Marathon Digital acquires two Bitcoin mining sites for $178.6M; portfolio capacity +56% to 910 MW

MARA Holdings, Inc.

Purchase price $178.6M ($458k/MW) for 390 MW sites in Granbury, TX and Kearney, NE; to be paid in cash from balance sheet.
Transaction increases portfolio from 584 MW to 910 MW (56% gain); Marathon becomes owner of fully owned sites for first time.
82 MW vacant for immediate expansion; expects cost per coin reduction of ~30% at these sites.
Plans to double operational hash rate to ~50 EH over 18-24 months; no financing contingency.
Closing expected Q1 2024, subject to HSR and other conditions; reverse termination fee $9.0125M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MARA Holdings, Inc. entered into definitive purchase agreement with subsidiaries of Generate Capital, PBC valued at $178.6 million (effective 2023-12-19).

Action: entry
Agreement: asset purchase
Counterparty: subsidiaries of Generate Capital, PBC
Value: $178.6 million
Effective: 2023-12-19

Exact text from the filing

Marathon Digital Holdings, Inc. (NASDAQ:MARA) (“Marathon” or “Company”) , a leader in supporting and securing the Bitcoin ecosystem, has entered into a definitive purchase agreement to acquire two currently operational Bitcoin mining sites , totaling 390 megawatts of capacity, from subsidiaries of Generate Capital, PBC (“Generate”) for a total of $178.6 million

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MARA Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-045354

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