MARA Holdings buys another $1.1 BTC, hits industry-first 50 EH/s

Bitcoin mining heavyweight MARA Holdings Inc. bought another 11,774 Bitcoin for $1.1 billion on Dec. 10, while its hashrate exceeded 50 exahashes per second (EH/s) — an industry first.

MARA purchased $1.1 billion worth from its zero-coupon convertible note offering from late last month, snapping up the 11,774 Bitcoin (BTC) at an average purchase price of $96,000, it said in a Dec. 10 X post.

As of Dec. 9, MARA held 40,435 Bitcoin, worth $3.92 billion at its current price of around $97,000.

MARA has made a 12.3% “BTC Yield” so far in the fourth quarter and 47.6% so far this year, according to a Dec. 9 filing with the United States Securities and Exchange Commission.

It uses BTC Yield as a key performance indicator to measure the percentage change between its Bitcoin holdings and its assumed fully diluted shares outstanding.

Source: MARA Holdings

In July, MARA shifted to a new treasury policy to retain all Bitcoin it mines and adopt a range of capital market instruments to bolster its Bitcoin reserves, similar to MicroStrategy’s Bitcoin playbook.

MARA’s hashrate reaches 50 EH/s

MARA also reported doubling its energized hashrate in 2024 to reach its end-of-year target of 50 EH/s — making it the first public Bitcoin miner to cross the milestone.

“Mission accomplished … but why stop here,” MARA’s CEO Fred Thiel posted in response to MARA’s X post.

MARA’s change in share price on Dec. 10. Source: Google Finance

MARA’s stock is down 0.55% this year after it was one of the industry’s best performers in the 2023 market rebound, rising 586% over last year.

Bitcoin is currently trading at $97,090, down 6.6% since Bitcoin soared to a new all-time high of $104,000 on Dec. 5.

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