MARA Holdings Acquires 11,774 Bitcoins for $1.1 Billion
MARA Holdings Inc. (NASDAQ: MARA), a Florida-based crypto mining company focused on Bitcoin, announced the acquisition of 11,774 Bitcoins for approximately $1.1 billion at an average price of about $96,000. This acquisition brings MARA's total Bitcoin holdings to around 40,435 BTC, valued at about $3.9 billion as of December 9, when Bitcoin prices ranged between $97,000 and $98,000. According to SEC filings, the company reported a BTC Yield of 12.3 percent from October 1, 2024, to December 9, 2024.
Additionally, MARA Holdings reported a BTC Yield of 47.6 percent from January 1, 2024, to December 9, 2024. The company has been issuing more shares to raise funds for further Bitcoin acquisitions. Earlier this month, MARA increased its convertible senior notes offering from $750 million to $850 million, with an option for investors to purchase an additional $150 million in notes.
MARA Holdings and Market Outlook
MARA Holdings has established itself as a significant player in the Bitcoin sector by converting clean, stranded, and underutilized energy into economic value. This strategy has attracted investors looking to benefit from its Bitcoin adoption plan as a hedge against inflation. Recently, the company acquired a wind farm in Hansford County, Texas, with 240 MW of interconnection capacity and 114 MW of wind capacity, emphasizing the use of renewable energy to reduce the Bitcoin network's carbon footprint.
Following its strengthened Bitcoin position, MARA stock has increased by over 47 percent in the past three months, trading at about $23.54. However, due to share dilution, the stock has decreased by approximately 6.7 percent in the past month.
Impact on Bitcoin Network
With a hash rate exceeding 40 exahashes per second (EH/s), MARA's mining operations are essential for securing the Bitcoin network in exchange for block rewards. The company's success has encouraged others to adopt similar Bitcoin strategies. Bitcoin has emerged as the best-performing global asset over the past two years, surpassing major stock indexes and most precious metals, achieving a $2 trillion market valuation, outpacing leading tech companies and fiat currencies globally.