Key takeaways
- Marathon Digital acquired 6,474 BTC in November and has $160 million in cash reserved for possible future purchases.
- Marathon now holds 34,794 BTC, making it the second largest corporate Bitcoin holder after MicroStrategy.
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Marathon Digital (MARA) added an additional 703 Bitcoins, bringing the total BTC purchased in November to 6,474 BTC, according to a November 27 release. The company set aside $160 million in remaining proceeds to purchase more Bitcoin more cheaply.
With our $1 Billion 0% Convertible Note 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
– Return per BTC share since the beginning of the year 36.7%
– Total BTC held: ~34,794 BTC, currently valued at… pic.twitter.com/bzbunlyBRN– MARA (@MARAholdings) November 27, 2024
The acquisitions came after MARA managed to raise $1 billion through the sale of zero-interest senior convertible bonds. Part of the net proceeds of $980 million were used to repurchase a portion of its existing 2026 notes for $200 million, the company said.
The leading Bitcoin miner now holds around 34,794 BTC, valued at $3.3 billion at current Bitcoin prices, strengthening its position as the second largest Bitcoin holder behind MicroStrategy.
Marathon’s holdings represent 0.16% of the total Bitcoin supply, while MicroStrategy controls 1.8%.
“Bitcoin is definitely something that every company should have on their balance sheet,” Fred Thiel, CEO of Marathon, told Yahoo Finance, citing Bitcoin’s limited supply as a hedge against inflation and currency devaluation.
Shares of Marathon Digital closed up nearly 8% on Wednesday, with the stock price up about 14% year to date, according to data from Yahoo Finance.
Public companies have increased their Bitcoin holdings from 272,774 BTC to 508,111 BTC since the start of the year, with more than 143,800 BTC added in November alone, compared to around 2,400 BTC in October, according to data from the Bitcoin Cash.
Growth is largely driven by MicroStrategy’s aggressive purchasing approach. The company acquired over 130,000 BTC in November, with its record purchase taking place last week.
A growing number of businesses are also adopting a Bitcoin cash reserve strategy this month.
On Monday, Rumble announced plans to allocate up to $20 million of its excess cash reserves toward Bitcoin purchases. The move came briefly after Rumble CEO Chris Pavlovski revealed the idea of adding Bitcoin to Rumble’s balance sheet, which gained support from Michael Saylor.
AI company Genius Group acquired $14 million worth of Bitcoin earlier in November. The company is committed to holding 90% or more of its reserves in Bitcoin, with a goal of reaching $120 million in total Bitcoin investments.
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