The post Mara Holdings completed $615M Bitcoin (BTC) purchase, $160M remaining in reserve appeared on BitcoinEthereumNews.com.

Mara Holdings has been an active factor in supporting Bitcoin (BTC) in the past few days. The mining and investment company bought $615M worth of BTC according to its reserve plan.  Mara Holdings started to fulfill its Bitcoin (BTC) purchasing plan, based on a $700M convertible senior note. The mining company started acquiring BTC recently at an average price of $95,395. It announced the purchase after completion, similar to MicroStrategy’s holdings. Mara Holdings added another 703 BTC to its latest buying round, bringing the total to 6,474 BTC. This raises the firm’s reserves to 34,794 BTC, valued at around $3.3B. In addition to repurchasing a 2026 maturity note, Mara Holdings retains $160M in liquid assets with the intention of buying BTC during market dips.  Despite being a highly active miner, Mara Holdings has adopted MicroStrategy’s model, offering passive yield on BTC it purchased with borrowed funds. According to Mara Holdings, the yield reaches 36.7% annualized, which would work well in the case of rising BTC prices. MicroStrategy achieved a 12.3% yield, even with its first-mover advantage.  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 purchasing strategy also happens at prices above the value of mined BTC, which is estimated at around $74,000 for each new coin. Known Mara Pool wallets continue to receive daily mint rewards. The company uses Foundry USA as its main pool, holding 17,123 BTC from mining operations.  The creation of passive yield from BTC purchases with the horizon of 1-2 years hinges on a sustained bull market…

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Filed under: News - @ November 28, 2024 12:22 pm