Marathon Digital Holdings (MARA), one of the largest publicly listed Bitcoin mining companies in the U.S., has loaned out 7,377 BTC—roughly 16% of its total reserves—to third parties to generate yield. The company disclosed this move in a production update on Friday, noting that these loans are short-term arrangements with established third parties.
MARA’s goal is to generate sufficient yield to cover operating costs, according to Robert Samuels, the company’s Director of Investor Relations. The program offers a modest single-digit yield and has been running throughout 2024.
Although MARA did not reveal the identities of the borrowers, the lending initiative has attracted significant attention, particularly following the collapse of major Bitcoin lenders like BlockFi and Celsius in 2022.
As of December 31, MARA held 44,893 BTC in reserves, valued at about $4.4 billion. During 2024, the company mined 9,457 BTC and bought an additional 22,065 BTC at an average price of $87,205.
In Q3 2024, MARA generated $3.9 million in interest income, primarily from Bitcoin and cash loans. This amount adds to the $4.8 million earned in the first half of the year, with Bitcoin lending income becoming a significant contributor.
On the operational side, MARA reached a hashrate of 53 EH/s by year-end, with a realized hashrate of 47 EH/s, maintaining solid performance.
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