MARA Holdings recently acquired 11,774 Bitcoin for $1.1 billion, increasing its total holdings to 40,435 Bitcoin, valued at approximately $3.92 billion.
Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a… pic.twitter.com/2uvnrhbxaP
— MARA (@MARAHoldings) December 10, 2024
This purchase coincided with MARA achieving a significant milestone: its hashrate surpassed 50 exahashes per second (EH/s), the first time a public Bitcoin miner has reached this level.
The acquisition was financed through a zero-coupon convertible note offering completed in late November.
MARA disclosed the average purchase price of the Bitcoin was $96,000 per coin.
For the fourth quarter, MARA reported a 12.3% “BTC Yield” and a 47.6% increase for the year, according to a December 9th filing with the U.S. Securities and Exchange Commission.
This metric measures changes in Bitcoin holdings relative to fully diluted shares outstanding.
Earlier in 2024, MARA adopted a new treasury policy to retain all mined Bitcoin while employing financial strategies to bolster reserves.
This approach aligns with similar tactics used by companies like MicroStrategy to increase Bitcoin holdings.
In addition to its Bitcoin acquisition, MARA doubled its hashrate in 2024, reaching 50 EH/s by the year's end. This milestone solidifies MARA's position as a leading player in the Bitcoin mining industry.
Commenting on the achievement, MARA CEO Fred Thiel stated, “Mission accomplished … but why stop here,” hinting at plans for further expansion.
Mission accomplished … but why stop here? Stay tuned as we have more miners on the shelf and we will just keep on adding using our existing capacity
— Fred Thiel (@fgthiel) December 10, 2024
He added, “Stay tuned as we have more miners on the shelf and we will just keep on adding using our existing capacity.”
MARA's hashrate at the end of the third quarter was 36.9 EH/s, reflecting an increase of 13.1 EH/s in just a few months. This rapid growth underscores MARA's commitment to scaling its mining operations.