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Bitcoin miner MARA has acquired an extra $100 million worth of Bitcoin (BTC). As a result, its balance sheet now has over 20,000 BTC, equivalent to $1.3 billion.
This represents roughly 0.1% of the total supply of Bitcoin, which is capped at 21 million units. The company did not disclose the exact timing and average price of the purchases.
However, considering the dollar amount and the company's balance sheet holdings of 18,536 BTC as of the end of June, it is estimated that the recent acquisitions amounted to approximately 1,500 BTC. These were likely purchased within the price range of $54,000 to $68,000 this month.
MARA has already obtained bitcoin by means other than mining, specifically by acquiring $150 million worth of bitcoin in January 2021. Most of the bitcoin recorded on the company's balance sheet has been obtained from its mining activities.
MARA has already obtained bitcoin by means other than mining, specifically by acquiring $150 million worth of bitcoin in January 2021. Most of the bitcoin recorded on the company's balance sheet has been obtained from its mining activities.
MARA will implement a comprehensive "HODL" strategy for its bitcoin treasury policy, whereby it will retain all the bitcoin obtained through its operations and periodically make additional strategic acquisitions.
MARA has successfully decreased the ratio of its bitcoin sales as a percentage of output from 56% in 2023 to 31% in 2024. Their primary focus has been on increasing the amount of bitcoin stored on their balance sheet. Following the updated strategy, MARA will utilize its current cash reserves and capital markets to finance its activities in the future.
The post Bitcoin miner MARA buys $100 million worth of bitcoin (BTC) appeared first on Optimisus.