MARA, a Bitcoin miner, has acquired 15,574 BTC with a total value of $1.53 billion, bringing its total number of BTC held to 44,394.
MARA Holdings, a Bitcoin miner, has announced that it has acquired 15,574 BTC with a total value of $1.53 billion. This transaction brings the total number of Bitcoin held to 44,394 BTC, making the company the publicly traded company with the largest reserves of Bitcoin.
MARA, a Bitcoin miner, acquires 15,574 BTC for $1.53 billion
MARA filed to the SEC that the acquisition was funded by the proceeds of its recently concluded zero-coupon convertible note offerings. The company also disclosed that it had repurchased approximately $263 million in aggregate principal amount of its existing convertible notes due in 2026. It intends to use the proceeds from the remaining notes to acquire additional Bitcoin.
The company declared that it had acquired the Bitcoins at an average price of $96,000 per BTC. MARA also identified a Bitcoin yield of 12.3% QTD and 47.6% YTD. By this transaction, MARA now holds 40,435 BTC, valued at approximately $3.9 billion at the current market rate.
The action is reminiscent of a strategy popularized by Michael Saylor of MicroStrategy, centered on accumulating Bitcoin on a large scale. Mr. Saylor recently expressed his belief that MARA Holdings will soon be included in the Nasdaq 100 Index.
Purchasing Spree Following the Price Decrease
The purchase was announced by MARA the day after Federal Reserve Chair Jerome Powell clarified that the central bank cannot own Bitcoin.
Markets experienced a steep decline concurrently with the announcement. The Federal Reserve’s hawkish remarks sparked a broader sell-off, resulting in a 5% decline in Bitcoin, its most significant decline over three months. The comments discussed the trajectory of interest rates and the sparse likelihood of rate reductions in 2025.
It briefly approached a $100,000 perch before retreating. This resulted from Powell’s hawkish stance and the uncertainty surrounding Bitcoin as a reserve asset.
Institutional interest is increasing
Hut 8 (HUT) has joined the ranks of Bitcoin miners who purchase Bitcoin on the open market alongside industry leaders such as MicroStrategy and MARA Holdings.
Additionally, the Miami-based organization disclosed on Thursday that it acquired 990 Bitcoin (BTC) at an average price of $101,710 per unit. Due to this most recent acquisition, Hut 8’s total Bitcoin in reserve has increased to 10,096 BTC, equivalent to nearly $1 billion. This places the organization in the top ten of the largest corporate Bitcoin holders.
On December 16, RIOT acquired 667 BTC at an average price of $101,135.
Acquiring substantial quantities of Bitcoin on the open market has benefited miners. As a result, it has created new fundraising opportunities during a period characterized by profit pressures following the recent halving of Bitcoin.
