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MARA Holdings announced that the Mara Bitcoin treasury is approaching $6 billion after mining 705 Bitcoins in August, averaging 22.7 tokens per day. The performance reflects a hashrate increase to 59.6 EH/s and the activation of the company’s Texas wind farms, according to its August operations report.
The milestone positions MARA among the leading corporate holders of Bitcoin, though it still trails Strategy with the firm led by Michael Saylor which owns more than 636,000 BTC.
“This month’s performance underscores our commitment to both sustainable mining and aggressive accumulation,” said MARA CEO Fred Thiel in the press release. “Building the Mara Bitcoin treasury is central to our long-term strategy.”
MARA also revealed plans to acquire a 64% stake in Exaion, a global producer of low-carbon energy, in the fourth quarter of 2025. The move highlights the company’s dual strategy: strengthening its mining capabilities while aligning with environmental, social, and governance (ESG) priorities that appeal to institutional investors.
The acquisition follows a July announcement that MARA increased its mining output by 17%. That momentum has allowed the Mara Bitcoin treasury to grow even as Bitcoin’s market price slipped below $111,000 this week.
“This deal signals MARA’s recognition that the sustainability debate is not going away,” said Clara Zhang, an energy and blockchain analyst at Coin Metrics. “If successful, it will make the Mara Bitcoin treasury not just large, but also greener than many of its peers.”
In July, MARA issued $850 million in convertible senior notes, with a significant portion earmarked for Bitcoin purchases. Analysts view the financing move as an attempt to mirror Strategy’s playbook of aggressively buying during market dips.
Strategy, which holds the world’s largest corporate Bitcoin reserve, has been active in recent months, acquiring 7,714 BTC across four separate transactions between August and September. These purchases, valued at nearly $900 million, have helped stabilize the company’s massive holdings despite Bitcoin’s recent volatility.
By comparison, MARA’s accumulation through mining and acquisitions remains smaller in scale but signals intent.
“The Mara Bitcoin treasury is still a fraction of Strategy’s, but the model is clearly inspired by it,” said Julien Moreau, portfolio manager at Digital Asset Capital. “Investors are watching closely to see if MARA can scale.”
Looking ahead, MARA’s strategy coincides with broader market catalysts. The Layer 2 upgrade known as Bitcoin Hyper ($HYPER) is nearing the end of its presale in Q4 and promises to address Bitcoin’s performance bottlenecks by boosting throughput and scalability.
If successful, this upgrade could attract more institutional investors, indirectly benefiting companies like MARA that are building large treasuries. The Mara Bitcoin treasury stands to gain if Bitcoin adoption accelerates after the upgrade.
Historical market data also suggests a favorable near-term outlook. Bitcoin has posted positive returns in each October for the past six years, with gains as high as 40%, according to CoinGlass. Many analysts expect a similar pattern this year, especially if institutional buying resumes.
“The timing of MARA’s aggressive build-up of the Mara Bitcoin treasury is not coincidental,” said Moreau. “If October follows its usual pattern, MARA could be sitting on billions in unrealized gains.”
Despite the optimism, risks remain. Bitcoin’s volatility means the value of the Mara Bitcoin treasury can fluctuate dramatically in short periods. Critics also question whether heavy reliance on debt financing for accumulation could expose MARA to liquidity challenges if prices fall further.
Still, MARA’s leadership maintains that long-term conviction outweighs short-term volatility. With renewable energy investments, mining expansions, and continued accumulation, the company is positioning itself to be one of Bitcoin’s most significant corporate stakeholders.
For crypto investors, the key takeaway is that the Mara Bitcoin treasury is no longer just about accumulation as it reflects a broader strategy of combining sustainable energy, institutional financing, and market timing. Whether this will rival Strategy’s dominance remains to be seen, but MARA has made clear it wants a larger seat at Bitcoin’s table.
