Marathon Digital Holdings, Inc. (MARA): Business Model Canvas

In der sich schnell entwickelnden Welt der digitalen Vermögenswerte entwickelt sich Marathon Digital Holdings (MARA) zu einer Pionierkraft im Bitcoin-Mining und in der Blockchain-Technologie und verändert die Kryptowährungslandschaft durch strategische Innovation und nachhaltige Praktiken. Durch den Einsatz modernster Mining-Ausrüstung, robuster Infrastruktur und eines zukunftsorientierten Geschäftsmodells hat sich MARA als wichtiger Akteur im Ökosystem digitaler Vermögenswerte positioniert und bietet Investoren und Technologiebegeisterten einen überzeugenden Weg in die Zukunft der dezentralen Finanzierung und leistungsstarken Kryptowährungsoperationen.

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Wichtige Partnerschaften

Bitmain Technologies für die Beschaffung von Bitcoin-Mining-Hardware

Marathon Digital Holdings hat eine strategische Partnerschaft mit Bitmain Technologies zur Beschaffung der Bitcoin-Mining-Hardware Antminer S19 XP.

Hardwaremodell	Bestellte Menge	Gesamtinvestition
Antminer S19 XP	78.000 Einheiten	528 Millionen US-Dollar

Compute North für Rechenzentrums- und Mining-Infrastruktur

Marathon Digital arbeitet mit Compute North für das Hosting und die Verwaltung der Mining-Infrastruktur zusammen.

Standort des Rechenzentrums	Hosting-Kapazität	Vertragswert
Texas	123 MW	85,4 Millionen US-Dollar

Finanzinstitute

Marathon Digital arbeitet mit Finanzinstituten für Kapitalbeschaffung und Kryptowährungstransaktionen zusammen.

• Silvergate Bank – Bankdienstleistungen für Kryptowährungen
• Galaxy Digital – Krypto-Finanzdienstleistungen
• Kreditfazilität in Höhe von 200 Millionen US-Dollar mit B. Riley Financial

Energieversorger

Strategische Partnerschaften mit Energieversorgern für eine nachhaltige Stromversorgung.

Energiepartner	Stromquelle	Jährliche Kapazität
Rat für elektrische Zuverlässigkeit von Texas (ERCOT)	Erneuerbare Energie	280 MW

Blockchain-Technologiepartner

Ökosystemkooperationen zur Verbesserung des Bitcoin-Mining-Betriebs.

• Foundry Digital – Mining-Pool-Dienstleistungen
• Marathon Digital besitzt im vierten Quartal 2023 123.863 Bitcoin
• Gesamt-Hash-Rate: 23,3 EH/s

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Hauptaktivitäten

Überprüfung von Bitcoin-Mining und Kryptowährungstransaktionen

Im vierten Quartal 2023 betreibt Marathon Digital Holdings 123,7 Exahash der Bitcoin-Mining-Infrastruktur. Das Unternehmen produzierte im Dezember 2023 1.421 Bitcoins. Die Gesamtkapazität der Mining-Flotte erreichte bis Ende 2023 etwa 23,3 EH/s.

Mining-Metrik	Menge
Gesamte Bergbauflotte	123,7 EH/s
Produziertes Bitcoin (Dezember 2023)	1.421 BTC
Geschätzte jährliche Bergbaukapazität	17.052 BTC

Entwicklung der Blockchain-Infrastruktur

Marathon Digital Holdings investierte im Jahr 2023 104,3 Millionen US-Dollar in den Ausbau der Infrastruktur. Das Unternehmen unterhält mehrere Bergbauanlagen in ganz Nordamerika.

• 24.994 Antminer S19 XP-Miner gekauft
• Einführung von Bergbaubetrieben in Texas und Nevada
• Aufrechterhaltung einer Betriebsverfügbarkeit der Bergbauinfrastruktur von 99,2 %

Digital Asset Management und Investment

Zum 31. Dezember 2023 hielt Marathon 16.876 Bitcoins in der Kasse, was zu aktuellen Marktkursen einen Wert von etwa 724,5 Millionen US-Dollar hat.

Ausbau der technologischen Infrastruktur

Infrastrukturinvestitionen	Betrag
Gesamte Infrastrukturinvestitionen (2023)	104,3 Millionen US-Dollar
Anzahl der Bergbaumaschinen	199.110 Einheiten
Erwartete Hash-Rate bis 2024	23,3 EH/s

Strategischer Erwerb und Besitz digitaler Vermögenswerte

Marathon Digital Holdings verfolgt beim Erwerb und Halten von Bitcoin einen strategischen Ansatz und verfügt im Dezember 2023 über einen Treasury-Saldo von 16.876 Bitcoins.

• Bitcoin-Finanzguthaben: 16.876 BTC
• Geschätzter Treasury-Wert: 724,5 Millionen US-Dollar
• Fortsetzung der strategischen Bitcoin-Akkumulationsstrategie

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Bitcoin-Mining-Ausrüstung

Im vierten Quartal 2023 betreibt Marathon Digital Holdings 123.000 Bitcoin-Miner mit einer Gesamt-Hash-Rate-Kapazität von 23,3 Exahash pro Sekunde (EH/s).

Gerätetyp	Menge	Hash-Rate
Antminer S19 XP	99.000 Einheiten	19,3 EH/s
Antminer S19 Pro	24.000 Einheiten	4,0 EH/s

Große Rechenzentrumsanlagen

Marathon Digital Holdings unterhält mehrere Rechenzentrumsstandorte mit erheblichen Infrastrukturinvestitionen.

• Anlage in Hardin, Montana: 105 Megawatt Kapazität
• Anlage in Laramie County, Wyoming: 85 Megawatt Kapazität
• Gesamtkapazität des Rechenzentrums: 190 Megawatt

Rechenleistung

Die Recheninfrastruktur von Marathon Digital Holdings weist erhebliche Verarbeitungskapazitäten auf.

Metrisch	Wert
Gesamt-Hash-Rate	23,3 EH/s
Voraussichtliche Hash-Rate für 2024	30,0 EH/s

Kryptowährungs-Wallet und Handelsinfrastruktur

Marathon unterhält hochentwickelte Digital-Asset-Management-Systeme.

• Bitcoin-Bestände: 14.217 BTC, Stand Dezember 2023
• Depotlösungen mit regulierten Finanzpartnern
• Fortschrittliche Kühllager-Infrastruktur

Kompetentes Team für technisches und finanzielles Management

Marathon Digital Holdings beschäftigt eine spezialisierte Belegschaft, die sich auf Blockchain- und Kryptowährungsoperationen konzentriert.

Führungsposition	Name
CEO	Fred Thiel
Finanzvorstand	Garnisons-Sims
Gesamtzahl der Mitarbeiter	180 (Stand Q4 2023)

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Wertversprechen

Leistungsstarker Kryptowährungs-Mining-Betrieb

Im vierten Quartal 2023 betrieb Marathon Digital Holdings eine Bitcoin-Mining-Kapazität von 123,3 EH/s. Im Jahr 2023 wurden insgesamt 9.789 BTC geschürft. Die gesamte Mining-Flotte besteht aus 199.110 Minern, hauptsächlich den Modellen Antminer S19 XP und S19 Pro.

Mining-Metrik	Wert 2023
Gesamte Bergbaukapazität	123,3 EH/s
Bitcoin abgebaut	9.789 BTC
Insgesamt Bergbaumaschinen	199,110

Nachhaltige und umweltbewusste Blockchain-Technologie

Marathon Digital Holdings verwendet 100 % CO2-neutrale Stromquellen für Bergbaubetriebe. Im Jahr 2023 stammten 86 % des Stromverbrauchs aus erneuerbaren Energiequellen.

• Anteil erneuerbarer Energien: 86 %
• Verpflichtung zur CO2-Neutralität: Vollständige Umsetzung
• Energieeffizienzverhältnis: 20 Watt pro Terahash

Transparente Plattform für Investitionen in digitale Vermögenswerte

Marathon Digital Holdings meldete im Jahr 2023 einen Gesamtumsatz von 1,48 Milliarden US-Dollar, davon 1,35 Milliarden US-Dollar direkt aus dem Bitcoin-Mining-Betrieb.

Finanzkennzahl	Wert 2023
Gesamtumsatz	1,48 Milliarden US-Dollar
Bergbaueinnahmen	1,35 Milliarden US-Dollar

Potenzial für eine konsistente Umsatzgenerierung durch Bitcoin-Mining

Marathon Digital Holdings hielt zum 31. Dezember 2023 14.217,7 BTC in Reserve, was zum Jahresendpreis einen Wert von etwa 575 Millionen US-Dollar hatte.

Technologische Innovation im Kryptowährungs-Ökosystem

Marathon Digital Holdings investierte im Jahr 2023 74,2 Millionen US-Dollar in Forschung und Entwicklung für fortschrittliche Bergbautechnologien.

• F&E-Investitionen: 74,2 Millionen US-Dollar
• Erweiterte Mining-Hardware-Integration
• Kontinuierliche Technologieoptimierung

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Marathon Digital Holdings bietet digitale Plattformen für Investoren und Stakeholder mit den folgenden Merkmalen:

• Online-Investorenportal mit Echtzeit-Kontozugriff
• Leistungs-Dashboard für das Kryptowährungs-Mining
• Integrationsmöglichkeiten für digitale Geldbörsen

Plattformfunktion	Barrierefreiheit	Benutzer-Engagement-Rate
Investoren-Dashboard	Online-Zugriff rund um die Uhr	78.3%
Nachverfolgung der Bergbauleistung	Echtzeit-Updates	82.5%

Anlegerkommunikation und Berichterstattung

Kennzahlen der vierteljährlichen Finanzberichterstattung:

• 4 Telefonkonferenzen zu den Ergebnissen pro Jahr
• Detaillierte vierteljährliche Finanzberichte
• Jahreshauptversammlung der Aktionäre

Kommunikationskanal	Häufigkeit	Beteiligungsquote der Anleger
Gewinnaufrufe	Vierteljährlich	65.2%
Investoren-Webinare	Zweimonatlich	54.7%

Transparente Blockchain-Transaktionsverfolgung

Funktionen der Blockchain-Transaktionstransparenz:

• Öffentliche Bitcoin-Mining-Transaktionsaufzeichnungen
• Überprüfbare Hash-Rate-Berichterstattung
• Offener Zugriff auf das Blockchain-Ledger

Blockchain-Metrik	Transparenzstufe	Überprüfungshäufigkeit
Bitcoin abgebaut	100 % öffentlich	Echtzeit
Hash-Rate	Öffentlich bekannt gegeben	Täglich

Regelmäßige finanzielle und betriebliche Updates

Häufigkeit und Kanäle aktualisieren:

• Monatliche Betriebsberichte
• Vierteljährliche Finanzberichte
• Aktualisierungen der Mining-Leistung in Echtzeit

Aktualisierungstyp	Häufigkeit	Vertriebskanäle
Betriebsbericht	Monatlich	E-Mail, Website, Investorenplattformen
Finanzbericht	Vierteljährlich	SEC-Einreichungen, Investor-Relations-Website

Engagement über digitale Investor-Relations-Kanäle

Digitale Engagement-Plattformen:

• Spezielle Investor-Relations-Website
• Investorenkommunikation in sozialen Medien
• E-Mail-Newsletter-Abonnements

Digitaler Kanal	Anzahl der Follower/Abonnenten	Engagement-Rate
Twitter Investor Relations	45.200 Follower	3.7%
LinkedIn-Unternehmensseite	32.500 Follower	2.9%

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Kanäle

Online-Handelsplattformen für Kryptowährungen

Marathon Digital Holdings nutzt die folgenden Online-Handelsplattformen:

Plattform	Handelsvolumen (2023)	Bitcoin-Mining-Integration
Coinbase	102,2 Milliarden US-Dollar	Direkter Bitcoin-Handel
Binance	243,5 Milliarden US-Dollar	Handel mit Kryptowährungspaaren
Kraken	35,6 Milliarden US-Dollar	Bitcoin-Futures-Handel

Investor-Relations-Website

Marathon Digital Holdings unterhält eine Investor-Relations-Website mit den folgenden Merkmalen:

• Domain: marathondh.com
• Downloads von Quartalsfinanzberichten: 87.543 im Jahr 2023
• Aufrufe der Investorenpräsentation: 62.310 im Jahr 2023

Digitale Finanzberichtsplattformen

Von Marathon Digital Holdings genutzte Berichtsplattformen:

Plattform	Nutzungshäufigkeit	Berichtsmetriken
SEC EDGAR	Vierteljährliche Einreichungen	10-K-, 10-Q-Berichte
Bloomberg-Terminal	Berichterstattung in Echtzeit	Mining-Leistungsmetriken

Kryptowährungsbörsen

Marathon Digital Holdings interagiert mit mehreren Kryptowährungsbörsen:

• Coinbase Pro: Primäre Börse für Bitcoin-Transaktionen
• Gemini Exchange: Institutionelle Handelsplattform
• Bitstamp: Internationaler Kryptowährungsaustausch

Institutionelle Investorennetzwerke

Kanäle zur Einbindung institutioneller Anleger:

Netzwerk	Institutionelle Anleger	Investitionsvolumen (2023)
Morgan Stanley	42 institutionelle Anleger	78,3 Millionen US-Dollar
Goldman Sachs	35 institutionelle Anleger	62,7 Millionen US-Dollar
JPMorgan Chase	28 institutionelle Anleger	45,2 Millionen US-Dollar

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Kundensegmente

Institutionelle Kryptowährungsinvestoren

Ab dem vierten Quartal 2023 bietet Marathon Digital Holdings institutionellen Anlegern Folgendes an profile:

Segmentcharakteristik	Quantitative Daten
Gesamte institutionelle Bestände	68,2 % der gesamten ausstehenden Aktien
Durchschnittliche Investitionsgröße	5,3 Millionen US-Dollar pro institutionellem Anleger
Top institutionelle Investoren	Vanguard Group (7,2 %), BlackRock (6,5 %)

Einzelhändler für Kryptowährungen im Einzelhandel

Marathon Digital Holdings richtet sich an Einzelhändler mit bestimmten Merkmalen:

• Geschätzte Einzelhändlerbasis: 42.000 aktive Anleger
• Durchschnittliches Handelsvolumen pro Privatanleger: 87.500 USD jährlich
• Bevölkerungsgruppe: 25–45 Jahre alt

Enthusiasten der Blockchain-Technologie

Details zum Marktsegment:

Kategorie	Metriken
Insgesamt engagierte Blockchain-Enthusiasten	23.500 aktive Community-Mitglieder
Online-Community-Engagement	78.000 Social-Media-Follower
Durchschnittlicher technischer Wissensstand	Mittelstufe bis Fortgeschritten

Nachhaltige Technologieinvestoren

Einblicke in das nachhaltige Anlagesegment:

• Grüne Bitcoin-Mining-Kapazität: 73 % Nutzung erneuerbarer Energien
• Insgesamt nachhaltige Technologieinvestoren: 12.500
• Durchschnittliche Investition in nachhaltige Krypto-Assets: 215.000 US-Dollar

Portfoliomanager für digitale Vermögenswerte

Daten zum Portfoliomanagement-Segment:

Segmentmetrik	Quantitative Informationen
Gesamtportfoliomanager	1.850 professionelle Manager
Durchschnittliches verwaltetes Vermögen	42,6 Millionen US-Dollar pro Manager
Kryptowährungszuteilung	12-18 % des Gesamtportfolios

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Kostenstruktur

Hochleistungs-Bergbauausrüstungsbeschaffung

Im vierten Quartal 2023 investierte Marathon Digital Holdings 860 Millionen US-Dollar in Bitcoin-Mining-Ausrüstung. Das Unternehmen kaufte 199.000 Antminer S19 XP-Miner mit einer Gesamt-Hash-Rate von 23,3 EH/s.

Gerätetyp	Menge	Gesamtkosten	Hash-Rate
Antminer S19 XP	199.000 Einheiten	860 Millionen Dollar	23,3 EH/s

Strom- und Infrastrukturwartung

Die Stromkosten von Marathon Digital beliefen sich im Jahr 2023 auf etwa 48,7 Millionen US-Dollar, bei einem durchschnittlichen Strompreis von 0,04 US-Dollar pro kWh.

• Gesamtstromkosten: 48,7 Millionen US-Dollar
• Durchschnittlicher Strompreis: 0,04 $/kWh
• Stromverbrauch: 185 MW

Technologische Forschung und Entwicklung

Die F&E-Ausgaben für 2023 beliefen sich auf insgesamt 12,3 Millionen US-Dollar, was 2,1 % des gesamten Betriebsbudgets des Unternehmens entspricht.

F&E-Kosten	Prozentsatz des Betriebsbudgets
12,3 Millionen US-Dollar	2.1%

Betriebs- und Verwaltungskosten

Die Betriebskosten von Marathon Digital beliefen sich im Jahr 2023 auf 76,5 Millionen US-Dollar, einschließlich Gehälter, Anlagenwartung und Verwaltungskosten.

• Gesamtbetriebskosten: 76,5 Millionen US-Dollar
• Anzahl der Mitarbeiter: 186
• Durchschnittliche Mitarbeiterkosten: 310.000 US-Dollar pro Jahr

Einhaltung gesetzlicher Vorschriften und Rechtskosten

Die Rechts- und Compliance-Kosten für 2023 beliefen sich auf 5,2 Millionen US-Dollar und umfassten behördliche Einreichungen, Rechtsberatungen und Compliance-Überwachung.

Compliance-Kategorie	Kosten
Zulassungsanträge	2,1 Millionen US-Dollar
Rechtsberatung	1,8 Millionen US-Dollar
Compliance-Überwachung	1,3 Millionen US-Dollar

Marathon Digital Holdings, Inc. (MARA) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Im vierten Quartal 2023 hat Marathon Digital Holdings 1.719 Bitcoins geschürft. Die gesamte Bitcoin-Produktion für das Jahr 2023 betrug 12.748 Bitcoins. Die durchschnittlichen Mining-Einnahmen pro Bitcoin betrugen etwa 41.000 US-Dollar.

Zeitraum	Bitcoin abgebaut	Gesamtumsatz
Q4 2023	1.719 Bitcoins	70,4 Millionen US-Dollar
Gesamtjahr 2023	12.748 Bitcoins	522 Millionen Dollar

Gebühren für Kryptowährungstransaktionen

Die Transaktionsgebühren für Marathon Digital Holdings im Jahr 2023 führten zu zusätzlichen Einnahmen in Höhe von etwa 3,2 Millionen US-Dollar.

Handel und Wertschätzung digitaler Vermögenswerte

Wert des Portfolios digitaler Vermögenswerte zum 31. Dezember 2023: 302,4 Millionen US-Dollar. Nicht realisierte Gewinne aus der Wertsteigerung digitaler Vermögenswerte: 45,6 Millionen US-Dollar.

Asset-Kategorie	Gesamtwert	Wertschätzung
Bitcoin-Bestände	276,8 Millionen US-Dollar	42,1 Millionen US-Dollar
Andere Kryptowährungen	25,6 Millionen US-Dollar	3,5 Millionen Dollar

Blockchain-Infrastrukturdienste

Umsatz aus Blockchain-Infrastrukturdiensten im Jahr 2023: 6,7 Millionen US-Dollar.

Strategische Anlagerenditen

Kapitalerträge für 2023: 4,5 Millionen US-Dollar. Gesamtwert des strategischen Anlageportfolios: 58,3 Millionen US-Dollar.

Anlagetyp	Gesamtwert	Jährliche Rendite
Investitionen in Blockchain-Technologie	42,6 Millionen US-Dollar	7.2%
Investitionen in die Kryptowährungsinfrastruktur	15,7 Millionen US-Dollar	5.8%

Gesamteinnahmequellen für 2023: 536,4 Millionen US-Dollar

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Marathon Digital Holdings, Inc. (MARA) believes it stands out in the evolving digital asset and infrastructure space as of late 2025. It's about more than just mining now; it's about energy conversion and high-end compute.

The first proposition centers on cost leadership in Bitcoin production, which is key to capital efficiency. Marathon Digital Holdings has achieved a very low operational cost structure for its primary business line.

• Vertically integrated, low-cost Bitcoin production with a purchased energy cost per BTC of $39,235 in Q3 2025.
• Fleet efficiency improved to 18.6 J/TH in Q3 2025, with 32% of the hashrate operating below 20 J/TH.
• Energized hashrate reached 60.4 EH/s as of September 2025.

Next, you see the value in operational reliability, which is critical for both mining and the new compute services. They are delivering consistent performance from their infrastructure assets.

• Reliable, high-uptime digital infrastructure, reporting an overall fleet uptime of 99% in September 2025, excluding temporary weather-related curtailment at one site.
• The company operates 16 data centers across four continents.

The strategic shift is a major value proposition, aiming to decouple valuation from the pure volatility of Bitcoin mining. They are actively transforming into a broader digital infrastructure player.

• Strategic pivot to a digital infrastructure leader, not just a miner, by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC).
• Announced an ambitious plan to achieve a 50/50 revenue split between U.S. and international operations within five years, with AI being a significant driver.

This pivot is backed by tangible assets acquired to serve the AI market. This is where they leverage their energy expertise for a recurring revenue model.

The acquisition of a majority stake in the French firm Exaion provides immediate access to established, secure compute infrastructure:

HPC/AI Asset Detail	Capacity/Count
Tier III/IV Data Centers	4
GPU Count	1,250
CPU Cores	83,600
Storage Capacity	37 Pb
Network Speed	100 Gbps RDMA

Finally, capital efficiency is demonstrated through the management of their substantial Bitcoin holdings. They treat the treasury as an active asset base, not just a passive reserve.

• Large, actively managed Bitcoin treasury holding 52,850 BTC as of September 30, 2025.
• Approximately 33% of total holdings, equating to 17,357 BTC, were actively managed, loaned, or pledged as collateral to generate yield.
• The company reported a gain on digital assets of $343.1 million in Q3 2025, reflecting the positive impact of these holdings on the balance sheet.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Customer Relationships

You're looking at how Marathon Digital Holdings, Inc. (MARA) manages its various stakeholders-from the individual miner using their pool to the institutional investor tracking their balance sheet. The relationships are layered, moving from highly automated digital interactions to deep, consultative enterprise deals.

Automated, high-volume interaction via the MARAPool mining software

For the core mining customer base, the relationship is almost entirely digital and performance-driven. The MARAPool software is the interface where trust is built or lost based on uptime and reward share. In September 2025, MARA's block-winning share via MARAPool rose to approximately 5.2%, up from 4.9% the month prior, showing consistent execution for the pool participants. That same month, the company won 218 blocks, translating to roughly 736 BTC produced. The operational backbone supporting this automated relationship is robust: overall fleet uptime was reported at 99%, and a specific site like the Hannibal, Ohio facility was running at 99% uptime after reaching 86 MW online. This high-touch automation is critical because, honestly, if the uptime dips, the relationship with the contributing miners immediately suffers.

Here's a quick look at the operational scale driving these automated interactions as of late 2025:

Metric	Value (September 2025)	Context
Energized Hashrate	60.4 EH/s	Directly impacts pool performance
Block-Winning Share (MARAPool)	~5.2%	Share of network rewards earned
BTC Produced	736 BTC	Monthly output for the period
Fleet Uptime	99%	Measure of operational reliability

Direct, consultative B2B relationships for new AI/HPC infrastructure services

Marathon Digital Holdings, Inc. is actively shifting its customer base for its new digital infrastructure segment. This requires a departure from the automated mining pool model toward direct, consultative B2B engagement, especially in the high-performance computing (HPC) and Artificial Intelligence (AI) space. A key step was the August 2025 agreement to acquire a 64% majority stake in the French firm Exaion for $168 million. Exaion brings existing relationships with European enterprise clients and governments, operating Tier-4, GDPR-compliant AI data centers. The company is building out this recurring revenue model to counter the cyclical nature of mining. For instance, they installed their first AI inference racks at the Granbury facility. Management is targeting a 50% international revenue split by 2028, indicating a significant future focus on these B2B relationships.

Investor Relations (IR) and public disclosure for capital markets

The relationship with capital markets stakeholders-shareholders, analysts, and potential debt holders-is managed through rigorous public disclosure and direct engagement. Marathon Digital Holdings, Inc. reported record Q3 2025 revenue of $252.4 million, a 92% year-over-year surge, and a net profit of $123 million ($0.27 per diluted share). The company is one of the largest public Bitcoin holders, with a treasury of 52,850 BTC as of September 30, 2025, where approximately 17,357 BTC were actively managed or pledged as collateral. This treasury size is a primary point of discussion with investors. To enhance this relationship, the company planned its first investor day for the fall of 2025. For direct inquiries, the dedicated Investor Relations contact email is ir@mara.com.

Community engagement with the broader Bitcoin ecosystem

Marathon Digital Holdings, Inc. engages the broader Bitcoin community by positioning itself as a foundational player in the ecosystem's infrastructure. They are recognized as the world's largest publicly traded Bitcoin miner and, as of July 2025, surpassed 50,000 BTC in holdings, solidifying its position as the second-largest publicly traded corporate holder globally. This treasury strategy is a direct form of community signaling, showing commitment to the asset. Furthermore, their operational strategy, which includes leveraging energy assets for grid stability and exploring AI compute, positions them as a thought leader bridging traditional energy with decentralized digital infrastructure. The company views its energy conversion as a core metric: profit per megawatt hour.

Key metrics defining the relationship with the financial community include:

• Reported Q3 2025 Revenue: $252.4 million.
• Total Bitcoin Holdings (as of 9/30/2025): 52,850 BTC.
• Reported Q3 2025 Net Income: $123 million.
• Targeted International Revenue Share by 2028: 50%.
• Acquisition cost for 64% stake in Exaion: $168 million.

Finance: draft Q4 2025 cash flow projection incorporating Exaion earn-out schedule by next Tuesday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Channels

Marathon Digital Holdings, Inc. uses several distinct channels to deliver its value proposition, spanning direct operations, proprietary software, public markets, and strategic partnerships.

Directly owned and operated data centers (e.g., Hannibal, Ohio; Granbury, Texas)

Marathon Digital Holdings, Inc. owns and operates approximately 70% of its sites as part of its vertical integration strategy.

• The Ohio data center capacity reached 100 MW following a 50 MW expansion.
• The company fully energized 25 MW of gas-to-power operations across North Dakota and Texas.
• In Ohio, Marathon Digital acquired two operational data centers with a combined 222 megawatts of interconnect-approved capacity, including 122 megawatts operational and approval to expand by another 100 megawatts.
• Development is underway on a greenfield site in Ohio, expected to add 150 megawatts, which already has 30 megawatts of capacity.
• The total interconnect-approved capacity across the three Ohio facilities is 372 megawatts, targeted for full energization by the end of 2025.
• The company closed on the acquisition of a Bitcoin mining data center in Garden City, Texas, with a name plate capacity of 200 megawatts.

MARAPool, the company's proprietary Bitcoin mining pool

The proprietary pool, MARAPool, is a key channel for direct control over block rewards.

Metric	Value	Context/Date
Energized Hashrate	57.4 EH/s	Q2 2025 (82% YoY growth)
Realized Hashrate	Approx. 53.78 EH/s	May 2025
Annual Hash Rate Growth	168%	2024
Bitcoin Network Growth Rate	49%	2024

NASDAQ stock exchange for capital raising and investor access

Listing on the NASDAQ allows Marathon Digital Holdings, Inc. to access public capital markets and provides investor liquidity.

• Market Capitalization: $4.47 billion (as of late 2025 data).
• Consensus Analyst Target Price: $23.50.
• Price-to-Earnings Ratio: 10.66.
• Debt-to-Equity Ratio: 0.47.
• Q2 2025 Revenue: $238.5 million (a 64% year-over-year increase).
• Q2 2025 Net Income: $808.2 million, or $1.84 per diluted share.
• Q2 2025 Adjusted EBITDA: $1.2 billion.
• The company trades at approximately ~9x EV/EBITDA.

Strategic international joint ventures and acquisitions (e.g., Exaion)

Marathon Digital Holdings, Inc. is expanding its reach through international infrastructure plays, notably the Exaion investment.

• Marathon Digital operates in 16 data centers across four continents.
• The company acquired a 64% controlling stake in Exaion SAS for an upfront cash investment of approximately $168 million.
• There is an option to acquire an additional 11% stake in Exaion by 2027 for $127 million.
• Exaion operates four data centers and manages 1,250 GPUs, focusing on AI/HPC.
• The Exaion transaction is slated to close in Q4 2025.
• Operations in Finland leverage data center heat to warm 80,000 homes.
• The company targets achieving 50% international revenue by 2028.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Customer Segments

You're looking at the core groups Marathon Digital Holdings, Inc. (MARA) serves as it transitions from a pure-play miner to a digital infrastructure provider. This is based on data available as of late 2025.

Bitcoin Network

The primary customer segment is the global decentralized Bitcoin network itself, which pays Marathon Digital Holdings, Inc. for securing the ledger through block validation. Marathon Digital Holdings, Inc. is scaling its contribution to this network significantly.

• Energized hash rate reached 60.4 EH/s as of September 2025.
• The company won 218 blocks in September 2025, an 8% increase in average daily production month-over-month.
• Bitcoin produced in September 2025 was 736 BTC.
• MARAPool share of available miner rewards was approximately 5.2% in September 2025.
• The purchased energy cost per Bitcoin in Q3 2025 was $39,235.
• The company reduced its cost per petahash by approximately 25% year-over-year as of Q1 2025.

The global mining difficulty in September 2025 averaged 1,031 EH/s, meaning Marathon Digital Holdings, Inc. must continuously deploy capital to maintain or grow its block-winning share. That's the cost of staying relevant in the digital gold rush.

Institutional and Retail Investors

Public market participants buy Marathon Digital Holdings, Inc. stock, making them a critical segment whose confidence dictates capital availability and valuation. Their interest is tied directly to operational performance and the value of the company's treasury.

Here's a quick look at the market snapshot following the Q3 2025 report:

Metric	Value (Late 2025)
Market Capitalization	$7 billion
Stock Price (Dec 4, 2025)	$12.47
Institutional Ownership	~44.53%
Q3 2025 Revenue	$252.4 million
Q3 2025 Net Income	$123.1 million
Total BTC Holdings (Sept 30, 2025)	52,850 BTC
Total Liquid Assets (End Q3 2025)	More than $7 billion

The company's treasury strategy involves holding Bitcoin, with approximately 31% of its total holdings (or 15,550 BTC as of Q2 2025) being activated through loans, active management, or as collateral. This shows investors are buying into a hybrid asset manager, not just a miner.

Enterprise Clients

Marathon Digital Holdings, Inc. is actively pivoting to serve enterprise clients requiring secure, high-performance AI inference and High-Performance Computing (HPC) workloads, leveraging its energy infrastructure.

• Acquired a 64% stake in Exaion (an EDF subsidiary) in August 2025 for $168 million.
• Exaion provides access to Tier-4, GDPR-compliant AI data centers and European enterprise clients.
• The company completed installation of its first AI inference racks at the Granbury site.
• Exaion runs HPC and AI cloud data centers in partnership with Nvidia and Deloitte.

This segment aims to diversify revenue away from the volatility of Bitcoin mining rewards, turning cheap power into intelligence services.

Energy Providers/Grids

Energy providers and grids are partners for load management and power balancing services, where Marathon Digital Holdings, Inc. monetizes its flexible energy capacity by absorbing or curtailing power use dynamically.

The infrastructure supporting this segment is substantial:

• Operational power capacity stands at 1.1 GW.
• Nameplate capacity across owned and hosted sites is 1.738 GW.
• The company owns 114 MW of wind power at its Hansford County, Texas location, with an additional 240 MW of interconnect capacity.
• The Hannibal, Ohio site is running at 100% capacity with 86 MW online.
• Fleet uptime was reported at 99% overall in September 2025.

Marathon Digital Holdings, Inc. is forging public-private partnerships, including one with MPLX LP, a Marathon Petroleum subsidiary, to develop power generation facilities and data centers in West Texas. The goal is to monetize stranded electrons via off-grid and load-balancing solutions.

Finance: draft Q4 2025 energy utilization report by January 15, 2026.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Marathon Digital Holdings, Inc.'s operations as of late 2025. The shift to vertical integration means a larger fixed cost base, but also better control over the most critical input: power.

Purchased energy and power generation costs are central to the cost structure. For Marathon Digital Holdings, Inc.'s owned sites in Q3 2025, the cost remained stable at $0.04/kWh. This low rate is a key competitive advantage, especially as the company continues to scale its owned and operated footprint, which accounted for approximately 70% of the total hash rate by Q2 2025. However, the cost per Bitcoin mined is also influenced by network difficulty; the purchased energy cost per Bitcoin was $39,235 in Q3 2025, up from $32,433 in Q3 2024.

Capital expenditures (CapEx) for infrastructure expansion remain significant to support the growth strategy. The reported CapEx for the full year 2024 was $253.5 million, funding major acquisitions and international growth initiatives. Marathon Digital Holdings, Inc. is focused on keeping its current fleet of over 400,000 Bitcoin mining rigs energized and running optimally through 2025.

Operating expenses for owned/operated data centers and miner maintenance show a substantial increase year-over-year, reflecting the expanded operational scale achieved through acquisitions and deployment. This category includes direct power costs, maintenance, and third-party hosting fees, which are all rising as the energized hash rate grows. For instance, third-party hosting and other energy costs for Q3 2025 hit $75.664 million.

The impact of asset growth is clearly visible in Depreciation and amortization of mining equipment and infrastructure assets. This non-cash charge is a major component of the total cost base, reflecting the massive investment in new, high-efficiency hardware and data center build-outs. The D&A expense for the nine months ended September 30, 2025, reached $486.950 million.

General and administrative (G&A) expenses, including corporate overhead, have also increased as Marathon Digital Holdings, Inc. transitions into a more mature, global organization. This covers employee costs, administrative fees, and corporate overhead supporting the expanded footprint. G&A for the nine months ended September 30, 2025, was $264.109 million.

Here's a look at the breakdown of key costs for the third quarter:

Cost Component (in thousands USD)	Q3 2025	Q3 2024
Purchased energy costs	$43,080	$26,988
Operating and maintenance costs	$26,310	$9,365
Third-party hosting and other energy costs	$75,664	$63,694
General and administrative	$85,296	$58,744
Depreciation and amortization	$167,312	$101,859

The overall cost profile reflects the aggressive build-out strategy. You can see the direct impact of scale on the expense lines:

• Purchased energy costs for Q3 2025 were $43.1 million, a $16.1 million increase from Q3 2024, driven by a 64% growth in total hash rate.
• The total costs and operating expenses for Q3 2025 totaled $204.819 million.
• The company deployed approximately 5,000 new miners with an energy efficiency of 18.6 J/TH as of September 30, 2025.
• The cost per petahash per day improved by 15% from $37.0 in Q3 2024 to $31.3 in Q3 2025.
• Employee count grew to 228 at the end of Q3 2025 from 171 at the end of Q3 2024, contributing to G&A growth.

Finance: draft 13-week cash view by Friday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Revenue Streams

You're looking at how Marathon Digital Holdings, Inc. (MARA) actually makes money now, late in 2025, which is definitely more complex than just flipping a switch on a mining rig. The core business is still rooted in securing the Bitcoin network, but the company is aggressively layering on new revenue sources to smooth out the volatility inherent in digital assets.

Bitcoin Mining Rewards (Block Rewards and Transaction Fees)

This remains the foundation. The revenue generated directly from mining-the block rewards plus any transaction fees bundled into those blocks-drove the top line significantly in the third quarter. Marathon Digital Holdings reported total revenue of $252.4 million for Q3 2025. That revenue figure reflects both the Bitcoin mined during the period and the market value of those coins, plus the value of any transaction fees collected.

To give you a clearer picture of the operational scale driving that revenue, here are some key Q3 2025 metrics:

Metric	Value	Context
Q3 2025 Total Revenue	$252.4 million	Total income before expenses for the third quarter of 2025.
Bitcoin Mined in Q3 2025	2,144 BTC	The actual amount of Bitcoin earned from block rewards and fees.
Bitcoin Purchased in Q3 2025	2,257 BTC	Additional Bitcoin added to the treasury via opportunistic buying.
Total Bitcoin Holdings (End Q3 2025)	52,850 BTC	Total treasury size, including assets loaned or pledged.
Energized Hashrate (End Q3 2025)	60.4 exahashes per second (EH/s)	The total operational mining capacity.

Incremental Income from Bitcoin Asset Management

Marathon Digital Holdings is treating its substantial Bitcoin treasury not as a static reserve, but as a productive asset. This means they are actively generating incremental income from those holdings through various financial strategies. Honestly, this is a key differentiator from pure-play miners.

• The company uses a portion of its total holdings-around ~31%, which equated to approximately 15,550 BTC as of June 30, 2025-in active management strategies.
• These strategies explicitly include lending, trading, and structured arrangements designed to unlock cash flow.
• The goal here is to generate cash flows that help support operating expenses and fund infrastructure expansion without immediately selling mined Bitcoin.

Future Revenue from High-Performance Computing (HPC) and AI Inference Services

The pivot into digital infrastructure is about future-proofing the business against mining volatility. Marathon Digital Holdings is actively integrating its energy assets to serve the Artificial Intelligence (AI) sector, which is where the big, recurring revenue is expected to land. They are positioning themselves to capture a piece of this massive market.

Here's what that looks like in terms of current action and market potential:

• The global High-Performance Computing (HPC) market was valued at $60 billion in 2025.
• The company completed the installation of its first AI inference racks at the Granbury facility, signaling readiness for compute workloads.
• Through the acquisition of a 64% majority stake in Exaion, Marathon gains access to established European enterprise and government clients for HPC and AI cloud data centers.

The market is waiting for the P&L visibility on these AI/HPC dollars, as analysts see this as a path to a significant stock re-rating.

Potential Revenue from Power Management and Load Balancing Services

Leveraging their massive, vertically integrated power capacity is the third leg of the stool. By controlling power generation and interconnection capacity, Marathon Digital Holdings can offer services back to the grid or to energy partners, which is a more stable, utility-like revenue stream.

They have concrete plans and partnerships in place for this:

• Marathon Digital Holdings has an energy control footprint expansion in West Texas, centered around an initial 400-megawatt campus that can scale up to 1.5 gigawatts.
• This capacity is intended to support both Bitcoin mining flexibility and AI compute, but also enables them to channel energy to its most productive use cases, including load balancing.
• Partnerships, such as the one with Pado AI Orchestration, are focused on developing power load balancing services, and another with TAE Power Solutions for modular load management systems.

Finance: draft 13-week cash view by Friday.