Marathon Digital Holdings Acquires 11,774 BTC for $1.1 Billion, Achieves 47.6% YTD Yield

Dec 10, 2024, 01:03 PM

Marathon Digital Holdings has significantly expanded its Bitcoin holdings, acquiring an additional 11,774 BTC for approximately $1.1 billion at an average price of about $96,000 per Bitcoin. This acquisition was funded through the proceeds from its zero-coupon convertible notes offerings. As of December 9, 2024, Marathon holds 40,435 BTC, with a current valuation of $3.9 billion based on a Bitcoin price of $96,500. The company has achieved a Bitcoin yield of 12.3% quarter-to-date and 47.6% year-to-date. Other major Bitcoin mining companies like Riot Platforms and MicroStrategy are also following suit, with Riot issuing $500 million in convertible notes to expand its Bitcoin reserves and MicroStrategy spending $2.1 billion on 21,550 BTC. This trend indicates a shift among mining companies from merely mining Bitcoin to also acquiring it directly from the market, potentially leading to a supply shock in the Bitcoin market.