Stay Up to Date with the Latest News & Insights from MARA

In recent years, Bitcoin has emerged as a powerful force not just in the financial world, but also in the political arena. As we’ve recently seen throughout the nation, Bitcoin is increasingly becoming a bipartisan issue, with two of three presidential candidates showing support for Bitcoin.

Our recently completed private offering of $300 million in long-term convertible senior notes, with net proceeds earmarked primarily to purchase bitcoin, is a move that is not just a reflection of our confidence in bitcoin as a treasury reserve asset, but also a strategy that aligns with MARA’s long-term goals.

In this episode of Opto Sessions, Adam Swick, the Chief Growth Officer of Marathon Digital Holdings, discussed the company's impressive journey and innovative solutions in the Bitcoin mining industry. Marathon has grown from a small team to over 100 employees, focusing on utility-scale mining, energy harvesting, and proprietary technologies to enhance efficiency and reduce energy costs. They leverage location-agnostic data centers to find the cheapest power sources and optimize operations. Their strategic growth involves acquiring new sites, developing advanced cooling technologies, and expanding their mining capacity while maintaining a commitment to sustainability and grid stability.

The video features a fireside chat between the CEO of Marathon Digital Holdings, Fred Thiel, and Senator Ted Cruz at Mining Disrupt 2024, discussing the future of Bitcoin and cryptocurrency in the U.S. Senator Cruz shares his journey from skepticism to becoming a Bitcoin advocate, highlighting Bitcoin's importance for freedom and its resistance to government control. He emphasizes Texas's advantages for Bitcoin mining, including its abundant energy resources and entrepreneurial spirit. Cruz also addresses regulatory concerns, advocating for a cautious approach to legislation and underscoring the positive impact of Bitcoin mining on energy usage. He criticizes federal attempts to monitor financial transactions, comparing the anti-Bitcoin stance to restrictive policies of authoritarian regimes. The conversation concludes with Cruz urging the Bitcoin community to stay engaged and support favorable legislation.

Despite being up 38% year-to-date, Bitcoin's recent performance has been hindered by factors such as the German government selling a large amount of Bitcoin, the upcoming distribution of Bitcoin from the Mt. Gox bankruptcy, and general macroeconomic uncertainties. Marathon Digital Holdings' CEO, Fred Thiel, highlightes that the company's strong balance sheet and diversification strategies, including energy harvesting projects and selling technology infrastructure, help mitigate the volatility of Bitcoin. The upcoming U.S. presidential election may also impact the crypto market, with differing views on Bitcoin from Trump and Biden.