The US-listed miner Marathon Digital (MARA) has purchased more than $1.5 billion worth of Bitcoin in the past two months, with the funds sourced from the issuance of two convertible notes. This has resulted in the company’s Bitcoin holdings growing over 50% this quarter and nearly 200% year-over-year. The company has earned astonishing returns through financing operations to invest in Bitcoin and plans to continue purchasing Bitcoin.
A review of its financial report reveals that MARA raised funds using convertible notes in November and December this year, investing approximately $1.553 billion to acquire 15,574 BTC at an average price of about $98,529. As of December 18, the company holds 44,394 BTC, a remarkable growth compared to 26,747 BTC at the end of the third quarter and 15,174 BTC at the end of 2023, consistent with its previous statements emphasizing its commitment to Bitcoin investment.
MARA's strategy reflects the high confidence of mining companies in the future value of Bitcoin, and expands its asset base through financing leverage, operating in a manner similar to MicroStrategy. Other miners such as Hut 8 and Riot Platforms have also invested heavily in Bitcoin in December, driving up the stock prices of these miners, indicating strong bullish sentiment among institutions and miners.
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"MICA Daily｜Listed Miner Marathon Digital Has Purchased Over $1.5 Billion in Bitcoin" This article was originally published on (BlockKe).
