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This Monday it was learned that MicroStrategy made a new massive purchase of BTC for its balance sheets. Less than 24 hours later, Bitcoin miner Marathon also announced the purchase of $1.1 billion worth of BTC. This new acquisition of the company reinforces its vision of permanent purchase and hoarding of the currency.
According to the company’s purchase document filed with the Securities and Exchange Commission (SEC), the sum was used to purchase 11,774 bitcoins. After this purchase transaction, the company’s reserves amount to 40,435 BTC. MARA is the second largest corporate holder of BTC, only surpassed by MSTR’s 423,650 BTC.
It should be noted that another miner recently joined the Bitcoin pattern promoted by Michael Saylor. In that sense, Riot Platforms announced the issuance of $500 million in convertible notes to purchase BTC. Thus, Bitcoin adoption among large corporations appears to reach an advanced stage largely spurred by FOMO.
In a post on X, Marathon confirmed the purchase of Bitcoin with the capital raised in its recent convertible note issuance. On the other hand, it stands out that the miner’s average purchase was $96,000 for each BTC.
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… pic.twitter.com/2uvnrhbxaP
— MARA (@MARAHoldings) December 10, 2024
Marathon consolidates its Bitcoin hoarding strategy
The Mining company’s recurring Bitcoin purchasing strategy seems to project it as one of the most successful firms in the crypto world. Thus, in a few years the company would not only be the reference in the mining sector, but would go much further. The company’s profits from its Bitcoin strategy are considerable, even though the massive buying spree started it recently.
So far in the fourth quarter of 2024, unrealized gains on this investment are 12.3%. Meanwhile, so far this year, its profits represent 47.6%. At the current price of each BTC in its possession, the company’s total reserves reflect a USD value of $3.9 billion.
MicroStrategy CEO Michael Saylor spoke about this new MARA Bitcoin purchase. The businessman referred to the annual performance of the mining company, which he considers as a sign of the assured success for companies that adopt the Bitcoin pattern. In another publication, Saylor highlighted the enormous benefits for MARA shareholders, which total 13,270 bitcoins. He claims this represents $1.3 billion per week or $186 million daily.
These calculations become a hint to Microsoft and Amazon shareholders, who pressure their respective boards of directors to adopt BTC. In fact, the shareholders of the second company recently announced that the company has the obligation to seek the best profitability for its investors. Thus, BTC investment becomes the solution to that problem, they stated.
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