MARA Holdings reported a net income of $528.3 million for Q4 2024, a 248% increase from the previous year. Adjusted EBITDA rose by 207% to $794.4 million, establishing a new industry benchmark, according to its February 27 shareholder letter.
Despite the April 2024 Bitcoin halving, which cut block rewards in half, MARA mined 2,492 Bitcoin in Q4, a 25% increase in total blocks won year-over-year. The shareholder’s letter noted that the company capitalized on Bitcoin’s price surge, adding $119.9 million in earnings, even as lower mining output contributed to a decline in revenue.
As a result of its continued accumulation strategy, MARA’s Bitcoin holdings increased by 197% to 44,893 BTC, valued at over $4.6 billion. The company secured 1.2 gigawatts of power at 28% lower costs than the industry average and increased its ownership of data centres from 0% to 70% since early 2024. Additionally, MARA deployed 136 megawatts of power capacity and launched a 25-megawatt micro data centre project in Texas and North Dakota to enhance its growth infrastructure.
MARA’s hash rate increased by 115% year-over-year to 53.2 exahashes per second, making it one of the largest Bitcoin miners. However, direct mining expenses per Bitcoin rose from $23,000 to $28,801 in Q4, mainly due to a 70% increase in energy costs totalling $127.4 million. To diversify its revenue, MARA is also expanding into AI and data infrastructure by leveraging its energy assets.
To support its financial strategy, MARA raised $850 million last year through a private issuance of zero-coupon convertible senior notes due 2031, with an option for an additional $150 million. The notes have a conversion price of $34.58 per share, a 40% premium over recent trading prices. Optional redemption begins on June 5, 2029, with repurchase requests allowed in 2027 and 2029. Proceeds included $48 million for repurchasing $51 million of 2026 notes, while the remaining funds were allocated to Bitcoin acquisitions and corporate purposes.
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