cryptojournalist
Massive Bitcoin Investment
Bitcoin miner MARA invested $1.5 billion in Bitcoin during November and December 2024, increasing its holdings by over 50% this quarter and nearly 200% for the year.
Key Numbers
MARA acquired 15,574 Bitcoin at an average price of $98,529 per coin, bringing its total to 44,394 BTC as of December 18. This marks a significant rise from 26,747 BTC in Q3 and 15,174 BTC at the start of the year. At current values, MARA’s Bitcoin holdings are worth approximately $4.45 billion.
The company also repurchased $263 million of its debt and plans to use remaining funds for further Bitcoin purchases. MARA has achieved a 22.5% return on its holdings this quarter and 60.9% year-to-date.
Convertible Notes Funding
MARA raised $1.925 billion through two convertible note offerings:
November: $1 billion in notes maturing in 2030, priced at $25.91 per share (42.5% premium).
December: $850 million in notes maturing in 2031, priced at $34.58 per share (40% premium).
Industry-Wide Bitcoin Buying
MARA’s Bitcoin purchases reflect a broader trend among miners:
Hut 8: Bought 990 BTC on December 19.
Riot Platforms: Acquired $510 million worth of Bitcoin in mid-December.
CleanSpark: Raised $500 million but did not allocate it for Bitcoin purchases.
