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.
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.
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.
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.
