MARA, previously known as Marathon Digital, has actively engaged in Bitcoin lending throughout 2024, lending out 7,377 BTC to established third parties.
The company’s vice president of investor relations, Robert Samuels, highlighted that the lending program is designed for short-term arrangements, yielding modest returns to help offset the operational costs associated with Bitcoin mining.
This initiative comes in light of the challenging nature of the mining industry, particularly following the recent Bitcoin halving in April 2024, which reduced the block reward to 3.125 BTC.
In a significant achievement, MARA became the first publicly traded mining firm to reach a computing power of 50 exahashes per second (EH/s) in December 2024, and it has since increased its hashrate to 53.2 EH/s.
The company has also expanded its Bitcoin reserves, acquiring 22,065 BTC at an average price of $87,205 per coin and mining an additional 9,457 BTC, bringing its total holdings to 44,893 BTC.
MARA raised $1.9 billion through two senior convertible note offerings in late 2024, which facilitated the purchase of 15,574 BTC for its treasury. These offerings featured zero-interest coupons, with maturities extending to 2030 and 2031.
The company’s strategy has garnered attention, with MicroStrategy co-founder Michael Saylor predicting that MARA may soon join the Nasdaq 100 index, reflecting its growing prominence in the cryptocurrency sector.
