Marathon Digital Holdings, Inc. (MARA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde en évolution rapide des actifs numériques, Marathon Digital Holdings (Mara) apparaît comme une force pionnière dans l'extraction de Bitcoin et la technologie de la blockchain, transformant le paysage de la crypto-monnaie grâce à l'innovation stratégique et aux pratiques durables. En tirant parti d'un équipement d'exploitation de pointe, d'une infrastructure robuste et d'un modèle commercial avant-gardiste, Mara s'est positionné comme un acteur clé de l'écosystème des actifs numériques, offrant aux investisseurs et aux amateurs de technologie une voie convaincante vers l'avenir de la finance décentralisée et du haut Opérations de crypto-monnaie de performance.

Marathon Digital Holdings, Inc. (MARA) - Modèle commercial: partenariats clés

Bitmain Technologies pour l'approvisionnement en matériel d'extraction de Bitcoin

Marathon Digital Holdings a un partenariat stratégique avec Bitmain Technologies pour l'approvisionnement du matériel d'exploration de bitcoin Antmin S19 XP.

Modèle de matériel	Quantité commandée	Investissement total
Antmin S19 XP	78 000 unités	528 millions de dollars

Calculez le nord pour le centre de données et les infrastructures miniers

Marathon Digital collabore avec Compute North pour l'hébergement et la gestion de l'infrastructure minière.

Emplacement du centre de données	Capacité d'hébergement	Valeur du contrat
Texas	123 MW	85,4 millions de dollars

Institutions financières

Marathon Digital s'associe à des institutions financières pour la levée de capitaux et les transactions de crypto-monnaie.

• Silvergate Bank - Services bancaires de crypto-monnaie
• Galaxy Digital - Crypto Financial Services
• CONDITION DE CRÉDIT DE 200 MILIONS AVEC B. Riley Financial

Fournisseurs d'énergie

Partenariats stratégiques avec les fournisseurs d'énergie pour l'approvisionnement en électricité durable.

Partenaire énergétique	Source d'électricité	Capacité annuelle
Conseil de fiabilité électrique du Texas (ERCOT)	Énergie renouvelable	280 MW

Partenaires technologiques de la blockchain

Collaborations écosystémiques pour améliorer les opérations d'extraction du bitcoin.

• Foundry Digital - Mining Pool Services
• Marathon Digital possède 123 863 Bitcoin au quatrième trimestre 2023
• Taux de hachage total: 23,3 eh / s

Marathon Digital Holdings, Inc. (Mara) - Modèle d'entreprise: Activités clés

Bitcoin Mining et Cryptocurrence Transaction Vérification

Depuis le quatrième trimestre 2023, Marathon Digital Holdings exploite 123,7 Exahash de l'infrastructure d'extraction de Bitcoin. La société a produit 1 421 Bitcoins en décembre 2023. La capacité totale de la flotte minière a atteint environ 23,3 EH / s à la fin de 2023.

Métrique minière	Quantité
Flotte minière totale	123.7 eh / s
Bitcoin produit (décembre 2023)	1 421 BTC
Capacité minière annuelle estimée	17 052 ​​BTC

Développement d'infrastructures de blockchain

Marathon Digital Holdings a investi 104,3 millions de dollars dans l'expansion des infrastructures en 2023. La société maintient plusieurs installations minières à travers l'Amérique du Nord.

• Acheté 24 994 mineurs Antmin S19 XP
• Opérations minières déployées au Texas et au Nevada
• Maintenu de 99,2% de disponibilité opérationnelle pour les infrastructures minières

Gestion et investissement des actifs numériques

Au 31 décembre 2023, Marathon détenait 16 876 bitcoins en Trésor, évalué environ 724,5 millions de dollars aux taux du marché actuels.

Expansion des infrastructures technologiques

Investissement en infrastructure	Montant
Investissement total des infrastructures (2023)	104,3 millions de dollars
Nombre de machines minières	199 110 unités
Taux de hachage attendu d'ici 2024	23.3 eh / s

Acquisition et maintien des actifs numériques stratégiques

Marathon Digital Holdings maintient une approche stratégique de l'acquisition et de la tenue de Bitcoin, avec un équilibre du Trésor de 16 876 Bitcoins en décembre 2023.

• Bitcoin Treasury Balance: 16 876 BTC
• Valeur du Trésor estimé: 724,5 millions de dollars
• Stratégie d'accumulation stratégique de Bitcoin continue

Marathon Digital Holdings, Inc. (Mara) - Modèle commercial: Ressources clés

Équipement d'extraction de Bitcoin avancé

Au quatrième trimestre 2023, Marathon Digital Holdings exploite 123 000 mineurs de Bitcoin d'une capacité de taux de hachage total de 23,3 Exahash par seconde (eh / s).

Type d'équipement	Quantité	Taux de hachage
Antmin S19 XP	99 000 unités	19.3 eh / s
Antmin S19 Pro	24 000 unités	4.0 eh / s

Installations de centres de données à grande échelle

Marathon Digital Holdings maintient plusieurs emplacements de centre de données avec des investissements d'infrastructure importants.

• Hardin, installation du Montana: capacité de 105 mégawatts
• Comté de Laramie, Wyoming Facility: 85 mégawatts Capacité
• Capacité totale du centre de données opérationnelles: 190 mégawatts

Puissance de traitement informatique

L'infrastructure de calcul de Marathon Digital Holdings présente des capacités de traitement substantielles.

Métrique	Valeur
Taux de hachage total	23.3 eh / s
Taux de hachage projeté 2024	30.0 eh / s

Portefeuille de crypto-monnaie et infrastructure de trading

Marathon maintient des systèmes de gestion des actifs numériques sophistiqués.

• Bitcoin Holdings: 14 217 BTC en décembre 2023
• Solutions de garde avec des partenaires financiers réglementés
• Infrastructure de stockage à froid avancé

Équipe de gestion technique et financière qualifiée

Marathon Digital Holdings utilise une main-d'œuvre spécialisée axée sur les opérations de blockchain et de crypto-monnaie.

Poste de direction	Nom
PDG	Fred Thiel
Directeur financier	Sims de garnison
Total des employés	180 (au Q4 2023)

Marathon Digital Holdings, Inc. (MARA) - Modèle d'entreprise: propositions de valeur

Opérations d'extraction de crypto-monnaie haute performance

Depuis le quatrième trimestre 2023, Marathon Digital Holdings a fonctionné 123,3 EH / s de la capacité d'extraction de Bitcoin. Le bitcoin total extrait en 2023 était de 9 789 BTC. La flotte minière totale se compose de 199 110 mineurs, principalement des modèles Antmin S19 XP et S19 Pro.

Métrique minière	Valeur 2023
Capacité minière totale	123.3 eh / s
Bitcoin exploité	9 789 BTC
Machines minières totales	199,110

Technologie de la blockchain durable et soucieux de l'environnement

Marathon Digital Holdings utilise 100% sources d'électricité neutre en carbone pour les opérations minières. En 2023, 86% de la consommation d'électricité provenait de sources d'énergie renouvelables.

• Pourcentage d'énergie renouvelable: 86%
• Engagement de neutralité en carbone: mise en œuvre complète
• Ratio d'efficacité énergétique: 20 watts par térahash

Plate-forme d'investissement d'actifs numériques transparente

Marathon Digital Holdings a déclaré un chiffre d'affaires total de 1,48 milliard de dollars en 2023, avec 1,35 milliard de dollars directement à partir des opérations d'extraction de Bitcoin.

Métrique financière	Valeur 2023
Revenus totaux	1,48 milliard de dollars
Revenus d'exploitation	1,35 milliard de dollars

Potentiel de génération de revenus cohérente grâce à l'exploitation bitcoin

Marathon Digital Holdings a détenu 14 217,7 BTC en réserve au 31 décembre 2023, évalué à environ 575 millions de dollars au prix de fin d'année.

Innovation technologique en écosystème de crypto-monnaie

Marathon Digital Holdings a investi 74,2 millions de dollars dans la recherche et le développement pour les technologies minières avancées en 2023.

• Investissement en R&D: 74,2 millions de dollars
• Intégration de matériel minier avancé
• Optimisation de la technologie continue

Marathon Digital Holdings, Inc. (MARA) - Modèle d'entreprise: relations clients

Plates-formes de libre-service numériques

Marathon Digital Holdings fournit des plateformes numériques pour les investisseurs et les parties prenantes avec les caractéristiques suivantes:

• Portail d'investisseurs en ligne avec accès à compte en temps réel
• Tableau de tableau de bord des performances d'exploration de crypto-monnaie
• Capacités d'intégration du portefeuille numérique

Fonctionnalité de plate-forme	Accessibilité	Taux d'engagement des utilisateurs
Tableau de bord des investisseurs	Accès en ligne 24/7	78.3%
Suivi des performances minières	Mises à jour en temps réel	82.5%

Communication et rapport des investisseurs

Métriques de rapports financiers trimestriels:

• 4 conférences de résultats par an par an
• Rapports financiers trimestriels détaillés
• Réunion des actionnaires annuelle

Canal de communication	Fréquence	Taux de participation des investisseurs
Appels de gains	Trimestriel	65.2%
Webinaires des investisseurs	Bimensuel	54.7%

Suivi des transactions de blockchain transparent

Caractéristiques de transparence des transactions de blockchain:

• Records de transaction d'exploitation publique publique Bitcoin
• Rapports de taux de hachage vérifiables
• Accès à grand livre blockchain

Métrique de la blockchain	Niveau de transparence	Fréquence de vérification
Bitcoin exploité	100% public	En temps réel
Taux de hachage	Divulgué publiquement	Tous les jours

Mises à jour financières et opérationnelles régulières

Mettre à jour la fréquence et les canaux:

• Rapports opérationnels mensuels
• États financiers trimestriels
• Mises à jour des performances minières en temps réel

Type de mise à jour	Fréquence	Canaux de distribution
Rapport opérationnel	Mensuel	Email, site Web, plateformes d'investisseurs
États financiers	Trimestriel	Dossiers SEC, site Web des relations avec les investisseurs

Engagement par le biais des canaux de relations avec les investisseurs numériques

Plates-formes de fiançailles numériques:

• Site Web de relations avec les investisseurs dédiés
• Communication des investisseurs sur les réseaux sociaux
• Abonnements de newsletter par e-mail

Canal numérique	Compte de suiveurs / d'abonnés	Taux d'engagement
Relations des investisseurs Twitter	45 200 abonnés	3.7%
Page d'entreprise LinkedIn	32 500 abonnés	2.9%

Marathon Digital Holdings, Inc. (Mara) - Modèle d'entreprise: canaux

Plateformes de trading de crypto-monnaie en ligne

Marathon Digital Holdings utilise les plateformes de trading en ligne suivantes:

Plate-forme	Volume de trading (2023)	Intégration de l'exploitation bitcoin
Coincement	102,2 milliards de dollars	Trading bitcoin direct
Binance	243,5 milliards de dollars	Trading de paires de crypto-monnaies
Kraken	35,6 milliards de dollars	Bitcoin Futures Trading

Site Web de relations avec les investisseurs

Marathon Digital Holdings maintient un site Web de relations avec les investisseurs avec les caractéristiques suivantes:

• Domaine: marathondh.com
• Téléchargements trimestriels du rapport financier: 87 543 en 2023
• Vues de présentation des investisseurs: 62 310 en 2023

Plateformes de rapports financiers numériques

Plateformes de rapports utilisées par Marathon Digital Holdings:

Plate-forme	Fréquence d'utilisation	Reporter des mesures
Sec Edgar	Dépôts trimestriels	Rapports 10-K, 10-Q
Bloomberg Terminal	Reportage en temps réel	Métriques de performance minière

Échanges de crypto-monnaie

Marathon Digital Holdings interagit avec plusieurs échanges de crypto-monnaie:

• Coinbase Pro: Échange primaire pour les transactions Bitcoin
• Gemini Exchange: plateforme de trading institutionnel
• Bitstamp: échange international de crypto-monnaie

Réseaux d'investisseurs institutionnels

Canaux de fiançailles des investisseurs institutionnels:

Réseau	Investisseurs institutionnels	Volume d'investissement (2023)
Morgan Stanley	42 investisseurs institutionnels	78,3 millions de dollars
Goldman Sachs	35 investisseurs institutionnels	62,7 millions de dollars
JPMorgan Chase	28 investisseurs institutionnels	45,2 millions de dollars

Marathon Digital Holdings, Inc. (Mara) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels de crypto-monnaie

Au quatrième trimestre 2023, Marathon Digital Holdings sert des investisseurs institutionnels avec les éléments suivants profile:

Caractéristique du segment	Données quantitatives
Total des avoirs institutionnels	68,2% du total des actions en circulation
Taille moyenne de l'investissement	5,3 millions de dollars par investisseur institutionnel
Les principaux investisseurs institutionnels	Vanguard Group (7,2%), BlackRock (6,5%)

Commerçants de crypto-monnaie au détail

Marathon Digital Holdings cible les commerçants de détail avec des caractéristiques spécifiques:

• Base de commerce de détail estimée: 42 000 investisseurs actifs
• Volume de trading moyen par investisseur de détail: 87 500 $ par an
• Gamme démographique: 25-45 ans

Antariens de la technologie de la blockchain

Détails du segment de marché:

Catégorie	Métrique
Total des amateurs de blockchain engagés	23 500 membres de la communauté active
Engagement communautaire en ligne	78 000 abonnés de médias sociaux
Niveau de connaissance technique moyen	Intermédiaire à avancé

Investisseurs en technologie durable

Informations sur le segment des investissements durables:

• Capacité d'exploration de bitcoin verte: 73% de consommation d'énergie renouvelable
• Investisseurs totaux de technologie durable: 12 500
• Investissement moyen dans les actifs cryptographiques durables: 215 000 $

Gestionnaires de portefeuille d'actifs numériques

Données du segment de gestion du portefeuille:

Métrique du segment	Informations quantitatives
Total des gestionnaires de portefeuille	1 850 gestionnaires professionnels
Actifs moyens sous gestion	42,6 millions de dollars par manager
Allocation de crypto-monnaie	12-18% du portefeuille total

Marathon Digital Holdings, Inc. (Mara) - Modèle d'entreprise: Structure des coûts

Acquisition de l'équipement minière haute performance

Au quatrième trimestre 2023, Marathon Digital Holdings a investi 860 millions de dollars dans des équipements d'extraction Bitcoin. La société a acheté 199 000 mineurs Antmin S19 XP avec un taux de hachage total de 23,3 EH / s.

Type d'équipement	Quantité	Coût total	Taux de hachage
Antmin S19 XP	199 000 unités	860 millions de dollars	23.3 eh / s

Maintenance d'électricité et d'infrastructure

Les coûts d'électricité de Marathon Digital pour 2023 étaient d'environ 48,7 millions de dollars, avec un taux d'électricité moyen de 0,04 $ par kWh.

• Total des dépenses d'électricité: 48,7 millions de dollars
• Taux d'électricité moyen: 0,04 $ / kWh
• Consommation d'énergie: 185 MW

Recherche et développement technologiques

Les dépenses de R&D pour 2023 ont totalisé 12,3 millions de dollars, ce qui représente 2,1% du budget opérationnel total de la société.

Dépenses de R&D	Pourcentage du budget opérationnel
12,3 millions de dollars	2.1%

Frais opérationnels et administratifs

Les dépenses opérationnelles de Marathon Digital pour 2023 étaient de 76,5 millions de dollars, y compris les salaires, l'entretien des installations et les frais administratifs.

• Total des dépenses opérationnelles: 76,5 millions de dollars
• Nombre d'employés: 186
• Coût moyen des employés: 310 000 $ par an

Conformité réglementaire et frais juridiques

Les dépenses juridiques et de conformité pour 2023 s'élevaient à 5,2 millions de dollars, couvrant les documents réglementaires, les consultations juridiques et la surveillance de la conformité.

Catégorie de conformité	Frais
Dépôts réglementaires	2,1 millions de dollars
Consultations juridiques	1,8 million de dollars
Surveillance de la conformité	1,3 million de dollars

Marathon Digital Holdings, Inc. (Mara) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Au quatrième trimestre 2023, Marathon Digital Holdings a extrait 1 719 Bitcoins. La production totale de Bitcoin pour l'année 2023 était de 12 748 Bitcoins. Les revenus minières moyens par Bitcoin étaient d'environ 41 000 $.

Période	Bitcoin exploité	Revenus totaux
Q4 2023	1 719 Bitcoins	70,4 millions de dollars
Année complète 2023	12 748 Bitcoins	522 millions de dollars

Frais de transaction de crypto-monnaie

Les frais de transaction pour Marathon Digital Holdings en 2023 ont généré environ 3,2 millions de dollars de revenus supplémentaires.

Échange et appréciation des actifs numériques

Valeur du portefeuille d'actifs numériques au 31 décembre 2023: 302,4 millions de dollars. Gains non réalisés de l'appréciation des actifs numériques: 45,6 millions de dollars.

Catégorie d'actifs	Valeur totale	Appréciation
Bitcoin Holdings	276,8 millions de dollars	42,1 millions de dollars
Autres crypto-monnaies	25,6 millions de dollars	3,5 millions de dollars

Services d'infrastructure blockchain

Revenus des services d'infrastructure de blockchain en 2023: 6,7 millions de dollars.

Rendements d'investissement stratégiques

Revenu de placement pour 2023: 4,5 millions de dollars. Valeur du portefeuille d'investissement stratégique total: 58,3 millions de dollars.

Type d'investissement	Valeur totale	Retour annuel
Investissements technologiques de la blockchain	42,6 millions de dollars	7.2%
Investissements d'infrastructure de crypto-monnaie	15,7 millions de dollars	5.8%

Total des sources de revenus pour 2023: 536,4 millions de dollars

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.