Bitcoin mining giant MARA Holdings Inc. has reached unprecedented milestones in the cryptocurrency space. On December 10, MARA acquired 11,774 BTC for a staggering $1.1 billion, purchasing at $96,000 per Bitcoin. This acquisition was funded through its recent zero-coupon convertible note offering, elevating its total holdings to 40,435 BTC, valued at $3.92 billion at Bitcoin's current price of $97,000.
In a groundbreaking achievement, MARA announced it had doubled its energized hashrate in 2024, reaching the 50 exahashes per second (EH/s) mark—an industry first for a public Bitcoin miner. CEO Fred Thiel celebrated the accomplishment, stating, “Mission accomplished … but why stop here,” while confirming plans to further expand mining capacity using existing resources.
Despite these feats, MARA's stock (MARA) saw a 4.4% drop on December 10, closing at $22.81, with minimal after-hours recovery. Year-to-date, the stock has declined by 0.55%, following a remarkable 586% surge during 2023’s market rebound.
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