Bitcoin mining company MARA (formally Marathon Digital Holdings) has made headlines with its latest acquisition of 6,474 Bitcoin, solidifying its position as one of the key players in the crypto industry.
The company noted that it acquired an additional 703 BTC after its prior acquisition of 5,771 BTC, with an average cost of $95,395 per BTC. Year-to-date, MARA’s Bitcoin holdings have delivered a per-share return of 36.7%, and the firm now maintains a reserve of about 34,797 BTC, estimated to be worth around $3.3 billion.
MARA Plans to Purchase More BTC
MARA also bought a segment of its 2026 convertible notes for $200 million. It plans to allocate the approximately $160 million left from the convertible debt offering toward buying more Bitcoin at favorable prices during market downturns.
The acquisition comes as BTC has seen increased institutional adoption but remains volatile, trading between $92,000 and $95,000 in the past week. Marathon’s decision to deepen its Bitcoin holdings reflects a bullish outlook on the crypto asset.
The mining firm’s recent $1 billion convertible offering mirrors MicroStrategy’s approach of leveraging corporate debt to accumulate additional Bitcoin — a move gaining traction among institutional corporations.
MicroStrategy Acquiring BTC
MicroStrategy began acquiring Bitcoin in 2020. Its latest fundraising effort involved $3 billion in senior convertible notes with a 0% interest rate. The company aims to raise $42 billion over three years to expand its Bitcoin holdings and enhance its financial position.
Although the firm’s strategy involves using fiat-based debt to purchase bitcoin and has attracted increased investor attention, MicroStrategy’s MSTR price dropped roughly 35% from its November 21 peak. Due to the recent sharp downturn in bitcoin’s price, the business intelligence firm saw a $30 billion loss.
Interestingly, between November 18 and 24, the firm acquired around 55,000 BTC at an average cost of approximately $97,862 per coin. This brings MicroStrategy’s total Bitcoin reserves to nearly 386,700 BTC, making it one of the largest institutional holders of the crypto asset.
