MARA’s recent acquisition of more bitcoin maintains its outlook on bitcoin as both a store of value and a hedge against inflation.
MARA Acquires 1,423 Bitcoin After Completing $850M Convertible Bond Issuance
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MARA Makes Another Big Bitcoin Purchase
MARA Holdings acquired 1,423 bitcoin ( BTC) worth $139.5 million at the time of purchase, following the completion of its $850 million convertible bond issuance. According to onchain analysis by Lookonchain, the purchase was done on Thursday, Dec. 5, just a few hours after the closing of its second convertible note offering.
Convertible bonds which can be converted into company shares at a later date offer MARA a flexible mechanism for raising capital while maintaining its liquidity.
The addition of more bitcoin to the company’s growing BTC portfolio highlights the company’s continued confidence in bitcoin as a valuable asset and its commitment to expanding its digital asset portfolio.
This purchase of bitcoin is in line with MARA’s initial plan for the convertible note offering with $50 million of the notes’ net proceeds to be used to buy back some of its current convertible notes through private transactions and the remaining net proceeds to be used to buy bitcoin.
As one of the largest bitcoin mining companies in the U.S., MARA believes that its dual approach of mining and purchasing bitcoin will strengthen its position and ability to deliver long-term value to its shareholders.
