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Marathon Digital Holdings (MARA), a publicly traded Bitcoin mining company, has bolstered its Bitcoin holdings with the acquisition of 11,774 BTC at an average price of $96,000/BTC. The $1.1 billion purchase, announced December 9, was financed through zero-coupon convertible notes, allowing the company to issue debt that converts into shares at a later date.
Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a… pic.twitter.com/2uvnrhbxaP
— MARA (@MARAHoldings) December 10, 2024
With this purchase, MARA’s total Bitcoin reserves now stand at 40,435 BTC, valued at approximately $3.9 billion based on Bitcoin's current price of $96,500. The company also reported a 12.3% Bitcoin yield for the quarter and a 47.6% year-to-date return, demonstrating substantial gains amid rising cryptocurrency valuations.
In addition to its Bitcoin acquisition, MARA has continued to scale its mining capacity. Recent developments include an agreement to acquire a wind farm in Hansford County, Texas, with 240 MW of interconnection capacity and 114 MW of nameplate wind capacity and an adjacent data center that will be powered by the wind farm, reflecting a commitment to integrating renewable energy into its operations. This expansion aligns with growing pressure for sustainability in the cryptocurrency sector and positions MARA as a forward-looking player in Bitcoin mining, the firm noted.
MARA’s aggressive strategy reflects a wider trend of corporate interest in Bitcoin. Companies are increasingly incorporating Bitcoin into their reserves, leveraging it as both a store of value and a long-term financial strategy.
Earlier this week, Riot Platforms announced plans for a $500M note issue to boost its Bitcoin reserves, while MicroStrategy added $2.1 billion worth of BTC, its fifth weekly purchase.
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