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Here are 1-3 brief analogies to describe MARA:

• A Newmont Mining (NEM) for Bitcoin: Just as Newmont Mining invests in specialized equipment and infrastructure to extract gold from the earth, Marathon Digital Holdings invests in advanced computer hardware (ASIC miners) and large-scale data centers to "mine" and produce Bitcoin. Both companies are essentially commodity producers whose profitability and stock performance are heavily influenced by the price of the commodity they extract.

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• Bitcoin Mining: Marathon Digital Holdings operates and manages large-scale, enterprise-grade data centers to validate transactions on the Bitcoin blockchain and produce new Bitcoin.

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Marathon Digital Holdings Inc. (MARA) is a digital asset technology company that focuses on mining Bitcoin. Their primary revenue is generated from the Bitcoin they produce through their mining operations.

Due to the nature of their business, MARA does not have traditional "major customers" in the sense of specific companies or individuals with whom they maintain direct, large-scale contracts for the sale of their primary product (Bitcoin). Instead, they sell the Bitcoin they mine into a global, liquid market. The buyers in this market are diverse and operate across various platforms and channels.

Therefore, rather than identifying specific customer companies or individuals, the "customers" for MARA's product (Bitcoin) can be categorized by the types of participants in the broader cryptocurrency market:

• Retail Investors and Traders: Individuals who purchase Bitcoin through cryptocurrency exchanges for investment, speculative purposes, or transactional use. These represent a significant segment of the overall demand for Bitcoin.
• Institutional Investors and Corporations: This category includes hedge funds, asset management firms, family offices, and corporations that acquire Bitcoin for their investment portfolios, treasury management, or as part of broader digital asset strategies. MARA may engage in Over-The-Counter (OTC) sales with such entities for larger transactions.
• Cryptocurrency Exchanges and Brokers: Platforms like Coinbase (COIN), Binance, and Kraken act as intermediaries where MARA often liquidates its mined Bitcoin. While primarily facilitators, these entities also hold Bitcoin for liquidity, reserves, and proprietary trading, making them immediate counterparties in MARA's sales process.

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• Bitmain
• Applied Digital Corporation (Symbol: APLD)
• Fidelity National Information Services, Inc. (Symbol: FIS)

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Fred Thiel, Chairman & Chief Executive Officer

Fred Thiel has over 35 years of extensive experience in the technology sector and currently leads Marathon Digital Holdings, one of the largest publicly traded Bitcoin mining companies. He joined Marathon as a director in 2018 and was appointed CEO in April 2021. Thiel previously served as CEO of Thiel Advisors, where he provided guidance to management teams and boards. He was also the chairman and chief executive officer of Local Corporation, a Nasdaq-listed company focused on online local search and digital media, which he successfully transformed. His career highlights include leading companies through rapid growth to IPOs, repositioning businesses for high-value exits to strategic and financial acquirers, and executing M&A and roll-up strategies, creating billions in shareholder value. Thiel has served as a senior advisor for both private equity and venture capital firms, and is an Industrial Advisor at EQT Partners and Senior Advisor at Graham Partners, demonstrating a pattern of managing companies backed by private equity firms.

Salman Khan, Chief Financial Officer

Salman Khan was appointed Chief Financial Officer of Marathon Digital Holdings in June 2023, bringing 25 years of finance and accounting experience to the role. Prior to Marathon, he served as CFO for Verb Technology Company Inc., a Nasdaq-listed provider of interactive video-based software-as-a-service applications and an e-commerce platform, where he played a pivotal role in the sale of its core business. Before Verb, Khan held various senior executive positions at Occidental Petroleum Corporation and its spinoff, California Resources Corporation, including director of renewable energy and director of corporate development. He also spent eight years with major accounting firms such as Arthur Andersen, PricewaterhouseCoopers, and Ernst & Young, working with domestic and international clients in technology, media, telecommunications, entertainment, and biotechnology industries. Khan's M&A experience has been instrumental in acquiring operational capacity at reduced costs for Marathon.

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1. Bitcoin Price Volatility and Market Risk

   Marathon Digital Holdings' business model is heavily reliant on Bitcoin mining and holding. Consequently, the company's financial performance, revenue, and stock valuation are highly susceptible to the extreme price volatility of Bitcoin and the broader digital asset market. A lack of stability in the Bitcoin market or closure of trading venues could lead to increased price volatility and negatively impact the market value of MARA's stock. The company's "HODL" strategy, where it retains all mined Bitcoin rather than selling it, further exposes it to these market fluctuations and liquidity risks.

2. Regulatory and Legal Risks

   The cryptocurrency industry operates within a rapidly evolving and often uncertain regulatory landscape. Marathon Digital Holdings faces significant legal risks, compliance costs, and potential business disruptions due to the current and future regulatory environment for cryptocurrencies and Bitcoin mining. Changes in laws, regulations, or government restrictions on electricity use for mining activities could adversely affect operations and financial prospects. The company has also faced past regulatory scrutiny, including an SEC investigation related to a data center facility.

3. Shareholder Dilution

   Marathon Digital Holdings has utilized at-the-market ("ATM") offerings, which have contributed to the dilution of existing shareholders. If the company continues to issue shares through future ATM offerings, particularly to fund operations as necessitated by its Bitcoin holding strategy, stockholders will experience further dilution. This ongoing issuance of new stock may negatively impact the value of existing holdings. The exercise or conversion of convertible securities, options, and warrants also poses a risk of further dilution for current stockholders.

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Marathon Digital Holdings (MARA) primarily operates in the Bitcoin mining sector, with an expanding focus on the broader digital asset ecosystem and, more recently, artificial intelligence (AI) and data center infrastructure. The addressable markets for its main products and services are global.

• Cryptocurrency Mining Market: The global cryptocurrency mining market was valued at approximately USD 2.45 billion in 2024 and is projected to reach around USD 8.24 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 12.90% between 2024 and 2034. Another estimate places the global cryptocurrency mining market at USD 2.75 billion in 2025, with a projected CAGR of 13.2% through 2035. North America is a dominant region in the cryptocurrency mining market, with the U.S. holding the largest share due to favorable infrastructure and regulatory clarity.
• Overall Cryptocurrency Market: The global cryptocurrency market generated revenues of USD 5,702.5 million in 2024 and is anticipated to reach USD 11,713.1 million by 2030, growing at a CAGR of 13.1% from 2025 to 2030. The global cryptocurrency market capitalization as of current time (November 2025) is approximately USD 3.67 trillion, with Bitcoin alone accounting for USD 2.12 trillion of this total, representing a Bitcoin dominance of 57.69%.
• Bitcoin Miner Market (Hardware): The global Bitcoin Miner Market was valued at USD 11.19 billion in 2024, estimated to grow to USD 14.17 billion in 2025, and is projected to reach USD 94.14 billion by 2033, exhibiting a CAGR of 26.7% over the forecast period. The U.S. Bitcoin Miner Market contributes over 50% of global annual hardware installations.
• AI Inference-as-a-Service Market: Marathon Digital Holdings is expanding into the AI inference-as-a-service market, which is projected to reach USD 160 billion globally by 2028.

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Marathon Digital Holdings (MARA) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market dynamics:

1. Increased Bitcoin Production through Hash Rate Expansion: Marathon Digital has demonstrated significant growth in its energized hash rate, which directly translates to increased Bitcoin mining capacity. The company reported a 93% increase in energized hash rate to 36.9 exahashes per second (EH/s) in Q3 2024 and further grew to 60.4 EH/s by Q3 2025. MARA aims to reach 50 EH/s and is continually expanding its compute capacity. This expansion of mining infrastructure allows MARA to produce more Bitcoin, thereby increasing its potential revenue, especially if Bitcoin prices remain favorable.
2. Appreciation in Bitcoin Price and Strategic Holdings: A significant driver of MARA's revenue has been the increase in the average price of Bitcoin. In Q3 2025, a 92% revenue increase was largely attributed to an 88% rise in the average price of Bitcoin year-over-year. The company's strategy of retaining a significant portion of the Bitcoin it mines, which totaled 52,850 Bitcoin by the end of Q3 2025, positions it to capitalize on potential future price appreciation of the digital asset.
3. Vertical Integration and Enhanced Operational Efficiency: MARA is transitioning to a vertically integrated digital infrastructure leader, focusing on owning and operating its energy and data center infrastructure. This strategy has led to improved operational efficiency, reflected in an 18% improvement in cost of revenue per petahash per day in Q3 2024, and a 15% improvement in daily cost per petahash by Q3 2025. By developing power generation facilities and acquiring data centers, MARA aims to reduce operating costs, including potentially driving energy costs near zero over time, which directly enhances profitability and indirectly supports revenue growth by improving margins.
4. Diversification into AI-Optimized Cloud Services and High-Density Compute: Marathon Digital is strategically pivoting beyond just Bitcoin mining to integrate energy, Bitcoin, and AI compute into a scalable platform. This includes plans to acquire Exaion, a subsidiary of EDF, to expand its AI-optimized private cloud capabilities, and developing infrastructure for high-density compute applications, such as at its Granbury location in West Texas. This expansion into AI inference and sovereign compute opportunities represents a new revenue stream and a significant strategic shift towards becoming a digital infrastructure provider.
5. International Expansion: The company has articulated a clear goal of achieving 50% international revenue by 2028. To support this, MARA is actively building a significant power infrastructure pipeline globally. This geographical diversification will open new markets and customer bases for its digital infrastructure and mining operations, contributing to future revenue growth.

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Share Repurchases

• In December 2024 and July 2025, Marathon Digital Holdings allocated approximately $48 million and $50 million, respectively, from proceeds of convertible note offerings to repurchase portions of its existing 2026 convertible notes.

Share Issuance

• In July 2025, MARA completed an upsized offering of $950 million in 0.00% convertible senior notes due 2032, securing net proceeds of approximately $940.5 million for purposes including Bitcoin acquisition and general corporate use.
• In August 2024, Marathon Digital Holdings announced a proposed private offering of $250 million of convertible senior notes due 2031, with an option for initial purchasers to acquire an additional $37.5 million.
• The number of shares outstanding significantly increased, with a 69.47% rise in 2023 from 2022, a 62.17% increase in 2024 from 2023, and a 59.4% year-over-year increase by Q3 2025 to 0.470 billion shares.

Inbound Investments

• Marathon Digital Holdings has attracted strategic investment from institutional investors, including Vanguard, BlackRock, and SIG.
• Prior to Q3 2025, a strategic investment of approximately $72 million was announced from BH Digital (Brevan Howard's digital asset division), Galaxy Digital, and Weiss Asset Management, involving the issuance and sale of about 63.7 million shares.

Outbound Investments

• In June 2025, Marathon Digital Holdings acquired a 64% controlling stake in Exaion, a high-performance computing (HPC) and artificial intelligence (AI) infrastructure provider, for $168 million in cash, with an option to increase its stake to 75% for an additional $127 million.
• In December 2023, Marathon acquired two operational Bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million, which closed in January 2024.
• Before February 2021, the company purchased $150 million worth of Bitcoin and acquired over 100,000 Bitcoin miners as part of its strategic shift into digital assets.

Capital Expenditures

• Marathon Digital Holdings invested over $238 million in orders for mining rigs over the past year (as of May 2021), including a $170 million purchase for 70,000 Antminer S19 in late 2020.
• In August 2021, the company committed $120.7 million to purchase an additional 30,000 Antminer S19j Pro miners, with deliveries expected between January and June 2022.
• The company is actively developing a 3+ gigawatt power infrastructure pipeline and plans to expand data center capacity to 1.5 gigawatts, supporting its vertical integration strategy and diversification into AI/HPC.