Another 1,423 BTC are added to Marathon Bitcoin holdings.
After closing its $850M second convertible note offering, MARA resumed its BTC purchase.
Soon after Bitcoin fell from its all-time high price range above $100,000, MARA Bitcoin purchase continued. It acquired another 1,423 Bitcoins worth $139.5 million, as per latest data. Being one of the largest Bitcoin holders, MARA’s recent BTC purchase made headlines again.
On-chain data shows that Marathon Digital(@MARAHoldings) acquired another 1,423 $BTC($139.5M) in the past 6 hours!This comes after #MARA announced yesterday the closing of its second $850M convertible note offering, primarily aimed at purchasing #Bitcoin and partially… pic.twitter.com/t2sjjzhDNW
— Lookonchain (@lookonchain) December 6, 2024
According to the latest post from the on-chain analytics platform Lookonchain, Marathon Digital Holdings purchased another 1,423 Bitcoins. The post further mentioned the closing announcement of MARA’s second $850 million convertible note offering. It even cited Arkham Intelligence data to support the fact.
MARA Bitcoin Purchase With Convertible Note Offering
Marathon Digital Holdings announced a $1B 0% convertible note offering due 2030 in the last month. With this offering, MARA purchased an additional 703 Bitcoins. This debt financing strategy started with Microstrategy, which also purchased Bitcoins with a $2.9 B convertible note offering.
MARA announced the closing of its 0% second convertible note offering yesterday. As it clearly mentioned, MARA used the proceeds to acquire Bitcoin. The firm also mentioned a partial purchase of existing convertible notes due 2026 with the remaining proceeds.
Bitcoin Falls to $98,000 Price Range
After Bitcoin reached its all-time high value of $103,713 yesterday, shooting past the most awaited $100,000 milestone, it is now trading in the $98,000 price range. Bitcoin price dropped 4% in the last 24 hours and the market cap also dropped by over 4%, hovering close to $2 trillion. However, an 11% increase in 24-hour trading volume indicates a further BTC price surge.
Meanwhile, MARA Bitcoin purchase might halt for now since its second convertible note offering is closed. The fact that these big institutional investments are happening during the peak of the market instead of in the bear market, when Bitcoin’s price is at a discount, indicating institutional FOMO, is noteworthy.
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