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    MARA Bitcoin Mining Company Boosts Holdings by 50%, Acquires $1.5 Billion Worth of Bitcoin in Two Months

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    Bitcoin mining company MARA has acquired over $1.5 billion in Bitcoin in two months, increasing its Bitcoin holdings by more than 50% in the quarter. The purchases were funded by issuing two convertible notes. The current value of the company’s holdings is around $4.45 billion, with a 22.5% return on Bitcoin investments in the quarter.

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    Bitcoin mining company MARA has been on a Bitcoin buying spree, snapping up over $1.5 billion worth of Bitcoin in just two months. This big buy was funded by issuing two convertible notes, boosting MARA’s overall Bitcoin holdings by more than 50% this quarter, and nearly tripling them this year.

    They spent roughly $1.53 billion from the money received from the convertible notes on 15,574 Bitcoins in November and December, paying about $98,529 per coin. This increased their Bitcoin stash to 44,394 as of December 18, almost double what they had in the third quarter, and nearly triple what they had at the end of last year.

    Previously known as Marathon Digital, the company also bought back about $263 million of its existing convertible notes, which are due in 2026. It plans to use the remaining cash from the notes to acquire even more Bitcoin.

    At around $100,000 per Bitcoin, the company’s current holdings are worth a whopping $4.45 billion. They’ve seen a 22.5% return on their Bitcoin investments this quarter so far, and a juicy 60.9% return for the entire year.

    MARA raised $1.925 billion from two offerings of zero-coupon senior convertible notes. In November, they secured $1 billion from notes that mature in 2030, with net proceeds of $980 million. The notes had a conversion price of $25.91 per share, which was 42.5% more than the average trading price before the offering. Then in early December, MARA placed $850 million in notes due in 2031, with net proceeds of $835.1 million. The conversion price for these notes was $34.58, standing 40% over the share price on Dec. 2.

    MARA jumped into buying Bitcoin right after issuing the notes. They announced the purchase of 5,771 Bitcoins at $95,554 each on Nov. 22. By Nov. 27, they had added another 703 to their treasury, and by Dec. 10, their treasury had swelled to 40,435 Bitcoins.

    But MARA wasn’t the only one gobbling up Bitcoins last month. Hut 8 added another 990 Bitcoins to its holdings on Dec. 19. Riot Platforms nabbed $510 worth of Bitcoin between Dec. 10 and Dec. 12 following a bond issue. However, CleanSpark, which issued a $500 million convertible note in the middle of December, didn’t plan to use the money for any Bitcoin buys.

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