Publicly traded Bitcoin mining Company MARA Holdings has added 400 BTC to its stash, bringing its total holdings to over 53,000 BTC.
Summary
- MARA Holdings has added 400 BTC to its Bitcoin holdings for roughly $46.31 million.
- The purchase coincided with Bitcoin recovering from Friday’s crash.
According to on-chain data tracked by Lookonchain, MARA Holdings has allocated roughly $46.31 million towards its latest purchase, which pushes its total holdings to 53,250 BTC, valued at over $6.1 billion based on current prices. The purchase was executed on FalconX, a trading platform that offers institutional clients access to deep liquidity pools, allowing them to execute large volume transactions.
MARA currently stands as the second-largest corporate holder of the flagship cryptocurrency, surpassed only by Michael Saylor’s MicroStrategy, which continues to lead with the biggest Bitcoin treasury among publicly listed firms.
The purchase seems to be strategically timed, especially as it was executed right as Bitcoin, along with the broader cryptocurrency market, was recovering from Friday’s market crash, triggered by concerns around US-China trade tensions, which erased roughly $500 billion in value.
Bitcoin price visited multi-month lows below $103,000, while the total crypto market cap fell from over $4.2 trillion to below $3.8 trillion.
However, the recovery began after President Trump said, “not to worry about China,” which reassured markets and sparked hopes that a resolution may soon be reached. Bitcoin managed to climb to an intraday high of $115,792, and was up roughly 3% in the past 24 hours at press time.
MARA has devised a carefully structured funding plan to support its growing Bitcoin treasury. In August, the company announced an $850 million private offering of zero-coupon convertible notes due in 2032.
These notes are tailored to institutional buyers and come with flexible conversion features based on MARA’s stock performance. While a small portion of the proceeds has been set aside to retire existing debt, the bulk of the capital is being directed toward strategic Bitcoin acquisitions.
The fundraising came just days before MARA reported a profitable second quarter that saw its revenue jump 64% from the same period last year. MARA shares hit a six-month high $20.25 on Oct. 6, according to Google Finance data. However, Bitcoin’s recent pullback and the broader market sell-off have weighed on mining stocks.
MARA’s stock closed at $18.65 on Friday, having dropped 7.67% as shareholders reacted to the market crash, which had also taken a toll on the US stock market.
Source: https://crypto.news/mara-holdings-adds-400-btc-as-bitcoin-recovers-from-fridays-crash/
