CDS Crypto News MARA invests $100 million in bitcoin, now holding more than 20,000 BTC
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MARA invests $100 million in bitcoin, now holding more than 20,000 BTC

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Mara Invests $100 Million In Bitcoin, Now Holding More Than 20,000 Btc

MARA Invests- MARA buys bitcoin worth $100 million, boosting their BTC holdings above 20,000

MARA Invests- Bitcoin miner MARA, formerly known as Marathon Digital, revealed on Thursday that it has acquired an additional $100 million worth of bitcoin. This move increases MARA’s bitcoin holdings to more than 20,000 BTC (approximately $1.3 billion), representing nearly 0.1% of the total 21 million bitcoins that will ever be mined, according to a statement shared with The Block.

Strategic Acquisition Amid Favorable Market Conditions

MARA’s Chief Financial Officer, Salman Khan, noted that the purchases were made opportunistically in response to favorable market conditions. The company did not disclose specific details about the timing or average price of the acquisitions.

Estimated Acquisition and Historical Context

Based on MARA’s balance sheet, which reported holding 18,536 BTC at the end of June, analysts estimate that the recent $100 million purchase likely added around 1,500 BTC to their treasury. These acquisitions were likely executed at prices ranging from $54,000 to $68,000 this month.

Mara Invests $100 Million In Bitcoin, Now Holding More Than 20,000 Btc
Large bitcoin miner consolidators are selling less percentage of their production in 2024, compared to 2023. Image: Bernstein.

Continued ‘HODL’ Strategy

MARA reiterated its commitment to a full HODL strategy for its bitcoin treasury, meaning it intends to hold all bitcoin generated from its mining operations. Although the company has occasionally purchased bitcoin outside of mining activities, the majority of its holdings derive from its mining operations.

In addition to its bitcoin mining operations, MARA has diversified into altcoin mining, deploying Kaspa application-specific integrated circuit (ASIC) miners starting in September 2023. This diversification aims to bolster revenue streams following Bitcoin’s halving event.

Financial Outlook and Operational Funding

Looking ahead, MARA plans to utilize existing cash reserves and access to capital markets to fund its operations. The company has successfully reduced the proportion of bitcoin sold from its mining operations, down from 56% in 2023 to 31% in 2024, as reported by Bernstein analysts.

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Mara Invests $100 Million In Bitcoin, Now Holding More Than 20,000 Btc

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