Bitcoin mining company MARA (formerly Marathon Digital) has acquired an additional 703 BTC at an average price of $95,395 per Bitcoin, bringing their total holdings to 34,794 BTC, valued at approximately $3.3 billion at current market prices. This acquisition is part of a larger November buying initiative, which included a previous purchase of 5,771 BTC, resulting in a total November purchase of 6,474 BTC.
MARA’s expansion of its Bitcoin holdings follows their successful fundraising efforts, raising $1 billion through 0% convertible senior notes. Part of these funds was allocated to buy back some of the company’s existing 2026 notes. The company has set aside $160 million for potential future Bitcoin purchases when market conditions align with their acquisition strategy, showcasing their commitment to expanding their cryptocurrency holdings.
MARA’s stock performance has shown positive movement in correlation with these developments, closing at $26.92 on November 27, marking a 7.81% increase for the day. Over a six-month period, MARA’s stock price has risen by 26.92%, reflecting growing investor confidence in both the company and the broader digital asset market.
MARA’s CEO, Fred Thiel, has noted increased interest from institutional investors in Bitcoin, and the company’s Bitcoin acquisition strategy aligns with similar moves by other corporate entities in the cryptocurrency space. MARA’s latest acquisition represents a continuation of its established strategy to build and maintain a strong Bitcoin position, solidifying its position as a major player in the industry.
Source
<p>The post MARA Buys More Bitcoin: 703 New Coins, $3.3 Billion Holdings Now! first appeared on CoinBuzzFeed.</p>
