🚀 Crypto Marathon Digital’s Bitcoin Treasury Expands To 34,794 BTC After Latest $615 Million Buy

[Undefeated_Lamba]

Top American Bitcoin miner Marathon Digital (renamed to MARA) has added an additional 6,474 Bitcoin worth roughly $615 million through its recent 0% $1 billion convertible notes offering. The Bitcoin mining giant has set aside $160 million in remaining proceeds to buy more of the leading cryptocurrency at market dips.

Marathon Digital’s Bold Bitcoin Bet​

In a Nov. 28 post on the X platform, MARA announced that it acquired an additional 703 BTC following the initial purchase of 5,771 Bitcoins last week at an average of $95,395 per coin. The year-to-date, per-share yield of MARA’s BTC is 36.7%. Marathon Holdings currently holds roughly 34,794 BTC in its treasury, valued at a whopping $3.3 billion.

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 latest BTC purchase follows the Fort Lauderdale, Florida-based mining company’s move last week when it successfully closed its $1 billion offering of 0% convertible senior notes due 2030.

The company plans to allocate roughly $160 million remaining from the existing debt raise to acquire more Bitcoin at low costs during price corrections.

Increasing Corporate Bitcoin Adoption​

Marathon’s latest offering comes as several firms globally begin acquiring and holding Bitcoin on their balance sheet following a market rally that has catapulted the price of the world’s oldest crypto to more than $94,000.

The most prominent include MicroStrategy, holding $36 billion in Bitcoin, and Japan’s Metaplanet, which has snapped up over 1,018 BTC this year, worth roughly $109 million to date.

Marathon’s BTC stash represents 0.16% of Bitcoin’s total circulating supply, while MicroStrategy controls nearly 1.9%.

“Bitcoin is definitely something every company should have on its balance sheet,” MARA CEO Fred Thiel said in a Yahoo Finance interview, citing the apex crypto’s fixed supply as a hedge against runaway inflation and fiat currency debasement.

With firms like MicroStrategy and Marathon making big long-term bets on Bitcoin, China-based financial services conglomerate SOS Ltd, which operates a U.S. mining pool, is also joining the BTC craze. SOS Ltd announced on Wednesday that its board of directors had approved a $50 million Bitcoin purchase as part of its “long-term belief in Bitcoin’s role as a store of value and a strategic asset.