MARA's Bitcoin holdings reach nearly $4 billion after the latest acquisition.

Bitcoin mining company MARA announced on Tuesday that, using the proceeds from convertible bond offerings, the company has now repurchased 11,774 BTC at a price of approximately 1.1 billion USD, increasing the total amount held on the balance sheet to 40,435 BTC, valued at around 3.9 billion USD.

“Using the proceeds from the convertible bond offerings, MARA has purchased 11,774 BTC at a price of about $1.1 billion, at around $96,000 per Bitcoin. As of 9 December 2024, MARA holds 40,435 BTC, currently valued at $3.9 billion based on the spot price of BTC around $96,500,” the company said on Tuesday.

MARA recently completed an $850 million convertible bond offering maturing in 2031, up from $700 million, to buy back existing bonds and buy more Bitcoin. In November, the company announced that it had purchased a total of 6,474 BTC following the closing of another $1 billion convertible bond offering, with about $160 million remaining for future “Bitcoin purchases when prices fall.”

Accounting for nearly 0.2% of the total 21 million Bitcoins, MARA’s holdings are the largest among publicly traded mining companies. However, this figure is only about 10% of the holdings of the pioneering Bitcoin company - MicroStrategy. The company announced its latest acquisition deal worth $2.1 billion on Monday, bringing the total holdings to 423,650 BTC, valued at over $40 billion.

MARA also applies MicroStrategy’s ‘Bitcoin Yield’ performance index to measure the percentage change in the company’s Bitcoin holdings. As of December 9, the company’s Bitcoin Yield for the year is 47.6%, according to the 8-K filing with the U.S. Securities and Exchange Commission (SEC), reflecting strong growth in holdings and a balanced dilution of shares as the company implements an effective Bitcoin acquisition strategy to benefit shareholders.

The latest acquisitions come amid the company’s disappointing Q3 earnings report, which fell short of analysts’ expectations. The company reported a net loss of $124.8 million in Q3, compared to a net loss of $390,000 in the same period last year.

MARA’s Comprehensive ‘HODL’ Strategy

Although the majority of Bitcoin on MARA’s balance sheet is generated from mining activities, the company announced in July that they will adopt a comprehensive ‘HODL’ approach to their Bitcoin treasury policy, retaining all mined BTC in addition to periodic buyback strategies.

“Applying a comprehensive HODL strategy reflects MARA’s long-term belief in the value of Bitcoin,” said Fred Thiel, Chairman and CEO of MARA.

“We believe that Bitcoin is the best reserve asset in the world and support the idea of national investment funds holding it. The company encourages governments and corporations to hold Bitcoin as a reserve asset.”

You can check the price of BTC here.

*Disclaimer: This article is for informational purposes only, not investment advice. Investors should do thorough research before making a decision. We are not responsible for your investment decisions.

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According to The Block