{{short description|American patent holding company}} {{Infobox company | name = MARA Holdings, Inc. | type = Public | traded_as = {{ubl|{{NASDAQ|MARA}}|S&P 600 component}} | founded = {{Start date and age|2010|2|23}} | former_names = {{Unbulleted list| Verve Ventures, Inc. (2010–2011) |American Strategic Minerals Corporation (2011–2012) | Marathon Patent Group (2012–2021) | Marathon Digital Holdings (2021–2024) }} | key_people = Fred Thiel (CEO) | hq_location = {{nowrap|Fort Lauderdale, Florida, U.S.}} | num_employees = {{approx.|150}} (July 2024) | revenue = {{increase}} {{US$|388 million|link=yes}} (2023) | assets = {{increase}} {{US$|6.80 billion}} (2024) | website = {{URL|https://mara.com}} | footnotes = <ref name="AR2024">{{cite report |url=https://www.sec.gov/Archives/edgar/data/1507605/000150760525000003/mara-20241231.htm |title=2024 Annual Report (Form 10-K) |date=February 28, 2025 |publisher=U.S. Securities and Exchange Commission}}</ref> }}
'''MARA Holdings, Inc.''' (formerly '''Marathon Digital Holdings''' and '''Marathon Patent Group''') is an American digital asset technology and cryptocurrency mining company headquartered in Fort Lauderdale, Florida. Founded in 2010, the company initially operated as a patent holding company before pivoting in the late 2010s to focus on blockchain infrastructure and digital assets.
MARA is one of the largest publicly traded bitcoin and kaspa miners in the world, and as of August 2025 is the second-largest corporate holder of bitcoin. The company operates large-scale mining facilities in the United States and abroad, known for its purchases of bitcoin and bitcoin mining equipment and a joint venture to use 37 MW from the Hardin Generating Station Montana coal plant to power an adjacently-constructed Marathon bitcoin data center.
== History == Marathon Patent Group was incorporated on February 23, 2010, as a patent holding company headquartered in Fort Lauderdale, Florida. Through its subsidiary Uniloc, the company focused on acquiring patents and pursuing litigation against technology firms.<ref name="AR2023">{{cite report |url=https://www.sec.gov/Archives/edgar/data/1507605/000162828024007680/mara-20231231.htm |title=2023 Annual Report (Form 10-K) |date=February 28, 2024 |publisher=U.S. Securities and Exchange Commission}}</ref><ref>{{cite web |last1=Mullin |first1=Joe |date=2017-06-06 |title=How one patent troll is desperately trying to stay in East Texas |url=https://arstechnica.com/tech-policy/2017/06/how-one-patent-holding-company-is-desperately-trying-to-stay-in-east-texas/ |accessdate=2021-02-10 |website=Ars Technica}}</ref><ref>{{cite web |last1=Crecente |first1=Brian |date=2012-07-23 |title=Uniloc founder says he's not a 'patent troll', reacts to 'disgusting' 'Minecraft' fan emails |url=https://www.polygon.com/gaming/2012/7/23/3178322/uniloc-founder-says-hes-not-a-patent-troll-reacts-to-disgusting |accessdate=2021-02-10 |website=Polygon}}</ref>
During the 2010s, Marathon acquired patents related to encryption technology. In the late 2010s, the company shifted their focus toward cryptocurrency and blockchain technologies. By 2021, it was known for large-scale purchases of bitcoin and mining equipment, and it entered into a joint venture to power a bitcoin data center using 37 megawatts from the Hardin Generating Station, a coal-fired plant in Montana.<ref>{{Cite web |last=Linecker |first=Adelia Cellini |date=September 1, 2022 |title=Marathon Digital Holdings Stock Struggles As Bitcoin Tumbles; Is MARA Stock A Buy Now? |url=https://www.investors.com/news/marathon-digital-mara-stock-buy-now/ |work=Investor's Business Daily |issn=1061-2890}}</ref><ref>{{cite news |last1=Randewich |first1=Noel |date=2021-02-10 |title=Musk's bitcoin bet fuels gains in companies already invested |url=https://www.reuters.com/article/us-crypto-currency-companies-idUSKBN2AA0GA |accessdate=2021-02-10 |newspaper=Reuters |via=www.reuters.com}}</ref><ref>{{cite web |date=2021-02-05 |title=Crush the Crypto Market with Marathon Patent Group |url=https://investorplace.com/2021/02/crush-the-crypto-market-with-a-stake-in-mara-stock/ |accessdate=2021-02-10}}</ref><ref>{{Cite web |title=Bitcoin miner Marathon signs for coal-fired electricity in Montana |url=https://www.datacenterdynamics.com/en/news/bitcoin-miner-marathon-signs-coal-fired-electricity-montana/ |access-date=2021-08-05 |website=www.datacenterdynamics.com |language=en |quote=Bitcoin mining company Marathon Patent Group has announced plans to build a specialized Bitcoin data center in Montana. The facility will use cheap coal-fired electricity, backed by utility Beowulf Energy, which will take a stake in Marathon. In the joint venture, Beowulf gets part-ownership of Marathon, but Marathon keeps the Bitcoin output from a data center that will use an estimated 37MW of power from Beowulf's 119MW Hardin Generating Station in Big Horn County, Montana. Marathon will pay $0.028/kWh for the energy, which is about a quarter of the average US domestic rate of around $0.11/kWh.}}</ref>
On March 1, 2021, the company changed its name to Marathon Digital Holdings to reflect its new business focus.<ref>{{Cite web |title=Form 8-K MARA Holdings, Inc. For: Aug 30 |url=https://www.streetinsider.com/SEC+Filings/Form+8-K+MARA+Holdings,+Inc.+For:+Aug+30/23690792.html |access-date=2024-12-15 |website=StreetInsider.com |language=en}}</ref>
In December 2023, Marathon acquired two operational bitcoin mining facilities from subsidiaries of Generate Capital for $178.6 million, expanding its mining capacity.<ref>{{Cite press release |title=Marathon Digital Holdings Enters Definitive Agreement To Acquire Multiple Bitcoin Mining Sites for $179 Million |date=2023-12-19 |url=https://finance.yahoo.com/news/marathon-digital-holdings-enters-definitive-130000679.html |language=en-US |via=Yahoo Finance |access-date=2023-12-19 |work=Global Newswire}}</ref>
On August 29, 2024, the company rebranded again, adopting the name MARA Holdings, Inc.
As of August 2025, it is one of the world's largest bitcoin and kaspa miners, and the second-largest corporate holder of bitcoin, with 50,639 BTC reported on its balance sheet.<ref>{{Cite news |date=2024-12-03 |title=Bitcoin Miner MARA Buys Texas Wind Farm as AI Crowds Out Crypto |url=https://www.bloomberg.com/news/articles/2024-12-03/bitcoin-miner-mara-buys-texas-wind-farm-as-ai-crowds-out-crypto |access-date=2024-12-15 |work=Bloomberg.com |language=en}}</ref><ref>{{Cite web |date=2025-08-04 |title=MARA Announces Bitcoin Production and Mining Operation Updates for July 2025 |url=https://ir.mara.com/news-events/press-releases/detail/1406/mara-announces-bitcoin-production-and-mining-operation-updates-for-july-2025 |url-status=live |archive-url=https://archive.today/20250819155316/https://ir.mara.com/news-events/press-releases/detail/1406/mara-announces-bitcoin-production-and-mining-operation-updates-for-july-2025 |archive-date=2025-08-19 |access-date=2025-08-19 |website=MARA Holdings Inc}}</ref><ref>{{Cite web |date=2025-08-19 |title=Bitcoin: Top Public Bitcoin Treasury Companies |url=https://www.bitcoinmagazinepro.com/charts/bitcoin-treasury-public-listed-companies/ |url-status=live |archive-url=https://archive.today/20250819154752/https://www.bitcoinmagazinepro.com/charts/bitcoin-treasury-public-listed-companies/ |archive-date=2025-08-19 |access-date=2025-08-19 |website=Bitcoin Magazine}}</ref>
== Leadership == Its chief executive officer is Fred Thiel. Leena Jaitley, founder of MTN group is one of the largest shareholders.<ref name="Ostroff">{{cite news |last1=Ostroff |first1=Caitlin |last2=Spegele |first2=Brian |date=2021-05-21 |title=Bitcoin Miners Are Giving New Life to Old Fossil-Fuel Power Plants |url=https://www.wsj.com/articles/bitcoin-miners-are-giving-new-life-to-old-fossil-fuel-power-plants-11621594803 |access-date=23 May 2021 |work=Wall Street Journal}}</ref>
== Controversy == As Marathon Patent Group, the company gained a reputation as a "patent troll" due to its business model of acquiring patents with the sole purpose of suing other companies for infringement. Its subsidiary, Uniloc, was a prominent non-practicing entity that filed numerous lawsuits against well-known tech firms, leading to public criticism and a negative reputation.<ref>{{Cite web |last=Finger |first=Richard |date=2013-05-06 |title=New IP Company Marathon Patent Group Promises Diversification Amid Risky Environment |url=https://www.forbes.com/sites/richardfinger/2013/05/06/new-ip-company-marathon-patent-group-promises-diversification-amid-risky-environment/ |url-status=live |archive-url=https://archive.today/20250819165555/https://www.forbes.com/sites/richardfinger/2013/05/06/new-ip-company-marathon-patent-group-promises-diversification-amid-risky-environment/ |archive-date=2025-08-19 |access-date=2025-08-19 |website=Forbes}}</ref>
In July 2024, a federal jury in California found Marathon liable for $138 million for breaching a non-circumvention agreement with investor Michael Ho. The jury concluded that Marathon used proprietary information and a bitcoin mining strategy Ho had provided in 2020, without compensating him as required under the agreement. Marathon stated that it respects the verdict but disputed the jury's findings and stated that the damages awarded have "no legal basis."<ref>{{Cite web |date=2024-08-15 |title=Marathon Digital fined $138 Million for Breaching an Agreement with Cryptocurrency Investor |url=https://www.expertinstitute.com/resources/insights/marathon-digital-fined-138-million-for-breaching-an-agreement-with-cryptocurrency-investor/ |url-status=live |archive-url=https://archive.today/20250819161535/https://www.expertinstitute.com/resources/insights/marathon-digital-fined-138-million-for-breaching-an-agreement-with-cryptocurrency-investor/ |archive-date=2025-08-19 |access-date=2025-08-19 |website=Expert Institute}}</ref><ref>{{Cite web |date=2024-07-23 |title=Largest Bitcoin Miner on Wall Street Ordered to Pay $138 Million |url=https://www.financemagnates.com/cryptocurrency/largest-bitcoin-miner-on-wall-street-ordered-to-pay-138-million/ |archive-url=https://archive.today/20250819162137/https://www.financemagnates.com/cryptocurrency/largest-bitcoin-miner-on-wall-street-ordered-to-pay-138-million/ |archive-date=2025-08-19 |access-date=2025-08-19 |website=Finance Magnates}}</ref>
The Hardin, Montana joint venture drew regulatory and legal scrutiny after Marathon disclosed in November 2021 that it had received an SEC subpoena seeking documents related to the issuances of 6 million shares tied to the project. The company also faced multiple investor class-action lawsuits alleging misleading statements about the venture and its regulatory risks. While the lawsuits were voluntarily dismissed in October 2022, the event resulted in a significant drop in the company's stock price.<ref>{{Cite web |date=2025-08-19 |title=Investigation of Marathon Digital Holdings, Inc |url=https://robbinsllp.com/marathon-digital-holdings-inc/ |url-status=live |archive-url=https://archive.today/20250819162536/https://robbinsllp.com/marathon-digital-holdings-inc/ |archive-date=2025-08-19 |access-date=2025-08-19 |website=Robins LLP}}</ref>
In May 2021, Marathon sparked widespread controversy within the cryptocurrency community by announcing that it would operate a "fully compliant" mining pool. The company stated that the pool would use software to filter out transactions from sanctioned entities on the U.S. Office of Foreign Assets Control (OFAC) list. This decision was met with immediate backlash from Bitcoin advocates and community members who criticized the move as a form of censorship that undermined the core, permissionless, and censorship-resistant principles of the Bitcoin network. Following the public outcry, Marathon reversed its decision in late May 2021, announcing it would no longer filter transactions.<ref>{{Cite web |date=2021-05-05 |title=Marathon Digital Holdings Becomes the First North American Enterprise Miner to Produce Fully AML and OFAC Compliant Bitcoin |url=https://ir.mara.com/news-events/press-releases/detail/1239/marathon-digital-holdings-becomes-the-first-north-american-enterprise-miner-to-produce-fully-aml-and-ofac-compliant-bitcoin |url-status=live |archive-url=https://archive.today/20250819163300/https://ir.mara.com/news-events/press-releases/detail/1239/marathon-digital-holdings-becomes-the-first-north-american-enterprise-miner-to-produce-fully-aml-and-ofac-compliant-bitcoin |archive-date=2025-08-19 |access-date=2025-08-19 |website=MARA Holdings Inc}}</ref><ref>{{Cite web |date=2021-05-31 |title=Marathon Signals for Taproot |url=https://ir.mara.com/news-events/press-releases/detail/1244/marathon-signals-for-taproot |url-status=live |archive-url=https://archive.today/20250819163947/https://ir.mara.com/news-events/press-releases/detail/1244/marathon-signals-for-taproot |archive-date=2025-08-19 |access-date=2025-08-19 |website=MARA Holdings Inc}}</ref>
In July 2024, ''Time'' magazine published an investigation into numerous noise and health complaints by residents of Granbury, Texas, many of whom attributed their ailments to a nearby Bitcoin mining facility owned and operated by Marathon Digital.<ref>{{Cite web |last=Chow |first=Andrew R. |date=2024-07-08 |title=‘We’re Living in a Nightmare:’ Inside the Health Crisis of a Texas Bitcoin Town |url=https://time.com/6982015/bitcoin-mining-texas-health/ |url-status=live |archive-url=https://web.archive.org/web/20240709002539/https://time.com/6982015/bitcoin-mining-texas-health/ |archive-date=2024-07-09 |access-date=2024-07-09 |website=TIME |language=en}}</ref>
In November 2025, US district judge Reed O'Connor denied Marathon's request for a restraining order that sought to block Mitchell Bend, a rural area in Hood County, Texas, from voting on whether to incorporate as a city, which would allow the community to regulate a nearby Bitcoin mine owned by Marathon.<ref>{{Cite web |last=Peña |first=Pablo Arauz |date=2025-11-03 |title=Judge denies Bitcoin company's request to block local election in Hood County |url=https://www.keranews.org/news/2025-11-03/bitcoin-hood-county-lawsuit-ruling-mitchell-bend-election |url-status=live |archive-url=https://web.archive.org/web/20251104212412/https://www.keranews.org/news/2025-11-03/bitcoin-hood-county-lawsuit-ruling-mitchell-bend-election |archive-date=2025-11-04 |access-date=2025-11-04 |website=KERA |language=en}}</ref>
==See also== * Uniloc v. Microsoft * Uniloc
==References== {{Reflist}}
==External links== *{{Official|https://www.mara.com}} {{Finance links | name = Marathon Digital Holdings, Inc. | symbol = MARA | reuters = MARA.O | bloomberg = MARA:US | sec_cik = 1507605 | yahoo = MARA | google = MARA:NASDAQ }}
Category:Companies listed on the Nasdaq Category:Patent monetization companies of the United States Category:Companies based in Fort Lauderdale, Florida