MARA has reached a significant milestone, with its treasury now holding over 50,000 bitcoins. This achievement is attributed to the company's long-term "HODL" (holding) strategy, as well as two strategies that MARA refers to as "dual turbocharging": mining and purchasing bitcoins on the open market.
With a powerful mining engine and prudent capital allocation, MARA is not only the largest public bitcoin miner (controlling approximately 5% of the bitcoin network's hash rate as of the time of writing) but also the largest bitcoin holder among public miners. In fact, the number of bitcoins held by MARA exceeds the total of the next five largest public miners combined, which attests to the scale and consistency of its accumulation strategy. In other words, if a miner maintains a 5% network hash rate today, it would take them more than 12 years to accumulate 50,000 bitcoins.
Putting MARA's financial situation into perspective
To understand the scale of MARA's 50,000-bitcoin reserve, it is necessary to translate it into more accessible terms. The following comparisons can intuitively illustrate the size of MARA's holdings:
As of the time of writing, 50,000 bitcoins are worth approximately $5.45 billion. Converted into U.S. dollar bills, these bitcoins could cover about 22 square miles (approximately 57 square kilometers), nearly the entire area of Manhattan. Stacked together, these bills would have a volume exceeding 217,000 cubic feet (approximately 547,000 cubic meters), forming a block 130 feet (about 49 meters) long, 55 feet (about 17.7 meters) wide, and 30 feet (about 9.1 meters) high, roughly the size of a three-story building, requiring a cargo ship for transportation.
The construction cost of the world's tallest building, the Burj Khalifa, was $1.5 billion. At current valuations, 50,000 bitcoins could fund the construction of the Burj Khalifa more than three times over. Once completed, the Jeddah Tower will become the new tallest building in the world, with a construction cost of $1.2 billion. 50,000 bitcoins could build four Jeddah Towers, each standing one kilometer tall.
In 2010, a man in Florida made headlines by using 10,000 bitcoins to buy two large pizzas (valued at about $40 at the time). Fast forward to today: 50,000 bitcoins could buy a $15 pizza for every person in the country. Moreover, after feeding the entire nation, there would still be $319 million left as a tip. This is a striking example of how MARA's holdings and bitcoin itself have evolved into truly remarkable assets.
The road ahead
Surpassing the 50,000-bitcoin milestone reflects MARA's commitment to strategic discipline, scale, and conviction. As the company continues to adapt to market conditions, its core goal remains unchanged: to lead the industry with capital efficiency, operational excellence, and a long-term vision. We believe that bitcoin is not just a store of value but also a strategic asset that will continue to drive the company's growth.