Originally published on: December 10, 2024
In a groundbreaking move, MARA Holdings, a leading Bitcoin mining company, recently acquired 11,774 Bitcoin for a whopping $1.1 billion, surpassing a significant milestone by reaching a hashrate of over 50 exahashes per second (EH/s) – a first in the industry.
This substantial purchase followed a successful zero-coupon convertible note offering last month, with MARA securing the Bitcoin at an average price of $96,000, as revealed in a post on Dec. 10. The company’s Bitcoin holdings now total 40,435, valued at approximately $3.92 billion based on the current price of around $97,000.
Impressively, MARA reported a BTC Yield of 12.3% in the fourth quarter and 47.6% for the year, reflecting the company’s robust performance. Utilizing BTC Yield as a key performance indicator, MARA measures the percentage change between its Bitcoin holdings and fully diluted shares outstanding.
In a strategic decision reminiscent of MicroStrategy’s approach, MARA shifted its treasury policy earlier this year to accumulate and retain all mined Bitcoin. The company also employed various capital market instruments to fortify its Bitcoin reserves.
Moreover, MARA achieved a significant milestone by doubling its energized hashrate to surpass the 50 EH/s target by the end of the year, positioning itself as a pioneer in the public Bitcoin mining sector. CEO Fred Thiel expressed satisfaction with this achievement, emphasizing a relentless pursuit of progress in a response to MARA’s latest update.
Despite experiencing a 4.4% decline in shares, closing at $22.81 on Dec. 10, MARA remains a strong contender with a notable performance record. While the stock has seen marginal gains after hours, overall, it has exhibited resilience in the market.
As the year draws to a close, MARA’s stock performance reflects a minor 0.55% decline, following a remarkable surge of 586% in the previous year. Meanwhile, Bitcoin’s price fluctuations, currently at $97,090, underscore the dynamic nature of the cryptocurrency market.
With MARA Holdings making waves in the industry, investors and enthusiasts alike are keeping a close eye on its strategic moves and performance trajectory. Stay tuned for more updates and insights from the ever-evolving world of Bitcoin and digital assets.
