YEREVAN (CoinChapter.com) — MARA, a major cryptocurrency mining company, has spent $1.5 billion acquiring Bitcoin over the past two months. The purchases were funded through convertible notes, significantly increasing its Bitcoin holdings. By the end of December, the company reported a total of 44,394 BTC, up from 26,747 BTC in the third quarter.
MARA Bitcoin Treasury. Source: X
The acquisition included 15,574 BTC purchased in November and December at an average price of $98,529 per coin. The company disclosed these details in a statement on X. These acquisitions represent a 50% increase in its holdings this quarter and nearly 200% growth since the beginning of 2023.
MARA SEC Filing. Source: SEC Financing Bitcoin Acquisitions with Convertible Notes
MARA raised $1.925 billion through two zero-coupon convertible note offerings to finance its Bitcoin acquisitions. On Nov. 21, the company secured $1 billion in notes maturing in 2030, with a conversion price of $25.91 per share, a 42.5% premium over its average trading price. Net proceeds from this issuance totaled $980 million.
Another round of funding on Dec. 4 raised $850 million through notes maturing in 2031. These notes had a conversion price of $34.58 per share, representing a 40% premium above the stock’s trading price on Dec. 2. The proceeds from this offering were $835.1 million.
The company also repurchased $263 million of its existing convertible notes due in 2026 and allocated the remaining funds for future Bitcoin purchases.
MARA’s Bitcoin Holdings Reach New Heights
At approximately $100,000 per Bitcoin, MARA’s holdings are valued at $4.45 billion. The miner reported a yield of 22.5% this quarter and 60.9% year-to-date on its Bitcoin assets.
MARA began its Bitcoin buying spree immediately after securing funds. On Nov. 22, the company purchased 5,771 BTC at $95,554 per coin. Additional purchases on Nov. 27 brought its total to 34,794 BTC. By Dec. 10, MARA held 40,435 BTC, further increasing its treasury.
Bitcoin Buying Trends. Source: X Other Bitcoin Miners Follow Suit
The Bitcoin acquisition trend extended beyond MARA in December. On Dec. 19, Hut 8 added 990 BTC to its holdings. Riot Platforms acquired $510 million worth of Bitcoin between December 10 and Dec. 12, following a bond issuance announcement on Dec. 9.
CleanSpark, another major player, issued $500 million in convertible notes on Dec. 13. However, the company did not allocate the funds to Bitcoin purchases.
