Summary of MARA Holdings (MARA) Conference Call - August 12, 2025 Company Overview - MARA is the largest publicly traded Bitcoin miner and the second largest globally, operating 16 data centers across four continents and owning wind farms and flare gas power generation sites [3][4] - The majority of operations are based in the U.S., with additional operations in the UAE, Finland, and Paraguay [4] Core Business Insights - The Bitcoin mining industry has evolved from small garage operations to larger, capital-intensive companies since 2018-2019, with significant capital influx [7][8] - MARA has adopted an asset-light model initially, focusing on compute and renting space, which has allowed it to scale effectively [8] - Currently, four major American companies control about 20% of global Bitcoin mining [8] Competitive Landscape - New entrants in the market include notable figures and companies aiming to become major players in Bitcoin mining, indicating a trend towards consolidation [9][10] - Some miners are pivoting to High-Performance Computing (HPC), driven by demand for power from hyperscalers [11][13] Financial Performance and Strategy - MARA's electricity cost per Bitcoin is among the lowest in the sector, at under $30,000 per coin, which is crucial for profitability [22][28] - The company has transitioned from 0% owned operations to 70% owned capacity, allowing for further cost reductions [27] - MARA is the second largest holder of Bitcoin, managing its treasury prudently to optimize returns [25][42] Future Opportunities - The company is entering the AI HPC space through a recent investment in a French technology company, which enhances its capabilities in inference at the edge [5][6] - The inference market is projected to grow significantly, with MARA targeting sectors that require on-site data processing [34][35] - The company aims for a balanced revenue model, with expectations of a 50-50 split between domestic and international operations in five years [41][45] Key Challenges and Considerations - The Bitcoin mining model is capital-intensive and requires continuous reinvestment, while the AI model offers recurring revenue potential [46][48] - The global hash rate's growth necessitates that miners continue to expand to maintain profitability [24] Unique Value Proposition - MARA differentiates itself by owning its technology stack, which enhances operational efficiency and cost management [49][50] - The focus on technology investment is seen as a long-term strategy to create a competitive moat in both Bitcoin mining and AI sectors [50][51]

Next ₿itcoin Halving Progress▓▓▓▓▓░░░░░░░░░░░░░░░░ 33%Loading…Please HODLCurrent Block: 909,292Halving Block: 1,050,000Blocks Remaining: 140,708Days Remaining: ~977 days ...

2013, 2017, 2021, and now 2025.ALL POST HALVING YEARS!Bitcoin tends to bottom in early August and rally hard afterwards.The bottom is close… https://t.co/1k5kH8JqqW ...

Company Rating - Compass Point 投资公司重申对 MARA 的“中性”评级 [1] Strategy Assessment - 该公司专注于为比特币下一次减半做准备，但依赖于未经证实的策略 [1] - 投资者可能难以立即评估这些策略 [1]

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Market Analysis & Trends - Bitcoin's having occurs approximately every four years, influencing market cycles [1][2] - Having cycles 1 and 3 saw no price drops below the having day price, while cycles 2 and 4 experienced drawdowns of about 15-20% [3][4] - Bitcoin is currently around day 439 of the cycle, suggesting the bare market may begin in approximately 100 days, based on the last two cycles [6] ROI & Diminishing Returns - Diminishing returns have been observed in each Bitcoin cycle [8][11] - In previous cycles, ROI decreased: Cycle 1 (92x), Cycle 2 (30x), Cycle 3 (8x); current cycle is below 2x [14] - At a similar point in previous cycles, Bitcoin's price increase from the having was approximately 4x in the second to last cycle and 550% in the cycle before that [11] Investment Considerations - Strategic reserves and ETFs exist, but a larger market cap requires exponentially more volume to move the price [11] - Tempering expectations is advised, as diminishing returns may continue despite new market factors [12]

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BITCOIN TYPICALLY PEAKS 18 MONTHS AFTER EACH HALVING.WILL HISTORY REPEAT ITSELF?Historically, Bitcoin reaches its cycle peak around 18 months after each halving.If this pattern holds, the next peak could occur in September, aligning with a potential Fed rate cut.But what makes this cycle different?➡️ It's institutionally driven➡️ Exhibits less volatility➡️ Shows a slower, more stable price climbUnlike past cycles, we may be in a longer, more sustained bull run.A Fed rate cut could further fuel this momentum ...

Core Insights - MARA Holdings experienced a 16.3% increase in share price in April 2025, driven by rising Bitcoin prices which enhanced the value of its assets [1] - The company's Bitcoin holdings grew from 47,531 to 48,237 coins within a month, with a dollar value increase from $3.91 billion to $4.55 billion, marking a 16.1% rise [2] - MARA has significantly expanded its mining capacity, doubling electric power service from 50 to 100 megawatts at its Ohio data center and installing 12,000 mining machines, resulting in a 5.5% increase in active mining capacity [3] Industry Context - The Bitcoin mining sector is facing increased competition and higher calculation difficulty, which has led to a slight decrease in Bitcoin production for MARA in April 2025 compared to the previous year [5] - The recent halving event in April 2024 has halved mining rewards, impacting MARA's coin production and necessitating greater effort to maintain output levels [6] - As a major Bitcoin holder and leading mining operation, MARA is positioned to gain market share as smaller competitors may be forced to exit the market due to these challenges [6]