Bitcoin miner MARA Holdings spent $4.3 million on personal security for CEO Fred Thiel in 2025, a dramatic increase from just $191,040 the prior year, according to a DEF 14A filing with the U.S. Securities and Exchange Commission. The costs included $430,780 to armor Thiel’s vehicle, $58,810 for home security installations, and ongoing bodyguard services.
The disclosure comes amid a 75% surge in physical attacks against cryptocurrency holders in 2025, with cybersecurity firm CertiK verifying 72 incidents that resulted in $41 million in known losses. These so-called “wrench attacks” involve violence or kidnapping to coerce victims into surrendering private keys or account access. France led with 19 confirmed cases, prompting its junior interior minister to announce preventive measures, while 88 people—including 10 minors—were charged in connection with such attacks.
MARA’s spending is part of a broader industry trend. Coinbase spent $7.6 million on security for CEO Brian Armstrong in 2025, while Gemini committed $400,000 per month to protect the Winklevoss twins. The expenses reflect the unique risks posed by publicly visible blockchain holdings: MARA itself holds 38,689 BTC, making its executives high‑profile targets. The company’s annual shareholder meeting, scheduled virtually for June 18, 2026, will include a vote on CEO Thiel’s total compensation package.
