In 2024, the mining company MARA, previously known as Marathon Digital, lent out 7,377 Bitcoin to multiple third parties. The company’s Bitcoin holdings are valued at $4.2 billion, assuming a per Bitcoin price of $93,354. MARA’s vice president of investor relations, Robert Samuels, explained that the Bitcoin lending program is focused on short-term deals with well-established third parties, aiming for single-digit yields. This initiative helps generate income to cover the company’s operational expenses amid the energy-intensive nature of mining and financial challenges associated with Bitcoin halving events, like the one in April 2024 that reduced block rewards to 3.125 BTC per block.
MARA achieved a significant computing power milestone in December 2024, becoming the first publicly traded mining company to reach 50 exahashes per second (EH/s). By January 3, the company had surpassed 50 EH/s, reaching an energized hashrate of 53.2 EH/s. Throughout 2024, MARA acquired 22,065 Bitcoin at an average cost of $87,205 each and mined an additional 9,457 BTC, accumulating a total of 44,893 BTC in its reserves.
To bolster its financial position, MARA raised $1.9 billion through two senior convertible note offerings in November and December 2024. This financing, featuring zero-interest coupons, allowed the company to purchase 15,574 BTC for its corporate treasury. The first note offering will mature in 2030, with the second set to mature in 2031. MARA’s strategy of using Bitcoin as a treasury reserve has been praised by Michael Saylor, co-founder of MicroStrategy, who anticipates MARA’s inclusion in the Nasdaq 100 stock market index.
