- The Bitcoins were acquired at an average price above $95,000.
- MARA to issue convertible senior notes and invest a portion of the proceeds in BTC.
Crypto mining company Marathon Digital bought Bitcoins worth $618.3 million between October 1 and November 30. An SEC filing shows the company bought 6,484 BTCs at an average price of $95,352.
Mara Holdings plans to issue $700 million convertible senior notes due 2031, with some of the proceeds used to purchase more Bitcoin. The notes will be issued in a private offering.
The purchase comes months after MARA sold 390 BTCs after Bitcoin underwent its fourth halving event in April 2024. The sales comprised about 63% of its monthly production of 616 BTC. MARA Holdings remains the second-largest corporate holder of Bitcoin after MicroStrategy.
See Related: Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised
Marathon Digital Urges US To Secure BTC Positions
MARA has been vocal in encouraging the US to “secure dominant positions in Bitcoin and Bitcoin mining.” In a November 26 X post, MARA termed the move as important in securing the economic and national security interests of the US.
A potential move by Washington to secure Bitcoin is reinforced by the election of President Donald Trump. Trump is reportedly seeking to establish a White House role focusing on cryptocurrency policy.
Meanwhile, MicroStrategy’s founder Michael Saylor has urged Microsoft to buy Bitcoin and unlock almost $5 trillion of market cap. In a pitch to the tech giant’s board, Saylor said Bitcoin could add up to $584 to Microsoft’s share and strip away risk from the shareholders.
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