MARA Holdings

MARA Holdings, Inc.
Formerly
  • Verve Ventures, Inc. (2010–2011)
  • American Strategic Minerals Corporation (2011–2012)
  • Marathon Patent Group (2012–2021)
  • Marathon Digital Holdings (2021–2024)
Company typePublic
FoundedFebruary 23, 2010 (2010-02-23)
HeadquartersFort Lauderdale, Florida, U.S.
Key people
Fred Thiel (CEO)
Revenue US$388 million (2023)
Total assets US$6.80 billion (2024)
Number of employees
approx. 150 (July 2024)
Websitemara.com
Footnotes / references
[1]

MARA Holdings, Inc. (formerly Marathon Digital Holdings and Marathon Patent Group) is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.

MARA is one of the largest publicly traded bitcoin and kaspa miners in the world, and as of August 2025 is the second-largest corporate holder of bitcoin. The company operates large-scale mining facilities in the United States and abroad, known for its purchases of bitcoin and bitcoin mining equipment and a joint venture to use 37 MW from the Hardin Generating Station Montana coal plant to power an adjacently-constructed Marathon bitcoin data center.

History

Marathon Patent Group was incorporated on February 23, 2010, as a patent holding company headquartered in Fort Lauderdale, Florida. Through its subsidiary Uniloc, the company focused on acquiring patents and pursuing litigation against technology firms.[2][3][4]

During the 2010s, Marathon acquired patents related to encryption technology. In the late 2010s, the company shifted their focus toward cryptocurrency and blockchain technologies. By 2021, it was known for large-scale purchases of bitcoin and mining equipment, and it entered into a joint venture to power a bitcoin data center using 37 megawatts from the Hardin Generating Station, a coal-fired plant in Montana.[5][6][7][8]

On March 1, 2021, the company changed its name to Marathon Digital Holdings to reflect its new business focus.[9]

In December 2023, Marathon acquired two operational bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million, expanding its mining capacity.[10]

On August 29, 2024, the company rebranded again, adopting the name MARA Holdings, Inc.

As of August 2025, it is one of the world's largest bitcoin and kaspa miners, and the second-largest corporate holder of bitcoin, with 50,639 BTC reported on its balance sheet.[11][12][13]

Leadership

Its chief executive officer is Fred Thiel. Leena Jaitley, founder of MTN group is one of the largest shareholders.[14]

Controversy

As Marathon Patent Group, the company gained a reputation as a "patent troll" due to its business model of acquiring patents with the sole purpose of suing other companies for infringement. Its subsidiary, Uniloc, was a prominent non-practicing entity that filed numerous lawsuits against well-known tech firms, leading to public criticism and a negative reputation.[15]

In July 2024, a federal jury in California found Marathon liable for $138 million for breaching a non-circumvention agreement with investor Michael Ho. The jury concluded that Marathon used proprietary information and a bitcoin mining strategy Ho had provided in 2020, without compensating him as required under the agreement. Marathon stated that it respects the verdict but disputed the jury's findings and stated that the damages awarded have "no legal basis."[16][17]

The Hardin, Montana joint venture drew regulatory and legal scrutiny after Marathon disclosed in November 2021 that it had received an SEC subpoena seeking documents related to the issuances of 6 million shares tied to the project. The company also faced multiple investor class-action lawsuits alleging misleading statements about the venture and its regulatory risks. While the lawsuits were voluntarily dismissed in October 2022, the event resulted in a significant drop in the company's stock price.[18]

In May 2021, Marathon sparked widespread controversy within the cryptocurrency community by announcing that it would operate a "fully compliant" mining pool. The company stated that the pool would use software to filter out transactions from sanctioned entities on the U.S. Office of Foreign Assets Control (OFAC) list. This decision was met with immediate backlash from Bitcoin advocates and community members who criticized the move as a form of censorship that undermined the core, permissionless, and censorship-resistant principles of the Bitcoin network. Following the public outcry, Marathon reversed its decision in late May 2021, announcing it would no longer filter transactions.[19][20]

In July 2024, Time magazine published an investigation into numerous noise and health complaints by residents of Granbury, Texas, many of whom attributed their ailments to a nearby Bitcoin mining facility owned and operated by Marathon Digital.[21]

In November 2025, US district judge Reed O'Connor denied Marathon's request for a restraining order that sought to block Mitchell Bend, a rural area in Hood County, Texas, from voting on whether to incorporate as a city, which would allow the community to regulate a nearby Bitcoin mine owned by Marathon.[22]

See also

References

  1. ^ 2024 Annual Report (Form 10-K) (Report). U.S. Securities and Exchange Commission. February 28, 2025.
  2. ^ 2023 Annual Report (Form 10-K) (Report). U.S. Securities and Exchange Commission. February 28, 2024.
  3. ^ Mullin, Joe (2017-06-06). "How one patent troll is desperately trying to stay in East Texas". Ars Technica. Retrieved 2021-02-10.
  4. ^ Crecente, Brian (2012-07-23). "Uniloc founder says he's not a 'patent troll', reacts to 'disgusting' 'Minecraft' fan emails". Polygon. Retrieved 2021-02-10.
  5. ^ Linecker, Adelia Cellini (September 1, 2022). "Marathon Digital Holdings Stock Struggles As Bitcoin Tumbles; Is MARA Stock A Buy Now?". Investor's Business Daily. ISSN 1061-2890.
  6. ^ Randewich, Noel (2021-02-10). "Musk's bitcoin bet fuels gains in companies already invested". Reuters. Retrieved 2021-02-10 – via www.reuters.com.
  7. ^ "Crush the Crypto Market with Marathon Patent Group". 2021-02-05. Retrieved 2021-02-10.
  8. ^ "Bitcoin miner Marathon signs for coal-fired electricity in Montana". www.datacenterdynamics.com. Retrieved 2021-08-05. Bitcoin mining company Marathon Patent Group has announced plans to build a specialized Bitcoin data center in Montana. The facility will use cheap coal-fired electricity, backed by utility Beowulf Energy, which will take a stake in Marathon. In the joint venture, Beowulf gets part-ownership of Marathon, but Marathon keeps the Bitcoin output from a data center that will use an estimated 37MW of power from Beowulf's 119MW Hardin Generating Station in Big Horn County, Montana. Marathon will pay $0.028/kWh for the energy, which is about a quarter of the average US domestic rate of around $0.11/kWh.
  9. ^ "Form 8-K MARA Holdings, Inc. For: Aug 30". StreetInsider.com. Retrieved 2024-12-15.
  10. ^ "Marathon Digital Holdings Enters Definitive Agreement To Acquire Multiple Bitcoin Mining Sites for $179 Million". Global Newswire (Press release). 2023-12-19. Retrieved 2023-12-19 – via Yahoo Finance.
  11. ^ "Bitcoin Miner MARA Buys Texas Wind Farm as AI Crowds Out Crypto". Bloomberg.com. 2024-12-03. Retrieved 2024-12-15.
  12. ^ "MARA Announces Bitcoin Production and Mining Operation Updates for July 2025". MARA Holdings Inc. 2025-08-04. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  13. ^ "Bitcoin: Top Public Bitcoin Treasury Companies". Bitcoin Magazine. 2025-08-19. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  14. ^ Ostroff, Caitlin; Spegele, Brian (2021-05-21). "Bitcoin Miners Are Giving New Life to Old Fossil-Fuel Power Plants". Wall Street Journal. Retrieved 23 May 2021.
  15. ^ Finger, Richard (2013-05-06). "New IP Company Marathon Patent Group Promises Diversification Amid Risky Environment". Forbes. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  16. ^ "Marathon Digital fined $138 Million for Breaching an Agreement with Cryptocurrency Investor". Expert Institute. 2024-08-15. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  17. ^ "Largest Bitcoin Miner on Wall Street Ordered to Pay $138 Million". Finance Magnates. 2024-07-23. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  18. ^ "Investigation of Marathon Digital Holdings, Inc". Robins LLP. 2025-08-19. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  19. ^ "Marathon Digital Holdings Becomes the First North American Enterprise Miner to Produce Fully AML and OFAC Compliant Bitcoin". MARA Holdings Inc. 2021-05-05. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  20. ^ "Marathon Signals for Taproot". MARA Holdings Inc. 2021-05-31. Retrieved 2025-08-19.{{cite web}}: CS1 maint: deprecated archival service (link)
  21. ^ Chow, Andrew R. (2024-07-08). "'We're Living in a Nightmare:' Inside the Health Crisis of a Texas Bitcoin Town". TIME. Archived from the original on 2024-07-09. Retrieved 2024-07-09.
  22. ^ Peña, Pablo Arauz (2025-11-03). "Judge denies Bitcoin company's request to block local election in Hood County". KERA. Archived from the original on 2025-11-04. Retrieved 2025-11-04.
  • Official website
  • Business data for Marathon Digital Holdings, Inc.:
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.