MARA Holdings Expands Bitcoin Holdings Amid Market Recovery
MARA Holdings, a publicly traded Bitcoin mining company, has bolstered its Bitcoin stash by 400 BTC. This addition brings its total holdings to over 53,000 BTC.
The company spent approximately $46.31 million on this latest acquisition. This move comes as Bitcoin recovers from a recent market crash. According to Lookonchain, MARA’s total Bitcoin holdings are now valued at over $6.1 billion.
The purchase was made through FalconX, a platform that facilitates large transactions for institutional clients. MARA is now the second-largest corporate holder of Bitcoin, trailing only MicroStrategy.
The timing of the purchase is strategic. It coincides with Bitcoin’s recovery from a market crash caused by US-China trade tensions.The crash wiped out about $500 billion in value. However, President Trump’s reassurance about China helped markets recover. Bitcoin prices climbed to an intraday high of $115,792.
MARA funded this bitcoin buy with an $850 million private offering of zero-coupon convertible notes. Thes notes are designed for institutional buyers and offer flexible conversion features. The proceeds will mainly support strategic Bitcoin acquisitions.
Despite the recent market pullback, MARA reported a profitable second quarter with a 64% revenue increase. Though, its stock price has been affected by the broader market sell-off.
