Bitcoin Miner MARA Holdings Increases BTC Investment With 5,771 New Coins

Key Points:

• Bitcoin miner MARA Holdings purchased 5,771 BTC for $572 million, increasing its holdings to 33,875 BTC, valued at $3.3 billion.
• The company raised $1 billion through a 0% convertible senior note offering, with $980 million in net proceeds partially allocated to Bitcoin purchases.
• MARA’s “HODL” strategy mirrors MicroStrategy’s approach when increasing long-term Bitcoin holdings.

Bitcoin miner MARA Holdings has increased its cryptocurrency reserves with the purchase of an additional 5,771 Bitcoin for $572 million.

Read more: Marathon Digital Secures Two Bitcoin Farms in $178.6M Acquisition

Bitcoin Miner MARA Holdings Boosts Bitcoin Reserves with $572 Million Purchase

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.

Institutional Bitcoin Race Heats Up as MARA and MicroStrategy Lead

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.