Bitcoin Miner MARA Holdings Embraces MicroStrategy Playbook, Acquires $1.53 Billion Worth BTC

Bitcoin BTC/USD mining company MARA Holdings Inc. MARA announced the acquisition of 15,574 BTC for $1.53 billion, funded by $1.925 billion raised through zero-coupon convertible notes issued in November and December.

What Happened: In a post on social media platform X, MARA revealed its total Bitcoin holdings now stand at 44,394 BTC, valued at approximately $4.3 billion based on Bitcoin’s current price of $97,377.

The Florida-based firm acquired the cryptocurrency at an average price of $98,529 per Bitcoin.

See Also: Bitcoin Is No Manhattan Real Estate, Peter Schiff Challenges MicroStrategy’s Michael Saylor: ‘BTC Doesn’t Generate Any Income’

Additionally, MARA repurchased $263 million of its existing convertible notes due in 2026 and plans to use the remaining funds to buy more Bitcoin.

The company also highlighted its Bitcoin yield achievements, reporting a quarter-to-date (QTD) yield of 22.5% and a year-to-date (YTD) yield of 60.9%.

MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per #bitcoin and repurchased ~$263 million in aggregate principal amount… pic.twitter.com/ycGRk9BYfv

— MARA (@MARAHoldings) December 19, 2024

Why It Matters: Bitcoin proxy MicroStrategy Inc. MSTR has been aggressively buying up BTC by raising funds through both stock offerings as well as debt. It holds 2.1% of the Bitcoin supply, or about 439,000 BTC, at an average price of $61,725.

Other Bitcoin mining firms are similarly bolstering their reserves.

Hut 8 HUT recently acquired 990 BTC for $100 million, bringing its total holdings to 10,096 BTC, worth approximately $983.1 million.

The company's CEO Asher Genoot emphasized the strategic value of building Bitcoin reserves to strengthen the company's financial position while pursuing growth in power and digital infrastructure.

Riot Platforms RIOT also increased its Bitcoin holdings by purchasing 5,117 BTC through company-issued bonds, bringing its total to 16,728 BTC, valued at $1.63 billion.

Price Action: Bitcoin was hovering around $97,606 at the time of writing, gaining 0.71% in the last 24 hours, according to Benzinga Pro data.

MARA Holdings stock gained nearly 2% in after-hours trading on Friday, after closing at $19.96 during the regular trading session.

Read Next:

• Crypto Market Predicted To Surge To All-Time Highs By Late 2025, But A 30% Drop In Bitcoin Prices Could Come First

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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