MARA Holdings, Inc.
Bitcoin Holdings
MARA Holdings, Inc. held bitcoin since December 31, 2020.
- BTC balance
- 48,237$4.95B
- Avg. cost / BTC
- N/A
- Profit / Loss
- N/A
Stock & Financials
MARA Holdings, Inc. is trading under the ticker MARA.
- Share price
- $15.87
- Market cap
- $5.6B
- Enterprise value
- $8.03B
- NAV multiple
- 1.128
- BTC / Market cap
- 88.7%
About MARA Holdings, Inc.
MARA Holdings, Inc. (NASDAQ: MARA) stands as one of the most prominent publicly traded Bitcoin mining companies in the United States. Headquartered in the U.S., MARA has built its reputation on large-scale, institutional-grade Bitcoin mining operations, leveraging advanced technology and strategic partnerships to maximize efficiency and output. The company’s business model is centered on securing and validating Bitcoin transactions, earning block rewards and transaction fees, and holding a significant portion of mined Bitcoin as a treasury asset.
MARA’s Bitcoin strategy is both aggressive and innovative. Rather than simply mining and selling Bitcoin, the company has adopted a long-term holding approach, viewing Bitcoin as a strategic reserve asset. This mirrors the playbook of leading corporate Bitcoin holders, positioning MARA as a key player in the digital asset treasury movement. The company has also diversified its approach by raising capital through equity and convertible bond offerings, using the proceeds to purchase additional Bitcoin on the open market. This dual-pronged strategy—mining and direct acquisition—demonstrates MARA’s strong conviction in Bitcoin’s long-term value proposition.
With its substantial Bitcoin holdings, MARA is now recognized as the second-largest Bitcoin holder among publicly traded companies, trailing only behind MicroStrategy. This commanding market position not only underscores MARA’s operational scale but also its influence within the broader Bitcoin ecosystem. The company’s ongoing commitment to expanding its Bitcoin reserves, even amid industry challenges such as mining reward halvings and rising operational costs, highlights its resilience and leadership in the sector.
Recent Developments
MARA Holdings has been highly active in expanding its Bitcoin treasury throughout late 2024 and early 2025. Below are the most notable recent developments:
- April 3, 2025: MARA added 1,226 BTC to its holdings, as reported on social media by HODL15Capital (X.com).
- March 10, 2025: The company acquired an additional 715 BTC, according to its official financial statement (MARA Investor Relations).
- February 3, 2025: MARA increased its Bitcoin reserves by 766 BTC (MARA Investor Relations).
- January 3, 2025: The company reported the addition of 499 BTC to its treasury (MARA Investor Relations).
- December 19, 2024: MARA made a significant purchase, adding 3,959 BTC to its balance sheet (X.com).
Additional recent highlights and strategic moves:
- As of March 2025, MARA’s total Bitcoin holdings reached 46,376 BTC, solidifying its position as the second-largest Bitcoin holder among public companies, behind only MicroStrategy (Coindesk).
- The company launched a $2 billion at-the-market stock sale, with proceeds earmarked primarily for further Bitcoin acquisitions, following a strategy similar to that of Michael Saylor’s MicroStrategy (Coindesk).
- MARA has also begun lending out a portion of its Bitcoin holdings—7,377 BTC as of January 2025—to generate additional yield and offset operational costs, earning a single-digit percentage return (Coindesk).
MARA Holdings’ ongoing accumulation and innovative treasury management strategies continue to set industry benchmarks, reinforcing its role as a leader in corporate Bitcoin adoption and a bellwether for institutional involvement in the Bitcoin ecosystem.
MARA Holdings, Inc. — Bitcoin Holdings Over Time
Balance Sheet History
Click on each row for more details.
Cost Basis | ||||
---|---|---|---|---|
48,237 | +637 | — | ||
47,600 | +1,226 | — | ||
46,374 | +715 | — | ||
45,659 | +766 | — | ||
44,893 | +499 | — | ||
44,394 | +3,959 | — | ||
40,435 | +4,053 | — | ||
36,382 | +1,423 | — | ||
34,959 | +165 | — | ||
34,794 | +919 | — | ||
33,875 | +6,313 | — | ||
27,562 | +720 | — | ||
26,842 | +642 | — | ||
26,200 | +255 | — | ||
25,945 | +945 | — | ||
25,000 | +5,000 | — | ||
20,000 | +1,464 | — | ||
18,536 | +679 | — | ||
17,857 | +226 | — | ||
17,631 | +250 | — | ||
17,381 | +451 | — | ||
16,930 | 0 | — | ||
16,930 | +1,189 | — | ||
15,741 | +567 | — | ||
15,174 | +1,448 | — | ||
13,726 | +330 | — | ||
13,396 | -330 | — | ||
13,726 | +440 | — | ||
13,286 | +322 | — | ||
12,964 | +426 | — | ||
12,538 | +279 | — | ||
12,259 | +691 | — | ||
11,568 | +102 | — | ||
11,466 | +74 | $189,087,000 | ||
11,392 | -840 | — | ||
12,232 | +1,562 | — | ||
10,670 | +615 | — | ||
10,055 | +681 | — | ||
9,374 | +418 | — | ||
8,956 | +823 | — | ||
8,133 | +1,098 | — | ||
7,035 | +1,251 | — | ||
5,784 | +460 | — | ||
5,324 | +257.3 | — | ||
5,067 | +128 | — | ||
4,939 | +4,813 | — | ||
126 | +126 | — |
- Date
- BTC Balance
- 126
- Cost Basis
- None provided
- Sources
- Notes
"In the fourth quarter 2020, the Company generated over 157 bitcoins. The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As of December 31, 2020, the Company held approximately 126 bitcoins."
- Date
- BTC Balance
- 4,938.66
- Cost Basis
- None provided
- Sources
- Notes
"Purchased 4,812.66 bitcoins for $150 million (average purchase price of $31,168 per BTC)"
- Date
- BTC Balance
- 5,066.66
- Cost Basis
- None provided
- Sources
- Notes
"As of March 15, 2021, at 6 p.m. EST, Marathon held approximately 5,066.66 bitcoins, of which 4,812.66 are held in an investment fund of one while the other 254 were generated by the Company’s operations."
- Date
- BTC Balance
- 5,324
- Cost Basis
- None provided
- Sources
- Notes
"As of May 6, 2021, held approximately 5,324 bitcoins, each of which had a market price of approximately $56,135; as a result, the approximate value of Marathon’s bitcoins held as digital currencies was approximately $298.8 million"
- Date
- BTC Balance
- 5,784
- Cost Basis
- None provided
- Sources
- Notes
"As of June 30, 2021, held approximately 5,784 bitcoins, each of which had a market price of approximately $34,856; as a result, the approximate fair market value of Marathon’s bitcoins held as digital currencies was approximately $201.6 million"
- Date
- BTC Balance
- 7,035
- Cost Basis
- None provided
- Sources
- Notes
"As of September 30, 2021, held approximately 7,035 bitcoins, each of which had a market price of approximately $43,718; as a result, the approximate fair market value of Marathon’s bitcoins held as digital currencies was approximately $307.6 million"
- Date
- BTC Balance
- 8,133
- Cost Basis
- None provided
- Sources
- Notes
Discrepancy between press release and 10-K.
Press Release: "As of December 31, 2021, held approximately 8,133 bitcoin, each of which had a market price of approximately $46,208; as a result, the approximate fair market value of Marathon’s bitcoin held as digital currencies was approximately $375.8 million"
10-K: "As of December 31, 2021, we held approximately 8,115 bitcoin, including the 4,794 bitcoin held in the investment fund."
- Date
- BTC Balance
- 8,956
- Cost Basis
- None provided
- Sources
- Notes
"As of February 28, 2022, held approximately 8,956 bitcoin, of which 4,813 are held in an investment fund of one while the other 4,143 were generated by the Company’s operations (*unaudited)"
- Date
- BTC Balance
- 9,374
- Cost Basis
- None provided
- Sources
- Notes
"As of March 31, 2022, cash on hand was $118.5 million. Total liquidity available to the Company, defined as cash on hand plus available revolving credit facilities, was $218.5 million. Additionally, the Company held approximately 9,374 bitcoin with an approximate fair market value of $427.7 million at March 31, 2022."
- Date
- BTC Balance
- 10,055
- Cost Basis
- None provided
- Sources
- Notes
"Increased total Bitcoin holdings to 10,055 BTC as of June 30, 2022, which are now held directly after the Company unwound its investment in NYDIG Digital Assets Fund III, LP (“the Investment Fund”)"
- Date
- BTC Balance
- 10,670
- Cost Basis
- None provided
- Sources
- Notes
At September 30, 2022, the Company held approximately 10,670 bitcoin with a carrying value of $197.2 million. The bitcoin were classified on the balance sheet as digital currencies (6,842 bitcoin or approximately $126.4 million carrying value) and digital currencies, restricted (3,828 bitcoin or approximately $70.8 million carrying value).
- Submitted By:Â
- Date
- BTC Balance
- 12,232
- Cost Basis
- None provided
- Sources
- Notes
At December 31, 2022, the Company held approximately 12,232 bitcoin on its balance sheet with a carrying value of $190,717 thousand. Approximately 4,416 of these bitcoin ($68,875 thousand book value) were being utilized as collateral for borrowings and classified as digital assets restricted. The remaining 7,816 bitcoin, with $121,842 thousand book value, were unrestricted bitcoin holdings classified as digital assets.
- Submitted By:Â
- Date
- BTC Balance
- 11,392
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 11,466
- Cost Basis
- $189,087,000
- Sources
- Notes
From quarterly report:
As of March 31, 2023, the Company held approximately 11,466 bitcoin, classified on the consolidated condensed balance sheet as “Digital assets”, with a carrying value of $189,087 thousand.
- Submitted By:Â
- Date
- BTC Balance
- 11,568
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 12,259
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 12,538
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 12,964
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 13,286
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 13,726
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 13,396
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 13,726
- Cost Basis
- None provided
- Sources
No links provided
- Submitted By:Â
- Date
- BTC Balance
- 15,174
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 15,741
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 16,930
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 16,930
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 17,381
- Cost Basis
- None provided
- Sources
No links provided
- Notes
- Submitted By:Â
- Date
- BTC Balance
- 17,631
- Cost Basis
- None provided
- Sources
No links provided
- Submitted By:Â
- Date
- BTC Balance
- 17,857
- Cost Basis
- None provided
- Sources
No links provided
- Submitted By:Â
- Date
- BTC Balance
- 18,536
- Cost Basis
- None provided
- Sources
No links provided
- Submitted By:Â
- Date
- BTC Balance
- 20,000
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 25,000
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 25,945
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 26,200
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 26,842
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 27,562
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 33,875
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 34,794
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 34,959
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 36,382
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 40,435
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 44,394
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 44,893
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 45,659
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 46,374
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 47,600
- Cost Basis
- None provided
- Sources
- Submitted By:Â
- Date
- BTC Balance
- 48,237
- Cost Basis
- None provided
- Sources
- Submitted By:Â
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