MARA buys $1.1 billion in Bitcoin, becomes second-largest holder

The mining company MARA Holdings (MARA) has announced the purchase of 11,774 BTC for $1.1 billion, bringing its total reserves to 40,435 BTC. This move positions MARA as the second-largest public company by Bitcoin holdings, following MicroStrategy.
As stated by MARA on social platform X, the company used funds raised from zero-coupon convertible notes to acquire Bitcoin at an average price of $96,000 per BTC. The company reported a BTC yield of 12.3% quarter-to-date (QTD) and 47.6% year-to-date (YTD).
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With this latest acquisition, MARA’s Bitcoin holdings are valued at approximately $3.9 billion at the current price. MicroStrategy co-founder Michael Saylor, whose company leads with 423,650 BTC, commended MARA's impressive BTC yield and strategic investments.
Why MARA follows MicroStrategy's Bitcoin strategy
MARA Holdings is closely emulating MicroStrategy’s approach. MicroStrategy’s strategy involves leveraging Bitcoin as a core long-term asset to hedge against inflation and enhance shareholder value. The company consistently invests in BTC, utilizing both its own funds and capital raised through bond issuances.
For MARA Holdings, this model serves as a benchmark, demonstrating how Bitcoin can effectively diversify assets and bolster financial stability. By following this strategy, MARA aims to capitalize on Bitcoin's price growth and solidify its reputation as a reliable player in the cryptocurrency market.
The last time MARA purchased 1,300 BTC was amid the cryptocurrency market's surge.