Bitcoin Miner MARA Holdings Embraces MicroStrategy Playbook, Acquires $1.53 Billion Worth BTC

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Hut 8 Mining Corp Ordinary Shares HUT	23.68	-0.50%
Marathon Digital MARA	19.96	-2.01%
MicroStrategy Incorporated Class A MSTR	364.20	+11.56%
Riot Platforms RIOT	11.55	+3.22%
CLEARSHARES PITION INTERMEDIATE FIXED INCOME ETF BTC	42.71	+0.09%

Bitcoin (CRYPTO: BTC) mining company MARA Holdings Inc. (NASDAQ:MARA) announced the acquisition of 15,574 BTC for $1.53 billion, funded by $1.925 billion raised through zero-coupon convertible notes issued in November and December.

What Happened: In a post on social media platform X, MARA revealed its total Bitcoin holdings now stand at 44,394 BTC, valued at approximately $4.3 billion based on Bitcoin’s current price of $97,377.

The Florida-based firm acquired the cryptocurrency at an average price of $98,529 per Bitcoin.

See Also: Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy’s Michael Saylor: ‘BTC Doesn’t Generate Any Income’

Additionally, MARA repurchased $263 million of its existing convertible notes due in 2026 and plans to use the remaining funds to buy more Bitcoin.

The company also highlighted its Bitcoin yield achievements, reporting a quarter-to-date (QTD) yield of 22.5% and a year-to-date (YTD) yield of 60.9%.

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

Why It Matters: Bitcoin proxy MicroStrategy Inc. (NASDAQ:MSTR) has been aggressively buying up BTC by raising funds through both stock offerings as well as debt. It holds 2.1% of the Bitcoin supply, or about 439,000 BTC, at an average price of $61,725.

Other Bitcoin mining firms are similarly bolstering their reserves.

Hut 8 (NASDAQ:HUT) recently acquired 990 BTC for $100 million, bringing its total holdings to 10,096 BTC, worth approximately $983.1 million.

The company's CEO Asher Genoot emphasized the strategic value of building Bitcoin reserves to strengthen the company's financial position while pursuing growth in power and digital infrastructure.

Riot Platforms (NASDAQ:RIOT) also increased its Bitcoin holdings by purchasing 5,117 BTC through company-issued bonds, bringing its total to 16,728 BTC, valued at $1.63 billion.

Price Action: Bitcoin was hovering around $97,606 at the time of writing, gaining 0.71% in the last 24 hours, according to Benzinga Pro data.

MARA Holdings stock gained nearly 2% in after-hours trading on Friday, after closing at $19.96 during the regular trading session.

Read Next:

Crypto Market Predicted To Surge To All-Time Highs By Late 2025, But A 30% Drop In Bitcoin Prices Could Come First

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

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