MARA Unleashes $100 Million BTC Buying Spree Amid Industry Crisis
MARA Holdings, formerly Marathon Digital, has made a surprise move by purchasing $100 million worth of Bitcoin. This sudden turnaround marks a reversal in the company's strategy to sell assets and fund its expansion into artificial intelligence (AI). Over the past six months, MARA sold more than 20,880 BTC, valued at approximately $1.5 billion, to pay down debt and finance its new business ventures.
The transaction was executed through FalconX's over-the-counter desk with an average purchase price of $76,347 per coin. This comes as the industry faces intense pressure, with publicly traded miners experiencing a sharp decline in profitability due to rising costs and falling Bitcoin prices.
MARA's balance sheet has been significantly impacted by its restructuring efforts, with the company's operating wallets now holding only 9,658 BTC, worth around $729.7 million at current prices. However, more than 25,000 BTC remains in custody with Fidelity Custody.