MARA Holdings, a renowned cryptocurrency mining business, has made a significant investment in Bitcoin by purchasing 6,484 BTC for $618.3 million between October 1 and November 30, 2024. At an average price of $95,352 per Bitcoin, this acquisition solidifies MARA Holdings’ position as the second-largest corporate Bitcoin holder, second only to MicroStrategy.
In addition to this acquisition, MARA Holdings intends to acquire $700 million through a private offering of convertible senior notes, which will be used to buy more Bitcoin and buy back current notes due in 2026. This approach demonstrates MARA’s dedication to increasing its Bitcoin reserves while maintaining its leadership in the crypto mining market.
On November 26, the business urged the US government to adopt a more proactive approach to secure Bitcoin reserves, citing its potential role in ensuring national and financial security. While gold no longer guarantees the US dollar, MARA emphasized that significant reserves, whether in gold or Bitcoin, are crucial for maintaining trust in the US economy.
Despite selling 63% of its mined Bitcoin earlier in 2024, MARA Holdings remains focused on long-term Bitcoin accumulation. The firm remains at the vanguard of Bitcoin mining, asking governments to acknowledge the cryptocurrency’s rising strategic relevance.
