Florida-based Bitcoin miner Marathon Digital (MARA) has spent $618 million cash to acquire approximately 6,484 Bitcoin, the company stated in a new SEC filing.
The number one Bitcoin miner in the US has made its BTC purchases close to the local top, paying an average of $95,352 per BTC, including all fees and expenses. However, at the time of writing, Bitcoin has surged from $95,000 to $97,200, per CoinGecko data.
MARA Share Price Reacts Well To News Of Its Sizeable Bitcoin Purchase
The news of Marathon’s Bitcoin purchase has resonated well with its shareholders. As of this afternoon (December 2), during European trading hours, MARA shares are up more than 40% in the past two weeks, going from $18.11 on November 18 to its current price of $26.11.
MARA, which trades on the Nasdaq, closed at $26.85 on Friday after losing 2%. But the Bitcoin buying news seems to have all but erased that dip. The company also announced that it will begin raising up to $700 million in private offerings to institutional buyers starting today.
Marathon wrote in its SEC filing, “MARA expects to use up to $50 million of the net proceeds from the sale of the notes to repurchase a portion of its existing convertible notes due 2026 (the ‘existing 2026 convertible notes’) in privately negotiated transactions with the remainder of the net proceeds to be used to acquire additional Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.”
Public bitcoin miners are rapidly stacking sats.
Collectively, these miners hold ~70k bitcoin on their balance sheets, valued at over $6.6 billion. Marathon leads the pack, with its 35.8k bitcoins acquired through a combination of self-mining and capital raises. pic.twitter.com/lW01Qd8DWs
— Øyvind Sjaastad (@Oyvind_Sjaastad) December 2, 2024
DISCOVER: Crypto All-Stars Launches in 18 Days: After $7.5M Raised – 10x Moon Ride in December?
Marathon Digital is now The Second Largest Corporate Bitcoin Holders, Behind Micro Strategy
This is the second time Marathon has issued convertible notes to repurchase some of its debt and add to its Bitcoin treasury. In November, the Bitcoin miner announced an $850 million offer, saying it had reserved the option to expand that offer to $1 billion.
Marathon Digital’s latest BTC purchase puts its corporate Bitcoin treasury at $3.3 billion. That makes it the second-largest corporate holder of Bitcoin, only behind Michael Saylor’s MicroStrategy (MSTR).
$MARA is a company on the #Bitcoin Standard. https://t.co/bk8dBbQaqM
— Michael Saylor⚡️ (@saylor) December 2, 2024
BONUS: Less Than Two Weeks Before The Launch Of This Year’s Most Anticipated Meme Coin
There are officially less than two weeks remaining before Pepe Unchained (PEPU) goes live, and investors are still scrambling to buy PEPU tokens even after the official ICO ends. It has been one of the most successful presales this year, raising nearly $58 million.
As the first-ever Layer 2 meme coin ecosystem, Pepe Unchained is expected to make insane waves once it goes live, with some analysts calling for PEPU to explode, with figures such as 1000X being touted.
There is a new king in town. pic.twitter.com/ov0TNSvyFY
— Pepe Unchained (@pepe_unchained) November 29, 2024
Pepe Unchained is built on its dedicated Layer-2 blockchain, the ‘Pepe Chain’. It will act as an ecosystem for many new meme coins coming in the future. The project also introduces Pepes Pump Pad, allowing users to build their own meme coins on the Pepe Chain, similar to Pump.fun on Solana.
There are strong rumors that multiple tier-1 exchanges will line up to list PEPU soon after it goes live. It is unsurprising that these exchanges will have seen the success of the Pepe Unchained presale.
VISIT PEPE UNCHAINED FOR YOUR LAST CHANCE TO BUY
EXPLORE: Effortless Crypto Commerce: How SpacePay Redefines Retail Payments
Join The 99Bitcoins News Discord Here For The Latest Market Updates
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
