Marathon Digital Goes on 6,474 Bitcoin Buying Spree, Reserves $160M for a Rainy Day

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/11/28/marathon-digital-goes-on-6474-bitcoin-buying-spree-reserves-160m-for-a-rainy-day/ on 2024-11-28. Article ID: SD17854Ta5987aff. Author: Michaela. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/11/28/marathon-digital-goes-on-6474-bitcoin-buying-spree-reserves-160m-for-a-rainy-day/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

U.S.-based Bitcoin mining company Marathon Digital Holdings (MARA) has secured an extra 703 Bitcoin, bringing its total BTC purchased in November to 6,474 BTC at an average price of $95,395 per BTC.

In a statеment on X, MARA announced that it has also set aside $160 million in remaining proceeds to purchase more Bitcoin at a lower cost in the future.

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 (@MARA) November 27, 2024

The strategic acquisition came after the company raised $1 billion through a zero-interest convertible senior note sale. MARA disclosed that a portion of the $980 million in net proceeds was allоcated to repurchasing a portion of its 2026 notes.

The Bitcoin miner has now positioned itself as one of the largest corporate Bitcoin holders. The company owns approximately 34,794 BTC, worth an estimated $3.3 billion at current market prices. The purchase has strengthened its standing as the second-largest Bitcoin holder among public companies.

MARA currently holds 0.16% of Bitcoin’s total supply, while MicroStrategy remains the largest corporate holder with 1.8% of the cryptocurrency’s circulating supply.

Companies Increase Their Bitcoin Holdings

Public companies have steadily been increasing their Bitcoin holdings, with MicroStrategy leading the charge through its aggressive buying strategy. In November alone, the company acquired over 130,000 BTC.

Additionally, more companies are embracing Bitcoin as part of their financial strategy. Rumble, a video-sharing platform, has allocated up to $20 million of its excess cash reserves to Bitcoin purchases as part of their diversification strategy. The company’s move followed a statement from Rumble’s CEO Chris Pavlovski who expressed the intention to add Bitcoin to the companу’s balance sheet.

Early this month, AI firm Genius Group announced it increased its Bitcoin treasury by purchasing an additional $4 million worth of Bitcoin, bringing its total holdings to 153 Bitcoin valued at $14 million.

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MICHAELA

Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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