MARA's Massive Bitcoin Acquisition: $1.1 Billion and Counting!
Decrypt•2 weeks ago•
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MARA's Massive Bitcoin Acquisition: $1.1 Billion and Counting!

General Bitcoin News
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Summary:

  • MARA acquires 11,774 BTC for $1.1 billion.

  • Average purchase price of $96,000 per coin.

  • Total Bitcoin holdings now worth nearly $3.9 billion.

  • MARA's stock down 4% today, but up 18% over six months.

  • MARA is the second-largest publicly traded Bitcoin holder.

Public companies are continuing to buy up large stashes of Bitcoin near the top.

Marathon Digital Holdings (MARA), a leading Bitcoin miner, announced on Tuesday that it acquired 11,774 Bitcoin for $1.1 billion, averaging $96,000 per coin. This purchase follows Bitcoin's recent all-time high of $103,607, although it has since cooled off to around $96,300.

MARA now holds a total of 40,435 Bitcoin, valued at nearly $3.9 billion. Despite this, the company's stock saw a 4% drop today, trading at around $23, but has increased by 18% over the past six months.

MARA continues to follow the model of MicroStrategy, which has raised funds through private offerings to increase its Bitcoin holdings. Currently, MARA stands as the second-largest publicly traded holder of Bitcoin, with MicroStrategy leading the way with 423,650 coins worth over $40 billion.

What Are Bitcoin Miners?

Bitcoin miners like MARA operate by processing transactions on the blockchain, earning Bitcoin as a reward. These operations typically require substantial electricity and infrastructure investment, but they play a crucial role in the cryptocurrency ecosystem.

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