Publicly traded Bitcoin mining firm MARA Holdings has acquired an additional 400 BTC for approximately $46.31 million. This latest purchase boosts the company’s total Bitcoin reserves to 53,250 BTC, a stake valued at over $6.1 billion at current market prices.

The transaction, executed on the institutional trading platform FalconX, solidifies MARA’s position as the second-largest corporate holder of Bitcoin. The company is surpassed only by MicroStrategy, which maintains the largest Bitcoin treasury among publicly listed firms.

The acquisition’s timing appears strategic, coming as Bitcoin and the wider crypto market began to recover from a sharp downturn last Friday. The crash, reportedly triggered by concerns over US-China trade relations, wiped out an estimated $500 billion in market value. During the sell-off, Bitcoin fell to multi-month lows below $103,000, and the total cryptocurrency market capitalization dropped from over $4.2 trillion to under $3.8 trillion.

Market sentiment began to shift after President Trump issued a statement reassuring investors about China, sparking a recovery. In the rebound, Bitcoin climbed to an intraday high of $115,792 and was trading up approximately 3% at the time of the report.

Funding Acquisitions with an $850 Million Offering

To support its ongoing Bitcoin accumulation strategy, MARA has established a robust funding plan. In August, the company announced an $850 million private offering of zero-coupon convertible notes, which are due in 2032. These notes, designed for institutional buyers, feature flexible conversion options tied to MARA’s stock performance.

While a portion of the proceeds from the offering was allocated to retiring existing debt, the majority is earmarked for further Bitcoin purchases. This fundraising initiative followed a strong second quarter for MARA, which saw its revenue increase by 64% compared to the same period last year. The company’s stock reached a six-month high of $20.25 on October 6, though the recent market volatility has impacted mining stocks across the board.

Reflecting the broader market reaction, MARA’s stock closed at $18.65 on Friday, down 7.67% as the crypto crash also affected sentiment in the US stock market.