MARA Grows Bitcoin Holdings to $5.9B as Mining Business Improves

MARA has increased its Bitcoin holdings to 52,477 BTC, now worth $5.9 billion. The update came from its latest monthly report, which also showed progress in mining operations, infrastructure upgrades, and global expansion plans.

MARA Holdings Sees Steady Mining Growth in August

In August, MARA mined 705 BTC worth about $79.2 million. This was slightly higher than its July output of 703 BTC. 

It represented 4.9% of all miner rewards, including transaction fees, for the month. The firm also produced 208 blocks during the period, even as the global Bitcoin hashrate increased 6% month-over-month to 949 EH/s.

Despite the top coin’s price volatility, MARA took advantage of August’s market dip to add to its treasury, currently holding over 52,000 BTC, as shared by Fred Thiel, Chairman and CEO of MARA. 

MARA remains the largest Bitcoin holder among public miners, according to Bitcoin Treasuries data. However, it sits second overall behind Michael Saylor’s Strategy, which recently grew its holdings to 636,505 BTC after a purchase worth $449 million. 

Other top holders include Twenty One, Bitcoin Standard Treasury Company, and Bullish. 

Bitcoin Hashrate Expansion and Energy Strategy

MARA’s energized hashrate rose 1% month-over-month to 59.4 EH/s in August, with all containers at its Texas wind farm now fully operational. The company is one of only a few public operators controlling more than 50 EH/s, alongside IREN, CleanSpark, and Cango.

In addition, MARA signed a deal to acquire a 64% stake in EDF subsidiary Exaion, with an option to increase to 75% by 2027. The venture will combine MARA’s mining technology with AI-driven cost-cutting and edge infrastructure improvements. 

MARA also opened a European headquarters in Paris to support international expansion. Thiel explained that these steps reinforce MARA’s role in building energy partnerships that stabilize power grids while repurposing unused energy.

MARA’s Market Performance and Rivalry with IREN

Despite its Bitcoin growth, MARA’s stock has struggled. The company’s share price fell 4.9% in August and is down 13.5% year-to-date. It also lost its position as the largest public miner by market cap to IREN, which surged 59.4% last month on strong earnings. IREN now leads with a market cap of $7.7 billion, while MARA sits at $6.1 billion, and Riot Platforms follows at $4.3 billion.

Furthermore, MARA adopted a full HODL policy in July 2024, committing to keep all Bitcoin mined through its operations. It also makes selective acquisitions to expand reserves, using cash on hand and capital market tools to fund operations.

The company’s founder said adopting a full HODL strategy reflects MARA’s confidence in the coin’s long-term value. To support this approach, MARA previously announced a $700 million private offering of zero-coupon convertible senior notes. Proceeds are intended to repurchase existing debt and acquire more Bitcoin beyond its mining production.