Bitcoin’s recent all-time high of $103,607 in the past weeks has sparked significant interest and reactions from institutional investors.
One such player is MARA, formerly known as Marathon Digital, a leading Bitcoin mining firm, which has acquired 11,774 BTC for approximately $1.1 billion.
This move is seen as a bullish signal for the broader Bitcoin mining industry, reflecting growing institutional demand for Bitcoin mining services and asset purchases.
MARA’s purchase brings its total Bitcoin holdings to 40,435 BTC, valued at $3.9 billion. The company has achieved a 12.3% BTC yield quarter-to-date and 47.6% year-to-date.
MARA Holdings tweeted on X: “Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 11,774 BTC for ~$1.1 billion at ~$96,000 per #bitcoin and has achieved BTC Yield of 12.3% QTD and 47.6% YTD. As of 12/9/2024, we hold 40,435 BTC, currently valued at $3.9 billion based on a spot BTC price of $96,500.”
The company’s aggressive Bitcoin acquisition strategy since the start of the year mirrors that of MicroStrategy, which has accumulated a staggering 423,650 BTC worth over $40 billion. This makes it one of the top five largest corporate holders of Bitcoin, alongside Riot Mining Company.
This trend underscores the increasing relevance of Bitcoin investments in the industry, benefiting both institutional investors and traders. As institutional interest in Bitcoin grows, it is likely to drive the cryptocurrency’s value higher.
It is important to note that the US-based MARA operates in the business of minting new coins by processing transactions on the blockchain. This enables traders to buy and sell value across the broader crypto digital landscape.