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Bitcoin miner MARA has significantly bolstered its treasury with a new acquisition of 11,774 BTC, bringing its total holdings to 40,435 BTC, valued at approximately $3.9 billion.
What's the Scoop?
- MARA purchased 11,774 BTC for $1.1 billion, using proceeds from zero-coupon convertible note offerings. They now hold 40,435 BTC, worth roughly $3.9 billion, representing nearly 0.2% of Bitcoin’s fixed 21 million supply.
- MARA tracks a 47.6% year-to-date Bitcoin Yield, reflecting growth in holdings relative to diluted shares
- Despite these bold moves, MARA reported a net loss of $124.8M in Q3, highlighting challenges amid its aggressive strategy.
Bankless Take
MARA’s aggressive Bitcoin acquisition strategy positions it as a leader in institutional Bitcoin holdings, drawing parallels to MicroStrategy’s approach. While the HODL policy signals long-term confidence in BTC, reliance on convertible notes raises concerns about debt management and shareholder dilution. As Bitcoin’s price climbs, MARA’s bold moves could pay off handsomely—but the firm must balance treasury growth with operational sustainability. This is a high-stakes bet on Bitcoin’s future as a reserve asset.
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