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

November 28, 2024
Marathon Digital Goes on 6,474 Bitcoin Buying Spree, Reserves $160M for a Rainy Day

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 statement 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. 

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 allocated 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 company’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 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 Magazine and The Shib Daily are the official media and publications 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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