U.S.-based Bitcoin mining firm Marathon Digital has again gone for its quarterly bitcoin shopping. Amid the market uptrend, It has spent $572 million to acquire about 5,771 BTC at an average price of $95,554 per bitcoin.
Despite being a Bitcoin miner, Marathon has always purchased more BTC from the open market in addition to its mining rewards, adopting a complete Bitcoin hodl strategy.
5,771 BTC Shopping
According to the firm’s recent post on X, its latest purchase has raised its bitcoin holdings to 33,875 BTC, about 0.16% of the total fixed bitcoin supply.
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
To fund its latest BTC purchase, Marathon has completed a $1 billion convertible notes offering at 0% interest rates, the largest notes offering ever among Bitcoin miners. The company’s latest Q3 achievement—about 604 Bitcoin block wins, a 32% increase from its Q2 wins—also adds to its bitcoin holdings.
Marathon’s stack is worth about $3.4 billion, by BTC’s current market price of $99,000. Meanwhile, the company’s BTC yield remains at 35% per share, making its shareholders profit.
Institutional Bitcoin Adoption Grows
Marathon Digital is among the companies driving institutional Bitcoin adoption. Earlier this year, it revealed plans to hold all of its mined BTC and periodically purchase more from the open market.
Topping the list of Bitcoin holding companies is Michael Saylor’s business intelligence firm MicroStrategy, which adopted the crypto as its primary reserve asset in 2020.
Following its most recent purchase, MicroStrategy now holds about 331,200 BTC worth over $29 billion. Since it has been acquiring the crypto for a long time, it acquired its total bitcoins at an average price of $49,874.
Trailing MicroStrategy and Marathon Digital is a Japanese publicly-traded firm, Metaplanet, which has clung to BTC for protection against Japanese inflation. It currently holds 1,142 BTC worth $74.1 million.
Meanwhile, MicroStrategy is issuing $2.6 billion convertible notes to qualified institutional and personal investors to raise funds for its next bitcoin purchase.
