Bitcoin Mining Giant MARA Buys 11,774 BTC for $1.1 Billion

Bitcoin mining giant MARA has acquired 11,774 BTC over the past week for $1.1 billion, funded by proceeds from its latest issuance of zero-coupon convertible notes.

The company announced on Tuesday that it purchased the additional Bitcoin at an average price of $96,000 per BTC, bringing its total holdings to 40,435 BTC as of December 9. These holdings are valued at approximately $3.9 billion, accounting for about half of MARA’s market capitalization.

In November, MARA raised $1 billion through zero-interest convertible bonds due in 2030 and allocated roughly $630 million to purchase 6,474 BTC. Last week, the company secured another $850 million through zero-coupon convertible notes due in 2031. To date, MARA has deployed around 80% of these recent fundraises to bolster its Bitcoin reserves.

Meanwhile, MicroStrategy revealed on Tuesday that it had acquired 21,550 BTC for $2.1 billion, raising its total Bitcoin reserves to over 470,000 BTC.

Riot Platforms (NASDAQ: RIOT), a major competitor to MARA, also disclosed on Tuesday the pricing of its $525 million 0.75% convertible notes offering. The Texas-based mining firm intends to use the proceeds to initiate a Bitcoin purchasing strategy.