Yigit Taha OZTURK 
MARA, formerly known as Marathon Digital, has acquired 6,474 Bitcoin through a $1 billion zero-interest convertible notes offering. The company announced this move on November 27, bringing its total Bitcoin holdings to 34,797 BTC, valued at approximately $3.3 billion.
Acquisition Details
Initially, MARA purchased 5,771 BTC at an average price of $95,395 per Bitcoin. It later added 703 BTC, completing the total acquisition of 6,474 BTC. Year-to-date, MARA’s per-share Bitcoin yield stands at 36.7%.
In addition to acquiring Bitcoin, the company repurchased a portion of its 2026 notes worth $200 million. MARA plans to use the remaining $160 million from the convertible debt raise to acquire more Bitcoin, capitalizing on price dips to enhance its treasury.
Following MicroStrategy’s Playbook
MARA’s strategy of leveraging convertible debt to acquire Bitcoin mirrors MicroStrategy’s approach. Since 2020, MicroStrategy has been issuing corporate debt to bolster its Bitcoin reserves. Recently, it issued $3 billion in zero-interest senior convertible notes, purchasing 55,000 BTC and increasing its total Bitcoin holdings to 386,700 BTC.
While this strategy highlights growing institutional interest in Bitcoin, it is not without risks. Critics argue that financing Bitcoin acquisitions through debt is a high-risk and unsustainable strategy, especially in the face of potential market downturns. However, both MARA and MicroStrategy aim to manage these risks by extending their repayment obligations into the long term, providing a buffer against short-term volatility.
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