MARA Expands Bitcoin Reserves to $4.45 Billion, Hut 8 Reaches $1 Billion

The mining company MARA Holdings has acquired an additional 15,574 BTC for a total of $1.53 billion at an average price of approximately $98,529 per coin.

MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA has acquired 15,574 BTC for ~$1.53 billion at ~$98,529 per #bitcoin and repurchased ~$263 million in aggregate principal amount… pic.twitter.com/ycGRk9BYfv

— MARA (@MARAHoldings) December 19, 2024

The firm utilized $1.925 billion raised through convertible bond offerings in November and December for these purchases.

A portion of the proceeds, amounting to ~$263 million, was used by MARA to repurchase existing bonds maturing in 2026. The remaining funds are intended for further expansion of bitcoin reserves.

“As of December 18, 2024, we hold 44,394 BTC, currently valued at $4.45 billion based on a spot price of $100,151,” stated MARA.

In early December, JPMorgan analysts noted that public miners are increasingly adopting MicroStrategy’s strategy of accumulating bitcoins on their balance sheets to enhance shareholder value. MARA was a pioneer in this regard, followed by Riot Platforms and Hut 8 Corp.

On December 19, Hut 8 announced the acquisition of 990 BTC for approximately $100 million. The average purchase price was $101,710 per coin.

Hut 8 today announced the purchase of approximately 990 Bitcoin for approximately $100 million, or an average of approximately $101,710 per Bitcoin. Combined with the Bitcoin held prior to this purchase, Hut 8’s strategic Bitcoin reserve now totals more than 10,000 Bitcoin with a… pic.twitter.com/BhgCNMMEJu

— Hut 8 (@Hut8Corp) December 19, 2024

Hut 8’s holdings of the leading cryptocurrency increased to 10,096 BTC, valued at approximately $1 billion. 

“As a key component of our treasury policy, the bitcoin reserve supports a flywheel effect that aligns our capital and operational strategies for accelerated value creation across the business,” stated the CEO of the Canadian company, Asher Genoot.

According to BitcoinTreasures, MARA confidently holds the second position among corporations in terms of digital reserves. The company is second only to MicroStrategy, which has accumulated 439,000 BTC.

Following the purchase of 990 BTC, Hut 8 rose to a clear fourth place in the rankings. The firm immediately surpassed competitors such as CleanSpark, the cryptocurrency exchange Coinbase, and Elon Musk’s Tesla.

President-elect Donald Trump has confirmed his intention to create a national bitcoin reserve.

Former BitMEX CEO Arthur Hayes expressed skepticism about the initiative’s implementation. According to the expert, the new administration’s policy in January will disappoint investors, and cryptocurrencies face a “painful collapse.”