As a seasoned analyst with over two decades of experience under my belt, I must admit that I am thoroughly impressed by MARA Holdings Inc.’s latest moves. The company’s strategic decisions and relentless pursuit of growth are reminiscent of tech giants in their heyday.
On December 10th, the significant Bitcoin miner MARA Holdings Inc. purchased a total of 11,774 Bitcoins for approximately $1.1 billion. Moreover, its mining power surpassed 50 exahashes per second (EH/s), marking a first in the industry.
MARA recently obtained approximately 11,774 Bitcoins for around $1.1 billion through its offering of zero-coupon convertible notes, which occurred at the end of last month. They announced this information in a blog post dated December 10th. The average price they paid for these Bitcoins was roughly $96,000 per Bitcoin.
As of Dec. 9, MARA held 40,435 Bitcoin, worth $3.92 billion at its current price of around $97,000.
According to a recent SEC filing dated December 9th, MARA has generated a “Bitcoin Return” of 12.3% in the current quarter and an impressive 47.6% this entire year.
Instead of using BTC Yield as a primary metric, they opt to gauge the fluctuation in value between their Bitcoin reserves and the estimated total number of shares that could potentially be issued (fully diluted shares) by referring to this percentage change.
In the month of July, MARA made a change in their treasury strategy, choosing to keep every Bitcoin they mine, while also employing various financial tools from the capital market to strengthen their Bitcoin holdings, much like MicroStrategy does with its Bitcoin strategies.
MARA’s hashrate reaches 50 EH/s
In 2024, MARA announced a doubling of its operational mining power, aiming to achieve a hashrate of 50 Exahash per second (EH/s) by year-end. This would make MARA the first publicly traded Bitcoin miner to surpass that particular milestone.
Goal achieved… but why not go further,” is a simple and easy-to-understand paraphrase of “Mission accomplished … but why stop here” by MARA’s CEO, Fred Thiel, in response to MARA’s X post.
“Stay tuned as we have more miners on the shelf and we will just keep on adding using our existing capacity.”
This year, MARA’s shares have dropped by 0.55%. Notably, they were among the top gainers during the 2023 market recovery, experiencing a significant increase of approximately 586% compared to the previous year.
Currently, Bitcoin is being traded at approximately $97,090, representing a decrease of about 6.6% since it reached an unprecedented peak of $104,000 on December 5th.
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2024-12-11 02:33