After MicroStrategy, Another Company Announced That It Bought a Large Volume of Bitcoin! Here Are the Details
The post After MicroStrategy, Another Company Announced That It Bought a Large Volume of Bitcoin! Here Are the Details appeared on BitcoinEthereumNews.com.
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. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/after-microstrategy-another-company-announced-that-it-bought-a-large-volume-of-bitcoin-here-are-the-details/
Filed under: News - @ November 28, 2024 2:23 pm