MARA Holdings, Inc. Q3 FY2024 earnings call

• Fred announced acquisition of ~372 MW of owned and operated capacity in Ohio, including two operational data centers in Hannibal and Hopedale with 222 MW combined capacity, and a greenfield 150 MW data center in Findlay. These sites aim to lower operating costs, with on-site generation from partnership with NGON generating electricity at ~$0.01/kWh vs market ~$0.04/kWh. • Salman noted acquiring assets at ~$270,000 per MW, a low multiple among peers, increasing total nameplate capacity to ~1.5 GW with 65% owned and operated. Focus on owned and operated sites to reduce operating costs and diversify portfolio across jurisdictions.

No traditional product segment breakdown with revenue contributions; instead, focus on data center acquisitions. MARA announced adding ~372 MW of owned and operated capacity in Ohio, including acquisition of two data centers (222 MW) and development of a 150 MW greenfield data center. Total nameplate capacity increased to just under 1.5 GW, with ~65% owned and operated.

• Intend to fully energize the 372 MW of owned and operated capacity in Ohio by the end of 2025. • Plan to continue expanding and diversifying owned and operated sites to yield cost savings. • Have machines in inventory on order for growth spurts next year, anticipating a capacity-constrained market for some miners, positioning MARA as cost-effective with custom miners and 2PIC immersion technology.

• Forward-looking statements involve risks, including those in the most recent annual report on Form 10-K and other periodic reports. • Bitcoin price fluctuations, which impact financial performance. • Supply chain issues, such as wafer shortages in the GPU space, though no impact on Auradine or MARA's access to wafers indicated. • Regulatory uncertainties, including potential changes in crypto and energy policies.

Q: Kevin Dede asks about how the Ohio deal fits into MARA's thesis of driving energy costs to near zero.

A: Fred responds that the sites allow lowering operating costs, with on-site generation from NGON at ~$0.01/kWh vs market $0.04/kWh, and plans to partner with AI/hyperscalers to subsidize costs.

Q: Kevin asks about MARA's HODL strategy.

A: Fred discusses buying Bitcoin opportunistically, hybrid strategy of buying Bitcoin and mining, with an average cost of Bitcoin under $50,000, and $2.5 billion in Bitcoin on the balance sheet, providing financial flexibility.

Q: Robert Samuels asks Fred about MARA's involvement in shaping US Bitcoin and mining energy policy.

A: Fred states MARA will engage with government branches to highlight benefits of Bitcoin mining for the energy grid, as Bitcoin mining provides dispatchable load needed for grid transition with intermittent renewables.