Mara Holdings 完成了 6.15 亿美元的Bitcoin(BTC) 购买，剩余 1.6 亿美元的储备
过去几天，玛拉控股一直是支持Bitcoin（BTC）的积极因素。这家矿业和投资公司根据其储备计划购买了价值 6.15 亿美元的 BTC。
Mara Holdings 开始履行其Bitcoin7 亿美元可转换优先票据的比特币 (BTC) 购买计划。该矿业公司最近开始以平均价格 95,395 美元收购 BTC。其在完成后宣布收购，类似于MicroStrategy的持股。
Mara Holdings 在最新一轮购买中又增加了 703 BTC，使总数达到 6,474 BTC。这使得该公司的储备增加到 34,794 BTC，价值约为 $3.3B。除了回购 2026 年到期票据外，Mara Holdings 还保留了 1.6 亿美元的流动资产，打算在市场下跌时购买 BTC。
尽管 Mara Holdings 是一家高度活跃的矿商，但它还是采用了 MicroStrategy 的模式，为用借来的资金购买的 BTC 提供被动收益。据 Mara Holdings 称，年化收益率达到 36.7%，这在 BTC 价格上涨的情况下效果很好。尽管具有先发优势， MicroStrategy 仍实现了12.3% 的收益率。
通过我们 0% 10 亿美元可转换票据发行，我们很高兴与大家分享最新消息：
– 额外购买了 703 BTC，使总量达到 6,474 BTC，平均价格为每 BTC 95,395 美元
– 年初至今 BTC 每股收益率 36.7%
– 拥有的 BTC 总数：~34,794 BTC，目前估值为…… pic.twitter.com/bzbunlyBRN—玛拉 (@MARAHoldings) 2024 年 11 月 27 日
The purchasing strategy also happens at prices above the value of mined BTC, which is estimated at around $74,000 for each new coin. Known Mara Pool wallets continue to receive daily mint rewards. The company uses Foundry USA as its main pool, holding 17,123 BTC from mining operations.
The creation of passive yield from BTC purchases with the horizon of 1-2 years hinges on a sustained bull market in 2025 and beyond. If BTC has a bigger drawdown, it may hurt the strategy of corporate buyers.
MARA market price doubles
The decision to raise as much as $1B and buy BTC was one of the drivers of MARA price expansion. The company’s shares serve as a proxy for BTC investment and have reflected the increased market hype.
In the past two months, MARA grew from a low of $13.37 to $26.92. A rising stock price can also help both Microstrategy and MARA, with the potential for bond buyers to convert to company shares.
Some see MARA as an opportunity to get in on another version of MicroStrategy at an earlier stage, especially after signs the stock price rallied by 100% in months. The inflows into Mara Holdings hinge on FOMO and the expectation of both stock and BTC expansion, betting on a positive scenario.
Mara Holdings acquisitions give BTC short-term boost
Mara Holdings is buying BTC at a much higher average price than MicroStrategy, whose come purchases have been at an average of $56,648 per BTC.
The recent acquisition of a few hundred BTC occurs at a time when other lng-term holders are selling their reserves to take advantage of near-peak prices.
BTC showed its ability to stage a fast recovery above $95,000. However, that rally still stalled under the $100K milestone. The leading coin remains volatile, recently recovering above $97,300, before another dip under $95,000.
Recent institutional purchases do not guarantee long-term holding. The treasuries of corporations may have a different role, from passive holding to a yield-generating strategy as in the cases of MSTR and MARA.
Currently, MicroStrategy holds under 2% of the entire BTC supply, a figure that falls significantly short of the portfolio of long-term holders and unknown whales.
Most of the corporate holders are miners, who usually sell their BTC slowly to cover operating costs. In the case of MSTR and MARA, their BTC holdings are tied to investors and their shifting enthusiasm and trust. In the scenario of stock losses and a BTC price drop, they may need to sell their holdings.
MSTR’s current reserves can offer some risk hedge through selling, as the company bought BTC at a much lower base price. For MARA, the margin of error may be smaller, as its BTC cost basis is close to the crypto’s all-time high.
Most of the corporate holders in the top 20 in terms of BTC wallets added more coins after starting from a low-cost basis. Hut 8, Semler Scientific, Metaplanet, Boyaa Interactive International, and others boosted their BTC reserves, as a long-term liquidity bet and a tool to build better mining operations and data centers.
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