Famous American Bitcoin (BTC) miner MARA Holdings has gone BTC shopping again for the second time in Q4 2024. On Thursday, the firm revealed via an X post that it has topped up its bitcoin stash by 15,574 units and now holds 44,394 BTC, 0.21% of the total fixed bitcoin supply.
MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per #bitcoin and repurchased ~$263 million in aggregate principal amount… pic.twitter.com/ycGRk9BYfv
— MARA (@MARAHoldings) December 19, 2024
Since MARA is a miner, it does not acquire all of its BTC from the market, making it a tedious task to calculate its average purchase price. Meanwhile, MARA purchased its last BTC at approximately $98,529 per bitcoin.
$1.53B BTC Achieved
As the miner revealed, it spent about $1.53 billion from the $1.925 billion it raised from 0% convertible notes offering in November and December to fund its just-announced bitcoin purchase. It spent about $263 million to repurchase the aggregate principal amount of its existing convertible notes due 2026 and plans to use the remaining note proceeds to acquire more bitcoins.
Following the acquisition, the miner holds about $4.52 billion in BTC, based on the bitcoin spot price of $102,000 at press time. MARA strategic bitcoin reserve has proved profitable, achieving a BTC Yield of 22.5% QTD and 60.9% YTD.
MARA Maintains Top Spot
Notably, MARA is the first miner to publicize its Bitcoin reserve strategy. Since then, it has periodically purchased the crypto from the open market, setting the pace for others to follow in its footsteps while hodling their mined bitcoins.
Others on the list include Riot Platforms, which raised about $500 million from convertible notes to purchase BTC last week, and Hut 8, which announced its first purchase today. Both miners hold 17,429 and 10,096 bitcoins, respectively.
Meanwhile, MARA Holdings ranks second on the list of institutional bitcoin holders as American business intelligence firm MicroStrategy sits at the top of the table with its massive 439,000 BTC holdings.
