MARA invests $1.5B in Bitcoin adding 15,574 BTC
Bitcoin (CRYPTO:BTC) mining firm MARA has acquired Bitcoin worth over $1.5 billion in November and December, financed through two convertible note offerings.
The acquisitions boosted MARA’s Bitcoin holdings to 44,394 BTC by December 18, up from 26,747 BTC at the end of the third quarter and 15,174 BTC at the close of 2023.
The company disclosed on X that it spent approximately $98,529 per Bitcoin to purchase 15,574 BTC.
The current value of its holdings is estimated at $4.45 billion, based on an average price of $100,000 per Bitcoin.
MARA’s holdings have delivered a yield of 22.5% for the quarter and 60.9% for the year to date.
In November, MARA raised $1 billion from zero-coupon senior convertible notes maturing in 2030, with net proceeds of $980 million and a conversion price of $25.91 per share, representing a 42.5% premium.
In December, the company raised an additional $850 million through notes due in 2031, securing $835.1 million after costs, with a conversion price of $34.58, or 40% above the share price on December 2.
Following these financings, MARA began an aggressive buying spree.
On November 22, it purchased 5,771 BTC at $95,554 per coin.
Subsequent acquisitions brought its treasury to 34,794 BTC by November 27 and 40,435 BTC by December 10.
MARA has also repurchased $263 million of its convertible notes due in 2026 and plans to use remaining proceeds to acquire more Bitcoin.
Other mining companies followed suit, with Hut 8 buying 990 BTC on December 19 and Riot Platforms acquiring $510 million worth of Bitcoin earlier in December.
CleanSpark, however, opted not to allocate its $500-million convertible note issuance to Bitcoin purchases.
At the time of reporting, the price of Bitcoin (BTC) was $97,282.49.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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