- 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.
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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.