MARA Holdings Inc. (NASDAQ:MARA) CEO Fred Thiel said Thursday the company plans to adopt an opportunistic approach, leveraging Bitcoin (CRYPTO: BTC) to enhance “financial flexibility” where appropriate.
MARA Records Paper Losses On Bitcoin
During MARA’s fourth-quarter earnings call, Thiel admitted that recent volatility in Bitcoin price has affected the sector’s sentiments and aspects of the company’s trading performance.
The company reported a fourth-quarter net loss of $1.7 billion, primarily due to a $1.5 billion hit from the fair value markdown on its Bitcoin holdings. The apex cryptocurrency tumbled 23% during the quarter.
“Historically, we retained the majority of the Bitcoin we mined as a long-term strategic asset,” the CEO said. “Looking ahead, we expect to continue taking an opportunistic approach using Bitcoin to enhance …