MARA Holdings Reports Strong Bitcoin Mining Results and Plans for Private Offering

Bitcoin Mining Update

MARA Holdings Inc. (MARA) shared impressive results of its Bitcoin mining operations for November. The company mined 907 Bitcoin during the month, marking a 26% increase from the previous month and bringing the total mined in 2024 to 8,563 Bitcoin. MARA Holdings also noted a 15% month-over-month increase in its energized hash rate, reaching 46.1 EH/s.

CEO Statement

CEO Fred Thiel expressed satisfaction with the record-breaking mining achievements in November, attributing the success to the deployment of additional miners and enhanced operational efficiency. Thiel emphasized the company’s commitment to scaling operations and optimizing performance to maintain a leading position in the industry.

Private Offering Announcement

Additionally, MARA Holdings announced a proposed private offering of $700 million in 0.00% convertible senior notes due 2031 to institutional buyers. The company plans to use a portion of the proceeds to repurchase existing convertible notes due 2026 and invest the remainder in acquiring more Bitcoin. As of November 30, MARA Holdings held a total of 34,959 Bitcoin.

Market Performance

Despite the positive updates, MARA Holdings shares experienced a 5.07% decline, trading at $26.03 at the time of publication. Bitcoin’s price fluctuations, with a 1.65% decrease to approximately $95,600, may have contributed to this market movement.

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