Mara Holdings reported its Q3 2024 earnings, revealing a continued aggressive accumulation of bitcoin despite slightly lower revenue. The company's total bitcoin holdings reached 26,747 BTC, an increase of 8,280 BTC from the previous quarter.
Acquisition Details: Mining and Purchases
Of the 8,280 BTC added in Q3, 2,070 BTC were mined through the company's own operations, while the remaining 6,210 BTC were purchased at an average price of $59,500. The funds came mainly from a $300 million convertible senior notes offering. This strategy allowed Mara to expand its bitcoin treasury at a relatively favorable price level.
Hashrate and Infrastructure Upgrades
To support growing mining output, Mara commissioned three new data centers in Ohio with a total capacity of 372 megawatts. It also deployed 18,000 new miners, bringing its energized hashrate to an all-time high of 36.9 EH/s. The company stated it aims to "leverage energy-efficient high-performance compute to process bitcoin network transactions with the end goal of accumulating bitcoin."
Political Engagement: Betting on a Crypto-Friendly Government
Mara was a key player in the U.S. elections through its co-founded Bitcoin Voter Project. Via crypto political action committees (PACs), it helped raise over $130 million, successfully electing 253 pro-crypto candidates to the House and 16 to the Senate. In a statement, Mara said it looks forward to working with the incoming Trump administration to "educate on the benefits and strategic importance of blockchain technology and the ownership of block space."
Market Outlook
Mara's sustained buying is seen as a strong vote of confidence in bitcoin's long-term value. Its model of financing purchases with convertible debt is drawing attention from other mining firms. As regulatory sentiment may become more favorable, Mara's dual focus on hashrate growth and political advocacy positions it well for the next market cycle.