MARA Holdings reports a 15% increase in hash rate, 44,893 BTC holdings, and a 62.7% BTC yield per share for 2024.
Quiver AI Summary
MARA Holdings, Inc. has reported significant operational advancements for December 2024, achieving an energized hash rate of 53.2 EH/s, a 15% increase from the previous month. The company mined 890 BTC while acquiring an additional 22,065 BTC, resulting in total holdings of 44,893 BTC valued at approximately $4.2 billion. MARA's year-end BTC yield per diluted share stood at 62.7%. Despite a slight decrease in BTC production due to luck factors, the company emphasizes its hybrid approach of mining and purchasing BTC to optimize costs and leverage market conditions. These milestones highlight MARA's ongoing commitment to improving efficiency and enhancing shareholder value.
Potential Positives
- Energized hash rate increased 15% to 53.2 EH/s, surpassing year-end target of 50 EH/s, indicating improved operational efficiency.
- Total Bitcoin holdings increased to 44,893 BTC, valued at approximately $4.2 billion, enhancing the company's asset base and financial strength.
- Year-end BTC yield per diluted share of 62.7% demonstrates effective management of resources and strategic asset accumulation.
- Annual hash rate growth of 168% in MARAPool significantly outperformed Bitcoin's network growth rate of 49%, underscoring competitive advantages in mining operations.
Potential Negatives
- BTC production declined by 2% in December 2024, despite an increase in hash rate, indicating potential inefficiencies or market challenges.
- The total BTC mined decreased from 907 BTC in November to 890 BTC in December, representing a negative trend in operational output.
- The company's share of available miner rewards decreased from 6.5% to 6.1%, suggesting a loss in competitive positioning within the mining space.
FAQ
What is MARA's current energized hash rate?
MARA's energized hash rate increased by 15% to 53.2 EH/s in December 2024.
How many BTC does MARA currently hold?
MARA now holds a total of 44,893 BTC, valued at approximately $4.2 billion.
What was MARA's BTC yield per share in 2024?
The BTC yield per diluted share for MARA in 2024 was 62.7%.
How many blocks did MARA mine in December 2024?
MARA mined 249 blocks in December 2024, marking the second highest monthly total on record.
What approach does MARA use to acquire BTC?
MARA employs a hybrid approach, combining mining and purchasing BTC to optimize acquisition costs.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MARA Insider Trading Activity
$MARA insiders have traded $MARA stock on the open market 15 times in the past 6 months. Of those trades, 0 have been purchases and 15 have been sales.
Here's a breakdown of recent trading of $MARA stock by insiders over the last 6 months:
- FREDERICK G THIEL (Chief Executive Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 110,027 shares.
- SALMAN HASSAN KHAN (Chief Financial Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 66,800 shares.
- DOUGLAS K MELLINGER has traded it 5 times. They made 0 purchases and 5 sales, selling 5,000 shares.
- JAY P LEUPP has traded it 2 times. They made 0 purchases and 2 sales, selling 18,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$MARA Hedge Fund Activity
We have seen 173 institutional investors add shares of $MARA stock to their portfolio, and 138 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- JANE STREET GROUP, LLC removed 5,546,373 shares (-80.3%) from their portfolio in Q3 2024
- VANGUARD GROUP INC added 3,785,174 shares (+11.7%) to their portfolio in Q3 2024
- DIMENSIONAL FUND ADVISORS LP removed 3,033,079 shares (-93.7%) from their portfolio in Q3 2024
- AMERICAN CENTURY COMPANIES INC added 2,776,540 shares (+12084.0%) to their portfolio in Q3 2024
- BLACKROCK, INC. added 2,194,046 shares (+5.1%) to their portfolio in Q3 2024
- INVESCO LTD. added 1,311,906 shares (+56.4%) to their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC removed 1,265,239 shares (-94.9%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Energized Hash Rate
Increased
15%
to
53.2
EH/s
Increased
BTC Holdings to 44,893 BTC
2024 BTC Yield Per Share of 62.7%
Fort Lauderdale, FL, Jan. 03, 2025 (GLOBE NEWSWIRE) --
MARA Holdings, Inc.
(NASDAQ:
MARA
) ("MARA" or the "Company")
, a global leader in leveraging digital asset compute to support the energy transformation, today published unaudited BTC production and miner installation updates for December 2024.
Management Commentary
"In December, we surpassed our year-end hash rate target of 50 EH/s while improving our fleet efficiency to 20 J/TH," said Fred Thiel, MARA's chairman and CEO. "We mined 249 blocks, the second most blocks in a month on record.
"Our energized hash rate increased to 53.2 EH/s, a 15% improvement over November, while BTC production declined 2% to 890 BTC, primarily due to a slight decrease in luck. While some of our bitcoin and hash rate was acquired outside of our own pool, MARAPool achieved an impressive annual hash rate growth of 168% in 2024, exceeding bitcoin's network growth rate of 49%. These results underscore the substantial progress we've achieved in expanding our operations and enhancing performance, further solidifying our leadership within the industry.
"In 2024, we acquired 22,065 BTC at an average price of $87,205 and mined an additional 9,457 BTC. Our year-end BTC yield per diluted share was 62.7%. Overall, we now own a total of 44,893 BTC, valued at $4.2 billion based on a spot price of $93,354 per BTC. Of note, as of December 31, 2024, we had 7,377 BTC loaned to third parties generating additional return for our stakeholders.
Bitcoin HODL Addition* | 2024 |
Mined | 9,457 |
Purchased | 22,065 |
Total | 31,522 |
*Total HODL of 44,893 as of December 31, 2024 includes 7,377 BTC the Company has temporarily loaned to third parties.
"As a miner that mines and buys bitcoin, the hybrid approach provides us significant flexibility to acquire bitcoin at attractive prices. It further allows us to capitalize on market conditions by buying BTC during price declines, optimizing our acquisition cost. We believe we maintain a competitive advantage through our mining operations, enabling us to produce BTC at a lower cost than the prevailing spot price. We believe this dual approach strengthens our position and enhances our ability to deliver long-term shareholder value."
Figure 1: Operational Highlights and Updates
Prior Month Comparison | |||||||||
Metric | 12/31/2024 | 11/30/2024 | % Δ | ||||||
Number of Blocks Won 1 | 249 | 254 | (2) % | ||||||
BTC Produced | 890 | 907 | (2)% | ||||||
Average BTC Produced per Day | 28.7 | 30.2 | (5)% | ||||||
Share of available miner rewards 2 | 6.1 % | 6.5 % | NM | ||||||
Transaction Fees as % of Total 1 | 2.7 % | 3.3 % | NM | ||||||
Energized Hash Rate (EH/s) 1 | 53.2 | 46.1 | 15% | ||||||
These metrics are MARAPool only and do not include blocks won from joint ventures.
Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.
NM - Not Meaningful
Figure 2: BTC Yield
1
Reconciliation
12/31/2023 | 9/30/2024 | 12/31/2024 | |||||||||||
Total Bitcoin Holdings | 15,174 | 26,747 | 44,893 | ||||||||||
Shares Outstanding (in '000s) | |||||||||||||
Common Stock | 242,829 | 304,913 | 339,382 | ||||||||||
Basic Shares Outstanding | 242,829 | 304,913 | 339,382 | ||||||||||
2026 Convertible Shares (November 2021 issuance) | 5,969 | 5,969 | 1,321 | ||||||||||
2030 Convertible Shares (November 2024 issuance) | - | - | 55,006 | ||||||||||
2031 Convertible Shares (August 2024 issuance) | - | 19,854 | 19,854 | ||||||||||
2031 Convertible Shares (December 2024 issuance) | - | - | 37,449 | ||||||||||
Warrants | 324 | 324 | 324 | ||||||||||
RSUs/PSUs Unvested | 5,766 | 10,872 | 10,064 | ||||||||||
Assumed Fully Diluted Shares Outstanding 2 | 254,888 | 341,932 | 463,400 | ||||||||||
BTC Yield % (Year to Date) | 62.7 % | ||||||||||||
BTC Yield is a key performance indicator that represents the percentage change period-to-period of the ratio between the Company's bitcoin holdings and its Assumed Fully Diluted Shares Outstanding. For additional information, refer to the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on December 19, 2024.
Assumed Fully Diluted Shares Outstanding refers to the aggregate of our Basic Shares Outstanding as of the end of each period plus all additional shares that would result from the assumed conversion of all outstanding convertible notes, exercise of all outstanding stock warrants, and settlement of all outstanding restricted stock units and performance-based restricted stock units. Assumed Fully Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any warrants or any contractual conditions limiting convertibility of convertible debt instruments.
Investor Notice
Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the SEC. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.
The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to our strategy, bitcoin lending arrangements and BTC treasury policy. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading "Risk Factors" in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.
About MARA
MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world's preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.
For more information, visit
,
or follow us on:
Twitter:
@MARAHoldings
LinkedIn:
Facebook:
Instagram:
@maraholdingsinc
MARA Company Contact:
Telephone: 800-804-1690
Email:
ir@mara.com
MARA Media Contact:
Email:
marathon@wachsman.com
