Marathon Digital Holdings (MARA) has revealed a major acquisition of 11,774 Bitcoins, valued at around $1.1 billion.
This purchase, completed via a zero-coupon convertible note offering, was made at an average cost of $96,000 per Bitcoin. As of December 9, 2024, the company’s total Bitcoin holdings stand at 40,435 BTC, worth an estimated $3.9 billion at the current market price of $96,500 per Bitcoin.
The firm has also shared its recent performance, reporting a 12.3% return for the quarter and a 47.6% increase year-to-date.
However, this massive purchase has sparked renewed concerns over Bitcoin’s market stability, with critics like Peter Schiff arguing that Bitcoin’s value is being artificially inflated through large, leveraged purchases by firms like MicroStrategy and Marathon, suggesting a potential recipe for market instability.
In a related move, MicroStrategy also made headlines with its recent Bitcoin purchase, continuing its strategy of accumulating the cryptocurrency. Discussions are underway regarding the possibility of including MicroStrategy shares on Nasdaq as the company’s Bitcoin holdings grow.
According to new data shared by Bitcoin Magazine Pro, publicly traded companies now collectively hold over 844,822 BTC, valued at more than $100.5 billion, marking a historic milestone for institutional Bitcoin adoption.
Trump Media and Technology Group, the parent company of Truth Social, Truth+, and Truth.Fi, has officially disclosed that it now holds approximately $2 billion in Bitcoin and Bitcoin-related securities.
Michael Saylor’s Strategy has confirmed another major Bitcoin purchase, acquiring 6,220 BTC last week for approximately $739.8 million.
Bitcoin’s derivatives market is heating up, with open interest climbing back to $42 billion while funding rates continue to surge.