MARA Holdings Reports 22.5% BTC Yield and Holds 44,394 Bitcoins

MARA Holdings Inc. (NASDAQ: MARA), a leading cryptocurrency mining company in the United States, reported its Bitcoin (BTC) performance to the United States Securities and Exchange Commission (SEC) on December 18, 2024.

According to Form 8-K, MARA Holdings achieved a BTC Yield of 22.5 percent from January 1, 2024, to December 18, 2024, with a year-to-date yield of approximately 60.9 percent.

The company raised $1.925 billion through 0% convertible notes issued in November and early December 2024, deploying $1.53 billion to acquire 15,574 Bitcoins at an average price of about $98,529 each. An additional $263 million was used to repurchase existing convertible notes due in 2026. As of December 18, the company held 44,394 Bitcoins valued at around $4.45 billion based on a spot price of approximately $100,000.

Earlier this month, MARA completed the acquisition of 11,774 Bitcoins worth about $1.1 billion. The company increased its convertible senior notes offering from $750 million to $850 million, allowing private investors the option to purchase an additional $159 million. Despite diluting its shares to fund Bitcoin purchases, MARA's overall performance is expected to align with Bitcoin's long-term trajectory. In the last three months, MARA shares have risen over 37 percent, trading at approximately $21.10.

Impact of MARA Holdings’s Bitcoin Strategy

Institutional demand for Bitcoin remains robust as a hedge against inflation and fiat devaluation. Recent on-chain data indicates that Bitcoin supply on centralized exchanges has decreased by nearly 140,000 BTCs in the past 30 days, totaling about 2.23 million.

More companies are following MicroStrategy Inc. (NASDAQ: MSTR) in adding Bitcoin to their balance sheets. In the U.S., investment in Bitcoin via spot BTC ETFs has surpassed Satoshi Nakamoto's holdings of over 1.1 million BTC.

As a result, Bitcoin prices are projected to rise in upcoming quarters due to tightening demand versus supply. Additionally, more nation-states are exploring strategic Bitcoin reserves, with indications that the forthcoming Trump administration plans to advance the crypto sector.