MARA Acquires Nearly 12K Bitcoin Worth $1.1 Billion

MARA Holdings (MARA), a Bitcoin miner, has bought 11,774 BTC in a new acquisition, the company announced on X on Dec. 10.

The mining firm purchased Bitcoin using proceeds from its zero-coupon convertible notes offerings, paying approximately $1.1 billion at an average price of $96,000 per Bitcoin.

This brings MARA’s total Bitcoin holdings to 40,435 BTC as of Dec. 9, valued at $3.9 billion based on the current Bitcoin price.

MARA has also reported a 12.3% yield on its Bitcoin holdings quarter-to-date and a 47.6% yield year-to-date.

Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a… pic.twitter.com/2uvnrhbxaP

— MARA (@MARAHoldings) December 10, 2024

Institutional Bitcoin Adoption Accelerates

This acquisition by MARA reflects a growing trend among corporations to diversify their assets with digital currencies.

MARA’s recent purchase follows a Bitcoin price dip to $92,957 on Dec. 5, which triggered buying activity from institutional players.

BlackRock, the world’s largest asset manager, acted promptly to capitalize on the opportunity and acquired 7,750 Bitcoin, increasing its total Bitcoin holdings to $48.9 billion. This surge in buying was reportedly driven by strong demand for shares of BlackRock’s spot Bitcoin exchange-traded funds (ETFs). Co-founder of Apollo, Thomas Fahrer has dubbed them the “fastest-growing ETF ever.”

MARA added 1,423 Bitcoin in four transactions between Dec. 5 and 6, valued at $139.5 million. The acquisitions were made subsequent to the firm’s closing of its second $850 million convertible note offering, which was designated to increase Bitcoin reserves.

In total, BlackRock and MARA acquired 9,173 Bitcoin during this dip.

🚀 Bitcoin’s price dip to $92,957 spurred major acquisitions by @BlackRock and @MARAHoldings, who collectively purchased 9,173 Bitcoin. #Bitcoin #BlackRockhttps://t.co/EqhlkJ0KBV

— Cryptonews.com (@cryptonews) December 6, 2024

Riot Platforms, a Bitcoin mining company, also announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further.

Additionally, MicroStrategy, a business intelligence firm and known Bitcoin advocate, further expanded its already substantial Bitcoin holdings.

According to an official filing from Dec., 9, MicroStrategy acquired 21,550 BTC for approximately $2.1 billion between Dec. 2 and 8. This purchase, executed at an average price of $98,783 per Bitcoin, brings MicroStrategy’s total Bitcoin holdings to 423,650 BTC, valued at around $41.5 billion.

Not Just Bitcoin

While Bitcoin continues to attract attention from institutional investors, it’s not the only cryptocurrency capturing their interest.

On Dec. 9, SOL Global, a publicly traded crypto investment company focused on the Solana ecosystem, invested $1.5 million in Solana’s native token, SOL.

The company acquired an additional 4,372 tokens for $343 per SOL, bringing its total Solana holdings to 17,028 tokens.