MARA Holdings spends millions on executive security, vehicle bulletproofing

MARA Holdings (MARA) has spent a significant amount on an executive security plan, including bulletproofing vehicles, the Financial Times (FT) reported. According to a company filing, MARA spent a total of $4.3 million on personal security for CEO Fred Thiel, which included $430,000 for vehicle armor and $58,000 for a home security system. The company also spent $3.95 million on security for CFO Salman Khan, including a one-time cost of $438,000 for bulletproofing a vehicle. MARA Holdings justified the measures as "reasonable and necessary," stating that its executives face higher risks than those at other public companies due to its publicly disclosed, large Bitcoin holdings. The company disclosed in the first quarter that it holds 38,689 BTC.