Key Points:
Read more: Marathon Digital Secures Two Bitcoin Farms in $178.6M Acquisition
The company said the purchase was done with an average price of $95,554 per Bitcoin. The latest buy has brought MARA‘s total Bitcoins to about 33,875 BTC, valued at $3.3 billion based on current market prices.
The acquisition was funded by proceeds from MARA’s recent sale of 0% convertible senior notes, which raised $1 billion. The firm received $980 million in net proceeds after deducting fees and discounts, some of which will be used for additional purchases of Bitcoin and general corporate purposes.
Such a strategy of holding all mined Bitcoin and continuing to expand it, adopted by Bitcoin miner MARA Holdings, resembles a “HODL” strategy by MicroStrategy. The trend speaks to an accumulation of Bitcoin as a long-term asset.
MicroStrategy, one of the early corporate investors in Bitcoin, said it would accelerate its cryptocurrency play, using proceeds from a $3-billion convertible senior notes offering to buy more Bitcoins.
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