MARA Holdings Acquires $1.1B in Bitcoin

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MARA Holdings Inc., a leader in Bitcoin mining, yesterday purchased 11,774 additional Bitcoins for $1.1 billion. This increase in Bitcoin holdings coincided with MARA achieving a hashrate of more than 50 exahashes per second (EH/s), which is a historic first in the industry.

The company acquired these Bitcoins through a zero-coupon convertible note offering, with an average purchase price of $96,000. As of December 9, MARA held a total of 40,435 Bitcoins, valued at $3.92 billion based on the current price of around $97,000.

In the fourth quarter, the company has yielded a 12.3% return on its Bitcoin holdings and a 47.6% return so far this year, according to a filing with the US Securities and Exchange Commission.

These returns are measured using the company’s “BTC Yield” metric, which calculates the percentage change between its Bitcoin holdings and its fully diluted shares outstanding.