Bitcoin mining firm Marathon Digital Holdings (MARA) has announced a significant milestone in its BTC acquisition strategy. According to the company’s statement on X, the firm successfully acquired over $551 million worth of BTC.
Is MARA The Next MicroStrategy?
The company recently acquired 5,771 BTC at an average price of $95,554 per Bitcoin through its 0% convertible note offering. This latest purchase brings Marathon’s total Bitcoin holdings to approximately 33,875 BTC, valued at an estimated $3.4 billion based on Bitcoin’s current spot price of $99,000. MARA also highlighted a 35% BTC yield per share, reflecting the growing benefits for its shareholders.
Marathon’s latest move underscores its commitment to expanding its Bitcoin reserves amid rising institutional interest in the flagship crypto. The acquisition further positions the company as a significant player in the Bitcoin mining sector, particularly as BTC price continues to surge. Moreover, the move signals that the company is trying to mimic MicroStrategy’s BTC strategy.
Meanwhile, MicroStrategy, the corporate leader in Bitcoin acquisitions, is also doubling down on its cryptocurrency strategy. The firm recently announced plans to use proceeds from a $3 billion convertible senior notes offering to purchase more Bitcoin. MicroStrategy’s aggressive Bitcoin acquisition strategy has set a benchmark for corporate adoption of digital assets.
What’s Next for Bitcoin?
As institutional players like Marathon and MicroStrategy expand their Bitcoin reserves, the trend of significant BTC accumulation continues to highlight the growing institutional demand in the crypto market. Hence, analysts have even set the next big target after $100,000 at $135,000.
Currently, BTC price is witnessing a bullish momentum with significant gains today and is just a little shy of the $100,000 mark. As of writing, BTC’s value gained 2.28% to $99,228.98 on Friday, November 22.
Also Read: MicroStrategy to Buy Bitcoin with $3 Billion Notes Offering
Source: https://www.cryptonewsz.com/bitcoin-miner-mara-acquire-another-551m-btc/