The company added 705 BTC last month—slightly more than in July—cementing its position as the largest bitcoin holder among public miners.
MARA’s latest figures show it captured 4.9% of global mining rewards in August, including transaction fees. The firm mined 208 blocks, keeping pace with July despite a 6% increase in the global hashrate, which averaged 949 EH/s.
CEO Fred Thiel said the company used Bitcoin’s August price dip—after touching a record $124,500 before sliding to around $107,500—to strategically grow its treasury. “We currently hold over 52,000 BTC,” he confirmed. Bitcoin is now trading near $112,434, up 3.9% so far this month.
Among public companies, only Michael Saylor’s Strategy holds more Bitcoin, with an enormous 636,505 BTC (around $72 billion) after its most recent $449 million purchase. Other top holders include Tether-backed Twenty One (43,514 BTC), Bitcoin Standard Treasury Company (30,021 BTC), and Bullish (24,000 BTC), according to Bitcoin Treasuries data.
MARA’s operational hashrate rose 1% month-over-month to 59.4 EH/s, placing it in the elite group of miners running more than 50 EH/s alongside IREN, CleanSpark, and Cango. Its Texas wind farm is now fully online, and the firm is expanding internationally with a new headquarters in Paris.
MARA also struck a deal to buy a 64% stake in Exaion, a subsidiary of French utility EDF, with an option to lift that stake to 75% by 2027. The joint venture will integrate MARA’s mining and infrastructure expertise with AI-driven energy solutions to cut costs and repurpose unused energy.
Despite its massive bitcoin stack, MARA’s stock has lagged. Shares have slipped 4.9% in the past month and are down 13.5% year-to-date, bringing its market cap to about $6.1 billion. Rival miner IREN overtook MARA in August, soaring 59% on strong earnings to reach a $7.7 billion valuation. Riot Platforms now trails in third at $4.3 billion.
Since mid-2024, MARA has shifted to a full HODL treasury policy, keeping all mined bitcoin on its balance sheet and occasionally adding with outside purchases. The company has previously tapped cash reserves and capital markets to fund operations, including a $700 million convertible note offering announced last December to repurchase debt and acquire additional BTC.
Thiel has described Bitcoin as the “world’s best treasury reserve asset,” urging not just corporations but even governments to adopt it as a reserve holding.
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