MARA acquires $1.5B in Bitcoin to date with convertible notes
MARA has acquired over $1.5 billion in Bitcoin in the last two months, financed through two convertible note issuances. This increased its Bitcoin holdings by over 50% this quarter and nearly 200% this year. The company purchased 15,574 BTC at approximately $98,529 per coin, raising total holdings to 44,394 BTC as of December 18, up from 26,747 BTC at the end of Q3. MARA repurchased $263 million of existing convertible notes due in 2026 and plans to use remaining proceeds for additional Bitcoin purchases. Current holdings are valued at $4.45 billion, yielding 22.5% this quarter and 60.9% year-to-date. MARA raised $1.925 billion from zero-coupon senior convertible notes, with offerings on November 21 and December 4. Other companies like Hut 8 and Riot Platforms also made Bitcoin purchases in December, while CleanSpark announced a convertible note issuance without plans to buy Bitcoin.
