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The
publicly listed Bitcoin miner from Wall Street, MARA (NASDAQ: MARA), has
acquired 6,474 Bitcoin through a $1 billion zero-interest convertible note
offering, bringing its total holdings to 34,797 BTC. The company follows
MicroStrategy’s debt-to-BTC strategy, signaling the growing institutional adoption
of cryptocurrency treasury management.
Wall Street Bitcoin Miner
MARA Purchase More Bitcoins
The company
disclosed that it has accumulated 6,474 Bitcoin (BTC) at an average price of
$95,395 per coin, with the most recent purchase adding 703 BTC to an initial
acquisition of 5,771 BTC. This strategic move has bolstered MARA’s total
Bitcoin treasury to approximately 34,797 BTC, currently valued at $3.3 billion.
This
development comes a week after MARA announced the completion of its $1 billion offering
of 0% convertible senior notes due 2030. This total includes an additional
$150 million in notes, which were issued following the initial purchasers’ full
exercise of their option to purchase within a 13-day window from the issuance
date.
With our 0% $1 billion convertible notes offering, we are excited to share an update:- Acquired an additional 703 BTC, bringing the total to 6,474 BTC, at an average price of $95,395 per BTC- YTD BTC Yield Per Share 36.7%- Total owned BTC: ~34,794 BTC, currently valued at… pic.twitter.com/bzbunlyBRN
— MARA (@MARAHoldings) November 27, 2024
The company
has also executed a partial buyback of its 2026 notes worth $200 million and
maintains approximately $160 million in reserve for future Bitcoin acquisitions
during market dips.
As Finance
Magnates informed this week, the Wall Street Bitcoin mining giant issued a
warning about the United States’ need to secure a dominant position in BTC
holdings and mining activity. MARA wants the government to start building
crypto reserves to mitigate the potential risk of future de-dollarization of
international markets.
MicroStrategy Style
The broader
landscape of corporate Bitcoin holdings continues to evolve, with River
Financial reporting that 62 publicly traded companies now implement Bitcoin
treasury strategies as of November 2024.
62 public companies now have a bitcoin treasury strategy.Private companies are estimated in the thousands, with 1000 business clients on https://t.co/FoI3dat56g alone. pic.twitter.com/m9Qdz5HkL8
— River (@River) November 18, 2024
MARA’s
strategy mirrors that of MicroStrategy (NASDAQ: MSTR), which has become known
for its aggressive Bitcoin acquisition approach through debt financing. This
trend highlights a growing movement among corporate institutions to leverage
convertible debt for cryptocurrency investments.
According to data from Bitcoin Treasuries, MARA is currently the market’s second-biggest publicly listed Bitcoin owner. However, it is visibly behind MSTR, whose crypto holdings reached 386,000 BTC, tenfold higher than the BTC miner’s stack.
This article was written by Damian Chmiel at www.financemagnates.com.
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