Marathon Digital Holdings, Inc. (MARA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução dos ativos digitais, a Marathon Digital Holdings (MARA) surge como uma força pioneira na tecnologia de mineração e blockchain de bitcoin, transformando o cenário de criptomoedas por meio de inovação estratégica e práticas sustentáveis. Ao alavancar equipamentos de mineração de ponta, infraestrutura robusta e modelo de negócios com visão de futuro, Mara se posicionou como um participante importante no ecossistema de ativos digitais, oferecendo aos investidores e entusiastas da tecnologia um caminho convincente para o futuro das finanças descentralizadas e alta Operações de criptomoeda de desempenho.

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: Parcerias -chave

Tecnologias Bitmain para Bitcoin Mining Hardware Compra

A Marathon Digital Holdings possui uma parceria estratégica com as tecnologias Bitmain para a aquisição do hardware de mineração do Antminer S19 XP Bitcoin.

Modelo de hardware	Quantidade ordenada	Investimento total
Antminer S19 XP	78.000 unidades	US $ 528 milhões

Calcule o norte para o data center e infraestrutura de mineração

A Marathon Digital colabora com o Compute North para hospedar e gerenciar a infraestrutura de mineração.

Localização do data center	Capacidade de hospedagem	Valor do contrato
Texas	123 MW	US $ 85,4 milhões

Instituições financeiras

A Marathon Digital faz parceria com instituições financeiras para transações de captação de capital e criptomoeda.

• Silvergate Bank - Serviços bancários de criptomoeda
• Galaxy Digital - Serviços Financeiros de Criptografia
• Linha de crédito de US $ 200 milhões com B. Riley Financial

Provedores de energia

Parcerias estratégicas com fornecedores de energia para suprimento sustentável de eletricidade.

Parceiro de energia	Fonte de eletricidade	Capacidade anual
Conselho de Confiabilidade Elétrica do Texas (ERCOT)	Energia renovável	280 MW

Blockchain Technology Partners

Colaborações do ecossistema para aprimorar as operações de mineração de bitcoin.

• Fundir Digital - Serviços de Pool de Mineração
• A Marathon Digital possui 123.863 Bitcoin a partir do quarto trimestre 2023
• Taxa total de hash: 23,3 EH/S

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: Atividades -chave

Verificação da transação de mineração e criptomoeda de bitcoin

A partir do quarto trimestre 2023, a Marathon Digital Holdings opera 123.7 Exahash of Bitcoin Mining Infrastructure. A empresa produziu 1.421 bitcoins em dezembro de 2023. A capacidade total da frota de mineração atingiu aproximadamente 23,3 EH/S até o final de 2023.

Métrica de mineração	Quantidade
Frota total de mineração	123.7 EH/S.
Bitcoin produzido (dezembro de 2023)	1.421 BTC
Capacidade estimada de mineração anual	17.052 BTC

Desenvolvimento de infraestrutura de blockchain

A Marathon Digital Holdings investiu US $ 104,3 milhões em expansão de infraestrutura durante 2023. A empresa mantém várias instalações de mineração em toda a América do Norte.

• Comprou 24.994 mineradores de Antminer S19 XP
• Operações de mineração implantadas no Texas e Nevada
• Mantido 99,2% de tempo operacional para a infraestrutura de mineração

Gerenciamento de ativos digitais e investimento

Em 31 de dezembro de 2023, a Marathon detinha 16.876 bitcoins no Tesouro, avaliando aproximadamente US $ 724,5 milhões nas taxas atuais de mercado.

Expansão da infraestrutura tecnológica

Investimento de infraestrutura	Quantia
Investimento total de infraestrutura (2023)	US $ 104,3 milhões
Número de máquinas de mineração	199.110 unidades
Taxa de hash esperada até 2024	23.3 EH/S.

Aquisição estratégica de ativos digitais e segurando

A Marathon Digital Holdings mantém uma abordagem estratégica para a aquisição e retenção de Bitcoin, com um saldo do Tesouro de 16.876 Bitcoins em dezembro de 2023.

• BALANÇO TESOURO BITCOIN: 16.876 BTC
• Valor do Tesouro estimado: US $ 724,5 milhões
• Estratégia de acumulação estratégica contínua de bitcoin

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: Recursos -chave

Equipamento avançado de mineração de Bitcoin

A partir do quarto trimestre 2023, a Marathon Digital Holdings opera 123.000 mineiros de bitcoin com uma capacidade total de hash de 23,3 Exahash por segundo (EH/S).

Tipo de equipamento	Quantidade	Taxa de hash
Antminer S19 XP	99.000 unidades	19.3 EH/S.
Antminer S19 Pro	24.000 unidades	4.0 EH/S.

Instalações de data center em larga escala

A Marathon Digital Holdings mantém vários locais de data centers com investimentos significativos de infraestrutura.

• Hardin, Montana Facility: Capacidade de 105 megawatts
• Centro do Condado de Laramie, Wyoming: capacidade de 85 megawatts
• Capacidade total de data de data operacional: 190 megawatts

Poder de processamento computacional

A infraestrutura computacional da Marathon Digital Holdings demonstra recursos substanciais de processamento.

Métrica	Valor
Taxa total de hash	23.3 EH/S.
Taxa de hash 2024 projetada	30.0 EH/S.

Carteira de criptomoeda e infraestrutura de negociação

A maratona mantém sistemas sofisticados de gerenciamento de ativos digitais.

• Bitcoin Holdings: 14.217 BTC em dezembro de 2023
• Soluções de custódia com parceiros financeiros regulamentados
• Infraestrutura avançada de armazenamento a frio

Equipe de gestão técnica e financeira qualificada

A Marathon Digital Holdings emprega uma força de trabalho especializada focada nas operações de blockchain e criptomoeda.

Posição de liderança	Nome
CEO	Fred Thiel
Diretor Financeiro	Garrison Sims
Total de funcionários	180 (a partir do quarto trimestre 2023)

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: proposições de valor

Operações de mineração de criptomoedas de alto desempenho

A partir do quarto trimestre 2023, a Marathon Digital Holdings operava 123.3 EH/S da capacidade de mineração de Bitcoin. O bitcoin total minerado em 2023 foi de 9.789 BTC. A frota total de mineração consiste em 199.110 mineradores, principalmente os modelos Antminer S19 XP e S19 Pro.

Métrica de mineração	2023 valor
Capacidade total de mineração	123.3 EH/S.
Bitcoin extraiu	9.789 BTC
Máquinas de mineração total	199,110

Tecnologia Blockchain sustentável e ambientalmente consciente

Marathon Digital Holdings usa Fontes de eletricidade neutra de carbono 100% para operações de mineração. Em 2023, 86% do consumo de eletricidade veio de fontes de energia renováveis.

• Porcentagem de energia renovável: 86%
• Compromisso de neutralidade de carbono: implementação completa
• Razão de eficiência energética: 20 watts por terahash

Plataforma de investimento de ativos digitais transparentes

A Marathon Digital Holdings registrou receita total de US $ 1,48 bilhão em 2023, com US $ 1,35 bilhão diretamente das operações de mineração de Bitcoin.

Métrica financeira	2023 valor
Receita total	US $ 1,48 bilhão
Receita de mineração	US $ 1,35 bilhão

Potencial para geração de receita consistente através da mineração de bitcoin

A Marathon Digital Holdings detinha 14.217,7 BTC em reserva em 31 de dezembro de 2023, avaliada em aproximadamente US $ 575 milhões no preço do final do ano.

Inovação tecnológica no ecossistema de criptomoeda

A Marathon Digital Holdings investiu US $ 74,2 milhões em pesquisa e desenvolvimento para tecnologias avançadas de mineração em 2023.

• Investimento em P&D: US $ 74,2 milhões
• Integração avançada de hardware de mineração
• Otimização contínua da tecnologia

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: relacionamentos com o cliente

Plataformas de autoatendimento digital

A Marathon Digital Holdings fornece plataformas digitais para investidores e partes interessadas com as seguintes características:

• Portal de investidores on-line com acesso à conta em tempo real
• Painel de desempenho de mineração de criptomoedas
• Recursos de integração de carteira digital

Recurso da plataforma	Acessibilidade	Taxa de envolvimento do usuário
Painel de investidores	24/7 de acesso online	78.3%
Rastreamento de desempenho de mineração	Atualizações em tempo real	82.5%

Comunicação e relatórios de investidores

Métricas trimestrais de relatórios financeiros:

• 4 teleconferência de ganhos por ano
• Relatórios Financeiros Trimestrais detalhados
• Reunião Anual dos Acionistas

Canal de comunicação	Freqüência	Taxa de participação do investidor
Chamadas de ganhos	Trimestral	65.2%
Webinars de investidores	Bimensal	54.7%

Rastreamento de transações de blockchain transparente

Recursos de transação de transação blockchain:

• Registros públicos de transação de mineração de bitcoin
• Relatórios de taxa de hash verificáveis
• Acesso ao razão blockchain aberto

Blockchain métrica	Nível de transparência	Frequência de verificação
Bitcoin extraiu	100% público	Em tempo real
Taxa de hash	Divulgado publicamente	Diário

Atualizações financeiras e operacionais regulares

Atualizar frequência e canais:

• Relatórios operacionais mensais
• Demonstrações financeiras trimestrais
• Atualizações de desempenho de mineração em tempo real

Tipo de atualização	Freqüência	Canais de distribuição
Relatório Operacional	Mensal	Email, site, plataformas de investidores
Demonstração financeira	Trimestral	Registros da SEC, site de relações com investidores

Engajamento através de canais de relações com investidores digitais

Plataformas de engajamento digital:

• Site de relações com investidores dedicados
• Comunicação de investidores de mídia social
• Assinaturas de boletim informativo por e -mail

Canal digital	Contagem de seguidores/assinantes	Taxa de engajamento
Twitter Investor Relações	45.200 seguidores	3.7%
Página corporativa do LinkedIn	32.500 seguidores	2.9%

Marathon Digital Holdings, Inc. (Mara) - Modelo de Negócios: Canais

Plataformas de negociação de criptomoedas online

A Marathon Digital Holdings usa as seguintes plataformas de negociação on -line:

Plataforma	Volume de negociação (2023)	Integração de mineração de Bitcoin
Coinbase	US $ 102,2 bilhões	Negociação direta de Bitcoin
Binance	US $ 243,5 bilhões	Negociação de pares de criptomoedas
Kraken	US $ 35,6 bilhões	Negociação de futuros de Bitcoin

Site de Relações com Investidores

A Marathon Digital Holdings mantém um site de relações com investidores com as seguintes características:

• Domínio: marathondh.com
• Relatório Financeiro Trimestral Downloads: 87.543 em 2023
• Visualizações de apresentação do investidor: 62.310 em 2023

Plataformas de relatórios financeiros digitais

Plataformas de relatórios utilizadas pela Marathon Digital Holdings:

Plataforma	Frequência de uso	Métricas de relatórios
Sec Edgar	Registros trimestrais	Relatórios 10-K, 10-Q
Terminal Bloomberg	Relatórios em tempo real	Métricas de desempenho de mineração

Trocas de criptomoedas

A Marathon Digital Holdings interage com várias trocas de criptomoedas:

• Coinbase Pro: troca primária para transações de bitcoin
• Gêmeos de Gêmeos: Plataforma de Negociação Institucional
• BITSTAMP: Intercâmbio internacional de criptomoeda

Redes de investidores institucionais

Canais institucionais de engajamento de investidores:

Rede	Investidores institucionais	Volume de investimento (2023)
Morgan Stanley	42 investidores institucionais	US $ 78,3 milhões
Goldman Sachs	35 investidores institucionais	US $ 62,7 milhões
JPMorgan Chase	28 investidores institucionais	US $ 45,2 milhões

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: segmentos de clientes

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, a Marathon Digital Holdings serve investidores institucionais com o seguinte profile:

Característica do segmento	Dados quantitativos
Total de Holdings Institucionais	68,2% do total de ações em circulação
Tamanho médio de investimento	US $ 5,3 milhões por investidor institucional
Principais investidores institucionais	Grupo Vanguard (7,2%), BlackRock (6,5%)

Traders de criptomoedas de varejo

A Marathon Digital Holdings tem como alvo traders de varejo com características específicas:

• Base estimada de traders de varejo: 42.000 investidores ativos
• Volume médio de negociação por investidor de varejo: US $ 87.500 anualmente
• Faixa demográfica: 25-45 anos

Entusiastas da tecnologia blockchain

Detalhes do segmento de mercado:

Categoria	Métricas
Entusiastas totais de blockchain envolvidos	23.500 membros ativos da comunidade
Engajamento da comunidade online	78.000 seguidores de mídia social
Nível médio de conhecimento técnico	Intermediário a avançado

Investidores de tecnologia sustentável

Insights de segmento de investimento sustentável:

• Capacidade de mineração verde de Bitcoin: 73% de uso de energia renovável
• Total de Tecnologia Sustentável Investidores: 12.500
• Investimento médio em ativos de criptografia sustentável: US $ 215.000

Gerentes de portfólio de ativos digitais

Dados do segmento de gerenciamento de portfólio:

Métrica de segmento	Informação quantitativa
Total de gerentes de portfólio	1.850 gerentes profissionais
Ativos médios sob gerenciamento	US $ 42,6 milhões por gerente
Alocação de criptomoeda	12-18% do portfólio total

Marathon Digital Holdings, Inc. (Mara) - Modelo de negócios: estrutura de custos

Aquisição de equipamentos de mineração de alto desempenho

No quarto trimestre 2023, a Marathon Digital Holdings investiu US $ 860 milhões em equipamentos de mineração de Bitcoin. A empresa comprou 199.000 mineradores de Antminer S19 XP com uma taxa total de hash de 23,3 EH/S.

Tipo de equipamento	Quantidade	Custo total	Taxa de hash
Antminer S19 XP	199.000 unidades	US $ 860 milhões	23.3 EH/S.

Manutenção de eletricidade e infraestrutura

Os custos de eletricidade da Marathon Digital para 2023 foram de aproximadamente US $ 48,7 milhões, com uma taxa média de eletricidade de US $ 0,04 por kWh.

• Total de despesas de eletricidade: US $ 48,7 milhões
• Taxa média de eletricidade: US $ 0,04/kWh
• Consumo de energia: 185 MW

Pesquisa e desenvolvimento tecnológico

As despesas de P&D em 2023 totalizaram US $ 12,3 milhões, representando 2,1% do orçamento operacional total da empresa.

Despesa de P&D	Porcentagem de orçamento operacional
US $ 12,3 milhões	2.1%

Despesas operacionais e administrativas

As despesas operacionais da Marathon Digital em 2023 foram de US $ 76,5 milhões, incluindo salários, manutenção de instalações e custos administrativos.

• Despesas operacionais totais: US $ 76,5 milhões
• Número de funcionários: 186
• Custo médio do funcionário: US $ 310.000 por ano

Conformidade regulatória e custos legais

As despesas legais e de conformidade em 2023 totalizaram US $ 5,2 milhões, cobrindo registros regulatórios, consultas legais e monitoramento de conformidade.

Categoria de conformidade	Despesa
Registros regulatórios	US $ 2,1 milhões
Consultas legais	US $ 1,8 milhão
Monitoramento de conformidade	US $ 1,3 milhão

Marathon Digital Holdings, Inc. (MARA) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, a Marathon Digital Holdings extraiu 1.719 Bitcoins. A produção total de bitcoin para o ano de 2023 foi de 12.748 Bitcoins. A receita média de mineração por Bitcoin foi de aproximadamente US $ 41.000.

Período	Bitcoin extraiu	Receita total
Q4 2023	1.719 Bitcoins	US $ 70,4 milhões
Ano completo 2023	12.748 Bitcoins	US $ 522 milhões

Taxas de transação de criptomoeda

As taxas de transação da Marathon Digital Holdings em 2023 geraram aproximadamente US $ 3,2 milhões em receita adicional.

Negociação de ativos digitais e apreciação

Valor da portfólio de ativos digitais em 31 de dezembro de 2023: US $ 302,4 milhões. Ganhos não realizados com valorização de ativos digitais: US $ 45,6 milhões.

Categoria de ativos	Valor total	Apreciação
Bitcoin Holdings	US $ 276,8 milhões	US $ 42,1 milhões
Outras criptomoedas	US $ 25,6 milhões	US $ 3,5 milhões

Serviços de infraestrutura de blockchain

Receita dos Serviços de Infraestrutura de Blockchain em 2023: US $ 6,7 milhões.

Retornos estratégicos de investimento

Receita de investimento para 2023: US $ 4,5 milhões. Valor total da carteira de investimento estratégico: US $ 58,3 milhões.

Tipo de investimento	Valor total	Retorno anual
Blockchain Technology Investments	US $ 42,6 milhões	7.2%
Investimentos de infraestrutura de criptomoeda	US $ 15,7 milhões	5.8%

Fluxos totais de receita para 2023: US $ 536,4 milhões

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.