Bitcoin mining company MARA Holdings spends over $869,000 on vehicle bulletproofing services for executives

According to the recently released DEF14A compensation filing by Bitcoin mining company MARA Holdings, the company paid $4.3 million for personal security-related expenses for CEO Fred Thiel under its security plan, including a one-time vehicle bulletproofing cost of $430,000 and a home security installation cost of $58,000. Meanwhile, it paid $3.946 million for personal security expenses for CFO Salman Khan, which included a one-time vehicle bulletproofing cost of $438,000.

The board of directors of MARA Holdings stated that due to the company's public disclosure of holding a large amount of Bitcoin assets, executives face significantly higher risks compared to those at other public companies. Therefore, providing the aforementioned security measures is commercially relevant and necessary. (FT)