2024-12-11 07:11 |
Marathon Digital Holdings (MARA) purchased 11,774 Bitcoin, spending around $1.1 billion. This purchase signifies a further commitment to the firm’s extended strategy of BTC purchases.
It joins firms like MicroStrategy and Riot Platforms in buying huge amounts of Bitcoin.
Marathon Digital Buys More BitcoinThis purchase was first announced via social media post. Although Marathon Digital is one of the best-performing Bitcoin miners in the US, the firm has also supplemented its mining operations with direct BTC purchases. The firm claimed it used funds from a recent convertible note offering that significantly over-performed initial expectations.
“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 spot BTC price of $96,500,” the firm claimed.
Marathon has been on a spree of Bitcoin purchases recently. In November, the firm purchased 6,474 BTC and signaled intentions to purchase more in December. In other words, MARA committed heavily to this strategy in Q4 after significant net losses in Q3. In the last month, its stock value fluctuated without any clear forward momentum.
MARA also revealed a Form 8-K the company filed with the SEC. This form claims that Marathon holds 40,435 Bitcoin.
Marathon Digital Holdings (MARA) Price Performance. Source: TradingViewNonetheless, these major Bitcoin purchases are in vogue at the moment. Recently, MicroStrategy spent $2.1 billion on BTC, and Riot Platforms offered $500 million in convertible notes to do the same. With consumption rates like this, some corporate entities are accumulating massive Bitcoin stockpiles.
The post Marathon Digital Spends $1.1 Billion on Bitcoin, Following Purchasing Trends appeared first on BeInCrypto.
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