Public companies continue to buy large holdings of Bitcoin near the top.
High Bitcoin Mining Marathon, formerly known as Marathon Digital, announced on Tuesday that it had collected 11,774 bitcoins for $1.1 billion. That average price is $96,000 per coin.
After breaching the long-awaited $100,000 mark, Bitcoin hit an all-time high of $103,607 last week. However, it cooled in the last day, currently sitting at $96,300 after recovering from a price below $95,000.
Mara—which trades on the Nasdaq under the same ticker—he said. According to the Securities and Exchange Commission (SEC), it now holds 40,435 bitcoins. At current prices, the company's holdings are now worth nearly $3.9 billion.
Mara stock is down 4% year to date, trading hands at $23. It has increased by 18 percent in six months.
The miner is following in the footsteps of software company MicroStrategy, raising money to buy bitcoins through private offerings.
MARA is the second largest holder of Bitcoin after MicroStrategy—holding more than 10 times the amount of Bitcoin: a total of 423,650 coins worth more than $40 billion.
The company is in the business of producing new coins: Bitcoin miners work to process transactions on the blockchain so the public can send value over the crypto network.
Miners—typically large industrial operations that use a lot of electricity—are rewarded for their work in Bitcoin.
Edited by Andrew Hayward
Daily Debrief Newspaper
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