MARA Holdings Makes Historic Bitcoin Purchase and Reaches 50 EH/s Milestone
On December 10, MARA Holdings, a major player in Bitcoin mining, made a significant acquisition of 11,774 BTC for $1.1 billion.
This purchase, priced at an average of $96,000 per Bitcoin, followed the company’s zero-coupon convertible note offering from the previous month. As of December 9, the company held 40,435 Bitcoin, valued at nearly $3.92 billion at current market prices.
MARA also made history by surpassing a major milestone in Bitcoin mining, reaching a hashrate of 50 exahashes per second (EH/s) — a first in the industry. The company has doubled its mining capacity this year, reaching its target ahead of schedule, and plans to continue expanding further.
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This move follows MARA’s July decision to adopt a new treasury strategy, which involves retaining all Bitcoin mined and utilizing capital market instruments to increase its reserves.
Despite the positive news, the company’s stock dropped 4.4% on December 10, reflecting a broader trend in the market. However, MARA’s growth over the past year, when its stock surged by 586%, indicates strong long-term potential. Bitcoin’s value had recently experienced a significant peak, though it is currently trading lower than its recent high of $104,000.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
