Marathon Digital, now known as MARA, announced a significant acquisition of 11,774 Bitcoin for $1.1 billion, averaging $96,000 per coin, as part of its strategy to bolster its digital asset holdings.

MARA has adopted a full 'HODL' strategy, retaining all mined Bitcoin and making strategic acquisitions, showcasing confidence in Bitcoin's long-term value, according to CEO Fred Thiel.

The funding for this substantial purchase was secured through an upsized zero-coupon convertible senior note offering, which raised $850 million, exceeding expectations and allowing MARA to enhance its Bitcoin market position.

This acquisition aligns with trends seen in other firms like MicroStrategy and Riot Platforms, reflecting a broader commitment to increasing digital asset holdings in the cryptocurrency space.

The company is integrating its mining operations with direct Bitcoin purchases to strengthen its market presence, indicating a forward-looking approach in a volatile market.

In addition to the Bitcoin purchase, MARA announced it has doubled its hashrate to 50 exahashes per second (EH/s), becoming the first public Bitcoin miner to achieve this milestone.

CEO Fred Thiel expressed ambitions to continue expanding the company’s mining operations, stating they have additional miners ready to deploy.

Official filings with the SEC emphasize Marathon's transparency and commitment to expanding its Bitcoin reserves, including details of their recent acquisition.

Despite facing significant net losses in the third quarter of 2024, MARA has reaffirmed its commitment to Bitcoin, particularly in the fourth quarter after setbacks earlier in the year.

The company's aggressive buying strategy comes in the wake of disappointing Q3 earnings, where it reported a net loss of $124.8 million, compared to a much smaller loss in the same period the previous year.

A Form 8-K filed with the SEC on December 10, 2024, detailed MARA's Bitcoin holdings and the recent acquisition, further solidifying its commitment to transparency.

Although MARA's stock has seen fluctuations, including a 4% drop on the day of the announcement, it has increased by 18% over the past six months.