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The CEO of MARA Holdings has gone all-in on bitcoin, adding billions of dollars worth of the world’s largest cryptocurrency to MARA’s balance sheet.
By Aoyon Ashraf|Edited by Nelson Wang
Updated Dec 10, 2024, 7:51 p.m. UTCPublished Dec 10, 2024, 3:29 p.m. UTC
Under Fred Thiel’s leadership, MARA Holdings (MARA) — previously known as Marathon Digital Holdings — has become not only one of the largest bitcoin miners in the world but also the second-largest corporate owner of bitcoin, with about $3.9 billion worth on its balance sheet.
Thiel joined the mining company in 2018 as a director and was appointed CEO in 2021. Since then, he has navigated through the bull market of 2021 and the subsequent brutal crypto winter. His company has been focused on a bitcoin-centric business model, while other miners had to pivot to artificial intelligence-related computing as the industry faced reduced margins following the recent bitcoin halving event.
Story continues below
Under Thiel, MARA went all-in on bitcoin by becoming the first miner to follow MicroStrategy executive chairman Michael Saylor’s lead and buy large amounts of the digital asset on the spot market. The company was even able to successfully raise $1 billion recently to buy more bitcoin, making Thiel perhaps the Michael Saylor of the bitcoin mining industry.
Aoyon Ashraf is CoinDesk’s managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk’s disclosure threshold of $1,000.
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