistic about Bitcoin’s long-term potential, reinforced by its growing market share and sustainability initiatives.
MARA continues solidifying its position as a leading BTC mining company, leveraging renewable energy, advanced mining capabilities, and strategic acquisitions to drive growth. With a clear focus on innovation and sustainability, MARA is well-positioned to navigate the evolving cryptocurrency landscape.
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