Marathon Digital acquires 6,474 Bitcoin, reveals $160M in cash for future dip purchases
The post Marathon Digital acquires 6,474 Bitcoin, reveals $160M in cash for future dip purchases appeared on BitcoinEthereumNews.com.
Key Takeaways Marathon Digital acquired 6,474 BTC in November and has $160 million in cash reserved for potential future purchases. Marathon now holds 34,794 BTC, making it the second-largest corporate Bitcoin holder after MicroStrategy. Marathon Digital (MARA) has added an extra 703 Bitcoin, bringing the total BTC purchased in November to 6,474 BTC, according to a Nov. 27 statement. The firm has set aside $160 million in remaining proceeds to purchase more Bitcoin at a lower cost. 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 (@MARAHoldings) November 27, 2024 The acquisitions came after MARA successfully raised $1 billion through a zero-interest convertible senior note sale. Part of the $980 million net proceeds was used to repurchase a portion of its existing 2026 notes for $200 million, the company said. The leading Bitcoin miner now holds approximately 34,794 BTC, valued at $3.3 billion at current Bitcoin prices, strengthening its position as the second-largest corporate Bitcoin holder behind MicroStrategy. Marathon’s holdings represent 0.16% of Bitcoin’s total supply, while MicroStrategy controls 1.8%. “Bitcoin is definitely something every company should have on its balance sheet,” Marathon CEO Fred Thiel told Yahoo Finance, citing Bitcoin’s finite supply as a hedge against inflation and currency devaluation. Marathon Digital’s shares closed up nearly 8% on Wednesday, with the stock price rising around 14% year-to-date, per Yahoo Finance data. Public companies have increased their Bitcoin holdings from 272,774 BTC to 508,111 BTC year-to-date, with over 143,800 BTC added in November alone, compared to approximately 2,400 BTC in October, according to data from Bitcoin Treasuries.…
Filed under: News - @ November 28, 2024 4:23 am