On December 12, 2024, Bitcoin mining company MARA announced a significant increase in its total Bitcoin holdings to 40,435 BTC, valued at approximately $3.9 billion. This increase followed the strategic acquisition of 11,774 BTC for $1.1 billion, made at an average price of $96,000 per Bitcoin.
MARA's year-to-date Bitcoin yield stands at 47.6%, reflecting its growth relative to diluted shares. The company adopted a 'HODL' policy in July, focusing on retaining all mined Bitcoin and expanding its reserves through strategic investments.
CEO Fred Thiel highlighted the importance of Bitcoin as a reserve asset, paralleling the strategy of MicroStrategy, which holds 423,650 BTC valued at over $40 billion. MARA's hashrate recently reached 50 exahashes per second (EH/s), making it the first public Bitcoin miner to achieve this capacity.
Despite this milestone, MARA's shares fell 4.4% to close at $22.81. However, the stock has increased by 18% over the past six months. The company raised $850 million through convertible senior note offerings, with plans to use these funds for Bitcoin purchases and future acquisitions.
Bitcoin's price has been volatile, peaking at $104,000 on December 5 before settling at $96,300. MARA's holdings now represent nearly 0.2% of Bitcoin's total supply, solidifying its status as the second-largest public holder of the cryptocurrency.
Despite reporting a net loss of $124.8 million for Q3, up from a $390,000 loss last year, MARA remains committed to expansion. Thiel indicated plans to increase mining capacity using existing infrastructure, showcasing the company's strategy to balance operational growth with Bitcoin investments.