Bitcoin mining company Marathon Digital Holdings (MARA) announced that it purchased 11,774 BTC for approximately $1.1 billion.
The purchase, financed through a zero-coupon convertible note offering, was made at an average price of $96,000 per BTC. As of December 9, 2024, MARA currently owns a total of 40,435 Bitcoins worth $3.9 billion based on a spot price of $96,500 per Bitcoin.
The company recently revealed its performance by stating that Bitcoin return was 12.3% quarter-to-date (QTD) and 47.6% year-to-date (YTD).
However, this significant purchase has reignited debates about Bitcoin’s market stability, with prominent BTC critic Peter Schiff expressing his skepticism, saying:
“In other words, Bitcoin is being artificially propped up via leveraged buyouts from MSTR and MARA due to insufficient real demand. This looks like a formula for disaster.”
Recently, MicroStrategy also announced to its investors that it had purchased a large amount of BTC. As the company continues to grow, discussions are currently ongoing regarding the inclusion of MicroStrategy shares in Nasdaq.
*This is not investment advice.
