It’s beginning to look like a race as miners scramble to buy Bitcoin before its price keeps rallying.
Bitcoin miner MARA’s buying spree has reached over $1.5 billion in Bitcoin acquisitions in the last two months, financed by the issuance of two convertible notes. It gave the company a total boost in holdings of over 50% so far this quarter and nearly 200% this year.
MARA spent around $1.53 billion of the money it received from convertible notes in November and December on 15,574 Bitcoin (BTC), paying approximately $98,529 per coin, the Nasdaq-listed miner said on X. That brought its holdings to 44,394 BTC as of Dec. 18, up from 26,747 BTC at the end of the third quarter and 15,174 BTC at the end of 2023.
The company, formerly known as Marathon Digital, said it had repurchased around $263 million of its existing convertible notes due 2026 and expects to use the remainder of the proceeds from the notes on more Bitcoin.
