MARA deploys 7,377 BTC to crypto lending platforms

Miner MARA has sent 7,377 BTC (16.4% of its bitcoin reserves) to crypto lending services to earn “modest” additional income.

According to vice president Robert Samuels, the company will focus on short-term agreements “with well-established third parties” that were active throughout 2024. The expected yield on the contracts will not exceed 10% per year. 

MARA Holdings’ long-term goal is to generate cash inflows sufficient to cover operating expenses.

According to the report published on January 3, in 2024 the company purchased 22,065 BTC at an average price of $87,205 and mined 9,457 BTC.

In December MARA exceeded its hashrate target of 50 EH/s. The amount of its bitcoin reserves reached 44,893 BTC — $4.45bn at the current rate.

MARA chief executive and chairman Fred Thiel noted that a hybrid approach combining mining and purchasing bitcoin gives the company significant flexibility to acquire the asset at attractive prices. In his words, this strategy strengthens the firm’s position and increases its ability to deliver long-term value for shareholders. 

Earlier, MARA Holdings bought 11,774 BTC for ~$1.1bn at an average price of about $96,000 per coin.

The coins were purchased with proceeds from the sale of convertible bonds with a 0% coupon.