Mara Holdings has reached a milestone of 50,000 BTC, making a historic feat for the company. The second-largest BTC treasury holder, the mining company relies on its growing hashrate to boost its reserves. Unlike other treasury companies, Mara Holdings combines a growing mining operation with occasional purchases. The company announced it plans to double down on expanding its mining operations, reaching 75 EH/s by the year-end.
The company started out at 27K BTC in Q4 2024, making a series of deliberate purchases. After that, the company also continued to acquire small tokens through its mining operations. While the acquisition price of Mara Holdings remains unknown, it is significantly lower compared to that of new treasury companies. The company has also announced a $2 billion plan to buy more BTC, though the shares would be sold at intervals at the discretion of Mara Holdings.
Mara Holdings tripled its treasury in the last 12 months
Over the past 12 months, Mara Holdings has nearly tripled its treasury, though it did it without copying Strategy (MSTR). The Mara.com pool currently produces around 7% of all blocks, with around 45 EH/s in active mining power. According to its known wallets, Mara Holdings also mines as part of the Foundry pool, further putting its hashrate to work.
Mara Holdings added 761 BTC to its wallets in June, following an inflow of 950 BTC in May, with none of the new coins sold. May was a monthly record, followed by a slowdown in June, mostly due to weather conditions, stated Mara Holdings in its recent half-year report. The Bitcoin mining rate remains high, at over 1,000 EH/s for the entire network, despite the recent slowdown due to a heatwave.
Mara Holdings has surpassed other miners in its readiness to hold onto the newly produced BTC. Miner reserves remain at 1.89M coins, though not all are dedicated to treasuries. Other mining companies like Riot Platforms and CleanSpark have also retained significant reserves, even though they do not have a treasury plan. Even before the announcement, MARA shares expanded by over 15% in the past week, trading at $16.78. MARA is at a one-month peak following a record month for BTC treasury companies.
The past month also signaled another high tide for treasury companies, with over 68K BTC taken off the market due to large-scale purchases by Strategy to deal for under 10 BTC from unknown businesses. In total, corporate buyers made 250 announcements, coming from companies in healthcare or even coffee sales. A total of 21 new treasuries were announced, buying around 6,745 BTC. A total of 141 public companies now hold BTC, with more funding rounds announced.