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Largest US mining company takes advantage of Bitcoin’s decline and buys 15,574 BTC
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THE mining company Bitcoin MARA Holdings announced the acquisition of 15,574 BTC for $1.53 billion, bringing its total reserves to 44,394 BTC. This represents about 0.211% of the total Bitcoins in circulation.
The purchase, made with resources from the issuance of convertible notes, occurs at a time of volatility in cryptocurrencies. MARA positions itself as the second largest public company with investments in Bitcoindemonstrating resilience in its expansion strategy, even in the face of the recent drop in digital asset prices.
Not even the fall in cryptocurrency market indices shook MARA Holdings’ strategic planning.
The mining company shared the news of the acquisition on its social networks. According to the company, the money came from the issuance of convertible notes that the company made in November and December. At the time, the mining company raised US$1.925 billion with convertible notesno coupon costs.
Miner buys more Bitcoin
Furthermore, according to data from the form sent to the SEC, the company used part of the resources to repurchase approximately $263 million in existing convertible notes due 2026. The purchase took place at a price of $96,000 per BTC. Furthermore, MARA reported a Bitcoin yield of 12.3% in the quarter and 47.6% in the year. With the new acquisition and Bitcoin hovering around US$100,000, MARA’s reserves are now worth approximately US$4.2 billion.
Recently, as Todaysgist reported, Bitcoin miners started using the same approach popularized by Michael Saylor, from MicroStrategy, to increase their BTC assets. This is a way that companies have found to maintain profit rates as the supply of Bitcoin falls due to halvings.. The last one, in April, decreased the BTC rewards for each block to 3,125.
The purchase of MARA drew attention not only because of the values involved, but because it occurred one day after statements by the FED president that caused market indices to collapse.
However, the movement of MARA, as well as that of BlackRock, which continues to buy BTC even at the low, shows that these companies remain steadfast in their long-term strategies. And they are not alone.
This is because also on Thursday, the mining company Hut 8 announced the purchase of 990 BTC at an average price of $101,710 each, bringing its reserves to 10,096 BTC. THE Leef Brands Inc, a company in the cannabis derivatives sector, acquired 4 BTC on the same day, according to data from the Bitcon Treasuries website.
Largest US mining company takes advantage of Bitcoin’s decline and buys 15,574 BTC
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Largest US mining company takes advantage of Bitcoin’s decline and buys 15,574 BTC
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Largest US mining company takes advantage of Bitcoin’s decline and buys 15,574 BTC
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Largest US mining company takes advantage of Bitcoin’s decline and buys 15,574 BTC
