Marathon Digital Holdings, a prominent U.S. Bitcoin miner, has invested approximately $67 million in its most recent Bitcoin acquisition, following a $1 billion convertible note issuance at a 0% interest rate.

As reported in a post on X by MARA Holdings, the Florida-based Bitcoin (BTC) firm has expanded its Bitcoin portfolio to 34,794 tokens, which are valued at around $3.3 billion based on a spot price of $95,000. At the time of writing on November 27, BTC was trading at $96,400.

Marathon Digital announced that it executed note buybacks totalling $200 million and keeps $160 million in capital for further Bitcoin acquisitions. The company suggested it would apply a “buy the dip” strategy. Additionally, Mara reported a year-to-date BTC yield increase of 36.7%, utilizing a metric that evaluates BTC holdings growth relative to share dilution.

Using BTC yield as a performance metric has become popular among corporate Bitcoin investors, especially after convertible note offerings. This trend was initiated by MicroStrategy, which has been acquiring Bitcoin for over four years,funded in part through stock and note sales.

Other companies have adopted similar practices, announcing their own Bitcoin reserves and treasury holdings. Notable firms include Semler Scientific in the health sector, AI developer Genius Group, and the Japanese giant Metaplanet.

Governments are also engaging in efforts to establish national Bitcoin reserves. U.S. Senator Cynthia Lummis proposed acquiring 4% of the total supply of 21 million tokens. Brazil’s Chamber of Deputies introduced a bill for a Bitcoin reserve to mitigate financial risks.

Several states are considering similar initiatives, aiming to take the lead ahead of federal policies. Pennsylvania introduced its Bitcoin reserve proposal while passing a Bitcoin Rights bill, coinciding with President Donald Trump’s anticipated return to office.

In Canada, Vancouver’s Mayor Ken Sim has proposed measures to safeguard the city’s purchasing power by adopting Bitcoin-friendly policies, including the formation of a Bitcoin reserve.