MARA purchases $615 million worth of bitcoin, boosting total holdings to 34,794 BTC

MARA Holdings, the largest publicly traded bitcoin miner, acquired 6,474 bitcoin worth about $615 million after raising $1 billion through convertible notes.

In a Wednesday post on X, MARA, formerly Marathon Digital, wrote that it acquired its latest batch of BTC at an average price of $95,395 per bitcoin, bringing its total holdings to 34,794 BTC, valued at approximately $3.3 billion.

The company reported buying an additional 703 bitcoins after an initial purchase of 5,771 bitcoin last week.

The latest bitcoin acquisition follows MARA's move last week when it closed its $1 billion offering of 0% convertible senior notes due 2030. The company said it plans to allocate about $199 million of the proceeds to repurchase its existing convertible notes due 2026, with the remaining funds earmarked for acquiring more bitcoin and general corporate purposes.

MARA still has about “$160 million in remaining proceeds available net of transaction costs for future BTC dip purchases,” the company said yesterday. It added that it had repurchased a portion of 2026 notes for $200 million.

MARA’s stock closed up 7.81% at $26.92 on Wednesday. According to Google Finance, it has gained 42.13% over the past month and 17.4% year-to-date, with its market cap reaching $9 billion.

Earlier this month, MARA disclosed its third-quarter earnings, which fell short of analysts' expectations. It reported a net loss of $124.8 million for the third quarter, compared to a net loss of $390,000 during the same period last year.

Meanwhile, MicroStrategy remains the largest publicly traded corporate holder of bitcoin, owning a total of 386,700 BTC. It acquired an additional 55,500 BTC for about $5.4 billion between Nov. 18 and Nov. 24, representing its largest set of acquisitions to date.

With companies like MicroStrategy and MARA making significant long-term bets on bitcoin, China-headquartered financial services firm SOS Ltd. is also joining the bitcoin bandwagon. In addition to its mining operations in the U.S., SOS announced on Wednesday that its board of directors approved its plan to invest $50 million in purchasing bitcoin. SOS’ stock on the NYSE soared 42.88% at Wednesday’s close, though it remains down 86.46% year-to-date, according to Google Finance.