MARA Holdings Inc. experienced a 4.4% drop in its share price following its announcement of acquiring nearly 11,800 Bitcoin for $1.1 billion and achieving an industry milestone in mining hashrate.
The Bitcoin mining leader purchased 11,774 Bitcoin on December 10 for $1.1 billion, boosting its hashrate to over 50 exahashes per second (EH/s), the first public miner to reach this benchmark.
The latest acquisition was financed through a zero-coupon convertible note offering finalized late last month, with MARA securing the Bitcoin at an average price of $96,000 per coin, as revealed in its December 10 X post.
As of December 9, MARA’s Bitcoin holdings totaled 40,435 BTC, valued at approximately $3.92 billion based on the current price of around $97,000 per Bitcoin.
According to MARA’s December 9 filing with the U.S. Securities and Exchange Commission, the company has achieved a 12.3% BTC Yield in Q4 2024 and 47.6% so far this year.
BTC Yield, a key performance metric for MARA, measures the percentage growth of its Bitcoin holdings relative to its fully diluted outstanding shares.
In July, MARA shifted its treasury policy, opting to retain all mined Bitcoin and diversify its reserve strategy with capital market instruments, closely mirroring MicroStrategy’s Bitcoin strategy.
MARA’s Hashrate Hits 50 EH/s
MARA doubled its energized hashrate in 2024, reaching its year-end goal of 50 EH/s, a first for any publicly traded Bitcoin miner.
“Mission accomplished… but why stop here?” MARA’s CEO Fred Thiel remarked in response to the company’s X post.
“Stay tuned. We’ve got more miners ready, and we’ll continue scaling up using our existing capacity.”
MARA’s hashrate stood at 36.9 EH/s at the end of Q3 2024, indicating an addition of at least 13.1 EH/s in the subsequent months.