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After MicroStrategy, Another Company Announced That It Bought a Large Volume of Bitcoin! Here Are the Details

After MicroStrategy, Another Company Announced That It Bought a Large Volume of Bitcoin! Here Are the Details

BitcoinsistemiBitcoinsistemi2024/11/28 14:00
By:Utku Yanık

Bitcoin miner MARA Holdings announced that it purchased 6,474 Bitcoins worth approximately $615 million.

MARA Holdings, the world’s largest publicly traded Bitcoin miner, has significantly expanded its cryptocurrency reserves by purchasing 6,474 Bitcoins worth approximately $615 million.

MARA Bought $615 Million Worth of Bitcoin, Increasing Its Assets to 34,794 BTC

According to its latest announcement, this acquisition brings the company’s total bitcoin holdings to 34,794 BTC, worth approximately $3.3 billion.

Purchase Details

Average Purchase Price: $95,395 per Bitcoin

Increased Purchases: The latest purchase includes an additional 703 BTC purchased following the initial purchase of 5,771 BTC made last week.

Funding Source: The purchases were funded through a $1 billion offering of 0% convertible senior notes due 2030 that closed last week.

MARA said it plans to allocate approximately $199 million of the funds raised to repurchase existing convertible notes due in 2026. The remaining proceeds, approximately $160 million, are earmarked for further Bitcoin purchases and corporate initiatives.

Market Impact and Stock Performance

Stock Move: MARA shares closed up 7.81% at $26.92 on Wednesday. The stock has gained 42.13% in the past month and is up 17.4% year-to-date with a current market cap of $9 billion, according to Google Finance.

Industry Activity: MARA’s strategic Bitcoin purchases come amid a wave of high-profile investments in the cryptocurrency by public companies.

Broader Market Context

MicroStrategy’s Record Purchase: Earlier this month, another institutional bitcoin giant, MicroStrategy, purchased 55,500 BTC for approximately $5.4 billion, bringing its total holdings to 386,700 BTC.

SOS Ltd.'s Entry: Chinese firm SOS Ltd. announced plans to invest $50 million in Bitcoin, sending its stock price up 42.88% on Wednesday.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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