Wall Street Bitcoin Miner MARA Purchase More Bitcoins, Mimicking MicroStrategy's Debt-to-BTC Strategy

The publicly listed Bitcoin miner from Wall Street, MARA (NASDAQ: MARA), has acquired 6,474 Bitcoin (BTC) through a $1 billion zero-interest convertible note offering, bringing its total holdings to 34,797 BTC.

Wall Street Bitcoin mining company Marathon Digital (NASDAQ: MARA) has disclosed further details regarding its recent Bitcoin (BTC) acquisitions, fueled by a $1 billion zero-interest convertible note offering.

According to a recent statement, the company has acquired a total of 6,474 Bitcoin (BTC) at an average price of $95,395 per coin. The initial purchase involved 5,771 BTC, and the latest addition brought 703 BTC to the company's cryptocurrency treasury. This strategic move has increased MARA's total Bitcoin holdings to approximately 34,797 BTC, which is currently valued at $3.3 billion.

The development comes a week after MARA announced the completion of its $1 billion offering of 0% convertible senior notes due 2030. The total includes an additional $150 million in notes, which were issued following the initial purchasers' full exercise of their option to purchase within a 13-day window from the issuance date.

With our 0% $1 billion convertible notes offering, we are excited to share an update:

- Acquired an additional 703 BTC, bringing the total to 6,474 BTC, at an average price of $95,395 per BTC

- YTD BTC Yield Per Share: 36.7%

- Total owned BTC: ~34,794 BTC, currently valued at… pic.twitter.com/bzbunlyBRN

Moreover, the company has executed a partial buyback of its 2026 notes to the tune of $200 million and maintains about $160 million in reserve for future Bitcoin acquisitions during market dips.

As Finance Magnates reported this week, the Wall Street Bitcoin mining giant issued a warning about the United States’ need to secure a dominant position in BTC holdings and mining activity. MARA wants the government to start building crypto reserves to mitigate the potential risk of future de-dollarization of international markets.

MicroStrategy Style

The broader landscape of corporate Bitcoin holdings continues to evolve, with River Financial reporting that 62 publicly traded companies now implement Bitcoin treasury strategies as of November 2024.

62 public companies now have a bitcoin treasury strategy.

Private companies are estimated in the thousands, with 1000 business clients on https://t.co/FoI3dat56g alone. pic.twitter.com/m9Qdz5HkL8

MARA's strategy is similar to that of MicroStrategy (NASDAQ: MSTR), which has become known for its aggressive Bitcoin acquisition approach through debt financing. This trend highlights a growing movement among corporate institutions to utilize convertible debt for cryptocurrency investments.

According to Bitcoin Treasuries data, MARA is currently the second-largest publicly listed Bitcoin holder. However, it is significantly behind MSTR, whose crypto holdings reached 386,000 BTC, tenfold higher than the BTC miner's stack.