Bitcoin Miner MARA Holdings Spends $1.53B to Buy 15,574 BTC

Bitcoin mining company MARA Holdings (formerly Marathon Digital) has boosted its BTC holdings by purchasing 15,574 BTC worth approximately $1.53 billion. Each bitcoin sold for an average of $98,529 at the time of acquisition.

Following its latest BTC purchase, MARA’s bitcoin yield year-to-date is 60.9%, an applaudable record resulting from BTC’s price performance within the same period.

MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per #bitcoin and repurchased ~$263 million in aggregate principal amount… pic.twitter.com/ycGRk9BYfv

— MARA (@MARAHoldings) December 19, 2024

MARA Increases BTC Holdings

Like MicroStrategy, the business intelligence firm that popularized the frequent Bitcoin buying practice, MARA has actively explored raising cash from investors through senior convertible note offerings.

Convertible notes are debt securities that can be converted to a predetermined number of shares of a company’s stock. Public companies employ such offerings to raise additional cash for their business operations. They can offer the note to investors with or without interest.

MARA disclosed that it raised $1.925 billion between November and December by offering zero-coupon convertible notes to investors. This implies that investors are ready to invest their money in the Bitcoin miner without expectation of interest on their investments.

Aside from acquiring BTC, MARA noted that it repurchased approximately $263 million “in aggregate principal amount of its existing convertible notes due 2026.” It added that the remainder of the fund will be funneled toward bolstering its BTC stockpile.

MARA Holdings’ continuous BTC acquisitions have cemented its position as the leading Bitcoin mining firm holding the apex crypto asset. Data from BitcoinTreasuries shows that the firm also sits as the second-largest corporate Bitcoin holder, trailing MicroStrategy. The business intelligence company holds 439,000 BTC following its last big buy earlier this week.

Meanwhile, MARA Holdings has set a precedent for other Bitcoin mining companies by frequently acquiring BTC. Riot Platforms is closely following MARA with a portfolio of 17,429 BTC. Earlier today, another Bitcoin miner, Hut 8, positioned itself as the third-largest in the miners’ hierarchy by buying $100 million worth of BTC, taking its stockpile to 10,096 BTC.