MARA MARA Holdings Inc

MARA Holdings, Inc. (NASDAQ: MARA) ("MARA" or the "Company"), a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin mining, to monetize excess energy and optimize power management, today published unaudited bitcoin ("bitcoin" or "BTC") production updates for May 2025.

Management Commentary

"May was a record-breaking month for MARA with 282 blocks won, a 38% increase over April and a new monthly high," said Fred Thiel, MARA's chairman and CEO. "Our total bitcoin holdings surpassed 49,000 BTC during May and the 950 bitcoin produced were the most since the halving event in April 2024.

"Our fully integrated tech stack is a key differentiator, and MARA Pool is the only self-owned and operated mining pool among public miners, offering greater control and efficiency. Operating our pool means no fees to external operators and retention of the full value of block rewards. Production in May also benefitted from block reward luck. Since launch, MARA Pool’s block reward luck has outperformed the network average by over 10%, contributing to our industry-leading block production.

"We remain laser-focused on transforming MARA into a vertically integrated digital energy and infrastructure company. We believe this model gives us tighter operational control, improves cost-efficiency, and makes us more resilient to shifts in the broader economy."

Operational Highlights and Updates

Figure 1: Operational Highlights

		Prior Month Comparison
Metric		5/31/2025				4/30/2025				% Δ
Number of Blocks Won 1			282				205				38	%
BTC Produced			950				705				35	%
Average BTC Produced per Day			30.7				23.5				31	%
Share of available miner rewards 2			6.5	%			5.1	%			NM
Transaction Fees as % of Total 1			1.5	%			1.3	%			NM
Energized Hashrate (EH/s) 1			58.3				57.3				2.0	%

1. These metrics are MARAPool only and do not include blocks won from joint ventures.
2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

NM - Not Meaningful

As of May 31, 2025, the Company held a total of 49,179 BTC*. MARA opted not to sell any BTC in May.

*Includes loaned and collateralized bitcoin

Investor Notice Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading "Risk Factors" in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See "Forward-Looking Statements" below.

The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words "may," "will," "could," "anticipate," "expect," "intend," "believe," "continue," "target" and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected benefits of MARA’s transformation into a vertically integrated digital energy and infrastructure company. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

About MARA

MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

For more information, visit www.mara.com, or follow us on:

Twitter: @MARAHoldings LinkedIn: www.linkedin.com/company/maraholdings Facebook: www.facebook.com/MARAHoldings Instagram: @maraholdingsinc

MARA Company Contact: Telephone: 800-804-1690 Email: ir@mara.com

MARA Media Contact: Email: marathon@wachsman.com