MARA Holdings (MARA) has announced a significant increase in its bitcoin holdings, reporting a total of 52,477 BTC as of August 31. This growth comes after the company mined 705 BTC during the month, mining a total of 208 blocks and securing a 4.9% share of the network rewards. Additionally, the energized hashrate saw a 1% month-over-month increase, reaching 59.4 exahashes per second (EH/s).
In a strategic move, MARA chose not to sell any bitcoin in August, with management viewing the recent price decline as an opportunity to strengthen their reserves. The price of the leading cryptocurrency fell over 6% during August, marking its worst monthly performance since February. CEO Fred Thiel commented, “Given the decline in bitcoin price during the month, we took the opportunity to strategically add to our treasury and currently hold over 52,000 BTC.”
Looking ahead, MARA is progressing towards completing its Texas wind farm project by the fourth quarter, with all miners now on-site and connected. Internationally, the company has signed an agreement to acquire a 64% stake in Exaion, a subsidiary of EDF, with the potential to increase ownership to 75% by 2027. This acquisition is aimed at enhancing MARA’s infrastructure with artificial intelligence and edge solutions.
In a further commitment to sustainability, MARA recently established its European headquarters in Paris, underlining its focus on sustainable practices, grid partnerships, and the repurposing of unused energy. However, despite these developments, MARA’s shares experienced a 5% decline on Thursday and have fallen 14% year to date.
