MARA Acquires Nearly 12K Bitcoin Worth $1.1 Billion

MARA Holdings (MARA), a Bitcoin miner, announced on X on December 10 that it had bought 11,774 BTC in a new acquisition.

The mining firm purchased Bitcoin using proceeds from its zero-coupon convertible notes offerings, paying approximately $1.1 billion at an average price of $96,000 per Bitcoin.

This brings MARA’s total Bitcoin holdings to 40,435 BTC as of December 9, valued at $3.9 billion based on the current Bitcoin price.

MARA has also reported a 12.3% yield on its Bitcoin holdings quarter-to-date and a 47.6% yield year-to-date.

Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a… pic.twitter.com/2uvnrhbxaP

— MARA (@MARAHoldings) December 10, 2024

Institutional Bitcoin Adoption Accelerates

This acquisition by MARA reflects a growing trend among corporations to diversify their assets with digital currencies.

MARA’s recent purchase follows a Bitcoin price dip to $92,957 on Dec. 5, which triggered buying activity from institutional players.

BlackRock , the world’s largest asset manager, acted promptly to capitalize on the opportunity and acquired 7,750 Bitcoin , increasing its total Bitcoin holdings to $48.9 billion. This surge in buying was reportedly driven by strong demand for shares of BlackRock’s spot Bitcoin exchange-traded funds (ETFs). Co-founder of Apollo, Thomas Fahrer has dubbed them the “fastest-growing ETF ever.”

MARA added 1,423 Bitcoin in four transactions between Dec. 5 and 6, valued at $139.5 million. The acquisitions were made subsequent to the firm’s closing of its second $850 million convertible note offering, which was designated to increase Bitcoin reserves.

In total, BlackRock and MARA acquired 9,173 Bitcoin during this dip.

🚀 Bitcoin’s price dip to $92,957 spurred major acquisitions by @BlackRock and @MARAHoldings , who collectively purchased 9,173 Bitcoin. #Bitcoin #BlackRock https://t.co/EqhlkJ0KBV

— Cryptonews.com (@cryptonews) December 6, 2024

Riot Platforms, a Bitcoin mining company, also announced plans to raise $500 million through a private bond offering to bolster its Bitcoin reserves further.

Additionally, MicroStrategy, a business intelligence firm and known Bitcoin advocate, further expanded its already substantial Bitcoin holdings.

According to an official filing from December 9, MicroStrategy acquired 21,550 BTC for approximately $2.1 billion between December 2 and 8. This purchase, executed at an average price of $98,783 per Bitcoin, brings MicroStrategy’s total Bitcoin holdings to 423,650 BTC, valued at around $41.5 billion.

Not Just Bitcoin

While Bitcoin continues to attract attention from institutional investors, it’s not the only cryptocurrency capturing their interest.

On December 9, SOL Global, a publicly traded crypto investment company focused on the Solana ecosystem, invested $1.5 million in Solana’s native token, SOL .

The company acquired an additional 4,372 tokens for $343 per SOL, bringing its total Solana holdings to 17,028 tokens.