# MARA Holdings

MARA Holdings is an Asset Manager based in Greenwich, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Greenwich, United States
- **Region:** North America
- **Address:** Fort Lauderdale, FL, United States
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** mara.com

## Regulatory record

- **CRD number:** 165820
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/165820

## About

MARA operates at the intersection of energy, compute, and digital capital. It deploys digital energy technologies to advance the world's energy systems and optimizes how energy is produced, delivered, and consumed. The company colocates data centers with power sources for Bitcoin mining to help balance the grid, and is exploring AI/HPC infrastructure.

## Sectors

- Digital Infrastructure
- Energy Transition & Renewables
- AI/ML

## People

- Fred Thiel — Chairman and CEO
- Salman Khan — Chief Financial Officer

## Questions

### Who runs investment and treasury decisions at MARA Holdings?

Fred Thiel serves as Chairman and CEO, overseeing corporate strategy, capital allocation, and the Bitcoin treasury policy. The operating team includes executives with backgrounds in energy infrastructure and hardware scaling rather than traditional asset management. MARA's treasury policy — retaining most mined Bitcoin — is set at the board level, but day-to-day treasury management falls under the finance team led by CFO Salman Khan.

### How does MARA Holdings differ from a Bitcoin ETF or closed-end trust?

MARA is an operating company that generates Bitcoin through industrial-scale mining, not a passive holding vehicle. Its equity reflects both the value of the Bitcoin it holds and the operational cash flows and energy assets that produce new Bitcoin. This creates a leveraged correlation to Bitcoin price: the company's mining revenue moves directionally with Bitcoin, while its fixed-cost base and debt load can amplify equity returns in both bull and bear cycles. Unlike an ETF, MARA controls the physical infrastructure that brings new supply onto the market.

### What is MARA's approach to energy sourcing and power costs?

MARA increasingly pursues vertical integration in energy, acquiring and operating generation assets to lower power costs and lock in supply. The firm purchased a 114-megawatt wind farm in Texas in early 2024 and has explored flare gas, landfill gas, and other waste-energy streams as feedstock. Its data centers also participate in grid demand-response programs, curtailing operations during peak demand to earn reliability payments, which further reduces net power costs.

### Who were the original founders and what was the company before Bitcoin mining?

MARA Holdings incorporated in 2010 and operated for years as a patent-licensing entity — often categorized as a patent assertion vehicle — before shifting strategy abruptly. Fred Thiel, a long-time technology and industrial executive, led the conversion into cryptocurrency mining in approximately 2020. The legacy patent portfolio was largely divested or written down as the company redirected all capital toward Bitcoin mining infrastructure and balance-sheet accumulation.

### How does MARA compete with other publicly listed Bitcoin miners like Riot Platforms or Core Scientific?

MARA competes on hash rate scale, cost of electricity per kilowatt-hour, and corporate treasury posture. MARA leads the sector in total operating hash rate and Bitcoin on balance sheet, but each competitor pursues a slightly different mix: Riot also leans toward vertical energy integration, Core Scientific emphasizes hosted infrastructure for third parties, and CleanSpark focuses on low-cost, community-scale facilities. MARA's international expansion and large treasury tilt differentiate it within the peer set.

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Last updated: 2026-08-11T15:07:19.634Z

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