Bitcoin miner MARA, recently rebranded from Marathon Digital, announced on Thursday the acquisition of an additional $100 million worth of bitcoin. This purchase increases MARA’s total bitcoin holdings to over 20,000 BTC, equivalent to nearly 0.1% of bitcoin’s total 21 million supply, as per a statement shared with The Block.
The company did not specify the timing or average price of the purchases. MARA CFO Salman Khan mentioned that the firm took “strategic advantage of favorable market conditions to opportunistically purchase bitcoin in the market.” Based on the $100 million investment and MARA’s balance sheet holdings of 18,536 BTC as of the end of June, the latest acquisitions are estimated to total around 1,500 BTC, purchased in the $54,000 to $68,000 range this month.
This is not MARA’s first significant bitcoin purchase outside its mining production. The company previously acquired $150 million worth of bitcoin in January 2021. However, Khan emphasized that “the vast majority of the bitcoin reflected on our balance sheet has been generated from our mining operations.”
This strategic purchase highlights MARA’s ongoing commitment to expanding its bitcoin holdings and leveraging market conditions to enhance its position in the cryptocurrency market.