TL;DR:
- MARA Holdings allocated $4.3 million to the personal security of CEO Fred Thiel in 2025, including the armoring of a vehicle.
- MARA also spent $3.9 million on security for CFO Salman Khan, according to its DEF 14A filing with the SEC.
- Physical attacks against crypto executives grew 75% in 2025, with around 72 verified incidents according to CertiK.
MARA Holdings, the seventh-largest Bitcoin mining company in the world with a valuation exceeding $5 billion, allocated $4.3 million to the personal security of its CEO Fred Thiel during fiscal year 2025.
These costs were disclosed in the DEF 14A filing submitted to the U.S. Securities and Exchange Commission (SEC) on April 30, and reveal the growing expense that physical security represents for companies in the sector.
MARA “Armors Up” Its Executives
The cost breakdown includes $430,780 for the armoring of a vehicle, $58,810 in security installations at Thiel’s home, and additional line items for bodyguards and other protective measures. These figures stand in sharp contrast to the $191,040 MARA reported under the same category in 2024. The CEO’s total “Other Benefits” grew from $201,390 to $4.4 million in a single year.
MARA also reported $3.9 million in security expenses for CFO Salman Khan, including $438,380 for the armoring of his own vehicle.
A Security Crisis for Crypto Executives and Users
The surge in security spending reflects the crisis of violent attacks affecting the industry and the broader community. Cybersecurity firm CertiK recorded 72 verified incidents of physical coercion in 2025, a 75% increase compared to the previous year. These attacks, known as “wrench attacks“, involve the use of violence, kidnapping or threats to force victims into surrendering private keys, passwords or account access. Unlike traditional financial theft, they exploit the portability and public visibility of the assets.
France recorded the highest number of cases in 2025, with 19 confirmed attacks. Junior Interior Minister Jean-Didier Berger announced the implementation of specific preventive measures. At least 88 people, including 10 minors, were charged in connection with attacks against cryptocurrency holders in the country.
