Marathon Digital Tops Bitcoin Holdings with Additional $573M Purchase 

In a significant milestone, Bitcoin mining firm Marathon Digital has acquired 5,771 BTC worth approximately $573 million. The latest move follows a day after the firm raised $1 billion in convertible notes to increase its Bitcoin holdings.

With our 0% convertible note offering:

– We acquired 5,771 BTC so far, at an average price of $95,554 per BTC.
– 35% BTC Yield Per Share
– Total owned BTC: ~33,875 BTC, currently valued at $3.4B based on a spot BTC price of $99k. pic.twitter.com/1agzZmLvZP

— MARA (@MARAHoldings) November 22, 2024

Marathon Digital Tops BTC Stash

According to the company, 5,771 BTC was purchased through its 0% convertible note offering at an average price of $95,554 per bitcoin. This move demonstrates its commitment to expanding its Bitcoin reserves amid rising institutional interest in the apex cryptocurrency.

Moreover, the Bitcoin miner has achieved a 35% BTC yield per share, reflecting the financial benefits of its aggressive Bitcoin accumulation strategy. The latest purchase has taken Marathon Digital’s total Bitcoin holding to approximately 33,875 BTC, valued at $3.4 billion based on current market value.

Since this year, the firm has taken several steps to boost its Bitcoin stash. In August, the company raised funds and bought 4,144 BTC worth roughly $249 million. With the recent acquisition, Marathon Digital continues to position itself as the public Bitcoin miner with the largest BTC holdings, as well as reinforces its strategy to accumulate the leading cryptocurrency as a corporate asset.

Institutional Players Ride BTC’s Bullish Momentum

Marathon Digital’s bitcoin strategy reflects a broader trend of institutional players adding to their BTC reserves as the current bull market continues. Specifically, this approach mirrors MicroStrategy, the largest corporate holder of Bitcoin. The company’s most recent acquisition occurred this week when it scooped up 51,780 BTC for $4.6 billion.

Similarly, the Japanese investment firm Metaplanet, popularly deemed “Asian MicroStrategy,” has consistently increased its exposure to Bitcoin in several large acquisitions since May, when it decided to adopt the leading cryptocurrency as a key part of its treasury. In a recent move, the company purchased 124 BTC, taking its total Bitcoin stash to 1,142 BTC worth over $73.56 million.

As Bitcoin continues to witness bullish momentum, institutional players are consistently acquiring the asset, underscoring their confidence in its long-term growth and potential. As of the time of writing, the leading cryptocurrency exchanged hands at $98,662, representing a 0.29% increase in the last 24 hours.