Marathon Digital Acquires 11,774 Bitcoin in $1.1 Billion Purchase
Marathon Digital Holdings (MARA) purchased 11,774 Bitcoins for approximately $1.1 billion. The purchase marks the company’s further commitment to its Bitcoin buying expansion strategy.
It joins companies like MicroStrategy and Riot Platforms in buying large amounts of Bitcoin.
Marathon Digital Buy More Bitcoin
The purchase was first announced via social media postal. Although Marathon Digital is one of the best performers Bitcoin miners in the United Statesthe company also supplements its mining operations by purchasing Bitcoin directly. The company claims its funding comes from Recent convertible note issuances That Significantly exceeded initial expectations.
“Using proceeds from its zero-coupon convertible note issuance, MARA acquired 11,774 Bitcoins for approximately $1.1 billion, at approximately $96,000 per Bitcoin, and achieved Bitcoin production Quarter-to-date growth is 12.3% and year-to-date growth is 47.6%. As of December 9, 2024, we hold 40,435 BTC, currently worth $3.9 billion based on the BTC spot price of $96,500. ”
Marathon has been on a Bitcoin buying spree recently. November, The company purchased 6,474 BTC and Express interest in purchasing more December. In other words, after a major net loss in the third quarter, the Ministry of Agriculture and Rural Affairs vigorously implemented this strategy in the fourth quarter. In the past month, its stock price has fluctuated greatly and has no obvious upward momentum.
MARA also disclosed the company’s Form 8-K filed with the SEC. this form Marathon is claimed to hold 40,435 Bitcoins.
Still, these major Bitcoin purchases are still popular right now. recent, MicroStrategy spends $2.1 billion to buy BTCand Riot Platforms issues $500 million in convertible notes Do the same thing. At these consumption rates, some business entities Accumulate a large inventory of Bitcoin.
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