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Mara Holdings increases Bitcoin holdings to 26,747 BTC

Mara Holdings increases Bitcoin holdings to 26,747 BTC

Grafa2024/11/14 12:00
By: Liezl Gambe
BTC-0.50%

Mara Holdings' Q3 earnings report revealed that the company has expanded its Bitcoin (CRYPTO:BTC) holdings to 26,747 BTC, despite lower-than-expected quarterly earnings.

During Q3, the firm added 8,280 BTC to its existing portfolio of 18,467 BTC.

This increase was achieved through the mining of 2,070 BTC and the purchase of 6,210 BTC at an average price of $59,500, funded by proceeds from a $300 million offering of convertible senior notes.

The report also highlighted Mara Holdings' enhanced mining capacity.

The company commissioned three new data centers in Ohio, collectively providing 372 megawatts of capacity.

This expansion raised the company’s energised hash rate to a record 36.9 exahash, supported by the addition of 18,000 new miners.

The company noted, “We are positioning ourselves to leverage energy-efficient high-performance compute to process bitcoin network transactions with the end goal of accumulating bitcoin.”

Mara Holdings' involvement extended beyond mining and investments.

The company co-founded the bitcoin voter project, actively supporting pro-crypto political efforts during the U.S. elections.

Through crypto political action committees (PACs), Mara contributed to raising over $130 million and helped elect 253 pro-crypto candidates to the House of Representatives and 16 to the Senate.

The company expressed optimism regarding its engagement with the new Trump administration.

“We look forward to working with the new Trump administration and educating on the benefits and strategic importance of blockchain technology and the ownership of block space. We have been actively involved in political and regulatory discussions at both national and international levels to advocate for the role of BTC mining in economic growth, energy stability, and sustainability, which we believe is an important priority,” Mara Holdings stated.

At the time of reporting, the Bitcoin price was $89,781.48.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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