Bitcoin Mining Giant MARA Gobbles Up $1,530,000,000 Worth of BTC As Fellow Miners Add to Crypto Treasuries

December 20, 2024

Bitcoin (BTC) mining company MARA says it acquired 15,574 BTC for $1.53 billion after raising $1.925 billion from its zero-coupon convertible notes offerings in November and December.

In a post on social media platform X, MARA says it now holds 44,394 BTC following its recent purchase of the flagship crypto asset.

The Florida-based firm’s BTC holding is currently worth $4.3 billion based on Bitcoin’s price of $97,377.

“MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per Bitcoin and repurchased ~$263 million in aggregate principal amount of its existing convertible notes due 2026, and expects to use the remaining proceeds to acquire additional Bitcoin.”

The company says it plans to buy more Bitcoin as it achieves a BTC yield of 22.5% quarter-to-date (QTD) and 60.9% year-to-date (YTD).

Other Bitcoin mining firms are also expanding their BTC treasuries.

Hut 8 says it just purchased approximately 990 BTC for $100 million, increasing its Bitcoin reserve to a total of 10,096 BTC worth around $983.1 million based on the asset’s current value.

Says Hut 8 CEO Asher Genoot,

“We believe deeply in our operating business and that building a strategic Bitcoin reserve will fortify our financial position as we pursue large-scale growth initiatives across power and digital infrastructure.”

Riot Platforms also recently purchased 5,117 BTC using company-issued bonds, increasing its Bitcoin holdings to 16,728 BTC, which is now worth $1.63 billion.

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