Key Takeaways
- MARA bought over $600 million worth of Bitcoin.
- The company’s Bitcoin holdings now total 34,794 BTC, valued at $3.4 billion.
- Over 30 public companies now hold Bitcoin on their balance sheets, signaling the growing trend of institutional adoption.
MARA (formerly Marathon Digital), the largest public Bitcoin mining company, recently acquired 6,474 Bitcoin (BTC) for over $600 million.
The move comes amid a broader trend of institutional adoption of Bitcoin, with an increasing number of public companies now holding BTC on their balance sheets.
MARA’s latest purchase further solidifies its place in the growing number of companies betting on Bitcoin as a long-term asset.
MARA Becomes the Second-Largest Public Bitcoin Holder
MARA’s latest purchase follows its successful $1 billion offering of senior convertible notes, which proposed using $615 million to shop for Bitcoin.
The company’s Bitcoin holdings now total 34,794 BTC, valued at $3.3 billion. This makes MARA the second-largest public Bitcoin holder behind MicroStrategy, which owns 386,700 BTC worth around $37.6 billion.
As per its debt offering proposal, the company still has $160 million in reserves to buy Bitcoin during market dips.
In a report, MARA said its year-to-date Bitcoin yield per share has increased by 36.7%, underscoring the positive impact that Bitcoin has had on its overall balance sheet.
With Bitcoin’s total supply capped at 21 million coins and the price nearing $100,000, companies like MARA and MicroStrategy are ramping up their Bitcoin acquisitions, seeking to position themselves ahead of any potential future shortages.
A Trend Gaining Momentum: Bitcoin in Corporate Treasuries
MARA’s latest Bitcoin acquisition is not an isolated case. The broader trend of institutional Bitcoin adoption is gaining steam, with over 30 public companies now holding a combined 508,554 BTC, worth nearly $48.4 billion.
Among these, MicroStrategy remains the leader with 386,700 BTC, valued at $37.6 billion.
Tesla, which famously purchased $1.5 billion in Bitcoin in 2021 but later sold off part of its holdings during the bear market, currently retains 9,700 BTC worth around $900 million.
Riot, another Bitcoin mining company, holds 10,000 BTC, which is valued at about $955 million.
Reports are circulating that tech titan Microsoft is also looking to board the Bitcoin wagon as part of the ongoing trend.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
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