Key Takeaways
- Marathon Digital purchased $249 million worth of Bitcoin.
- The acquisition brings its total holdings to over 25,000 BTC.
- Marathon raised funds through a $300 million convertible note offering.
Marathon Digital Holdings, a major publicly traded Bitcoin mining company, has expanded its Bitcoin holdings by purchasing $249 million worth.
This acquisition brings Marathon’s total reserves to over 25,000 BTC, valued at approximately $1.5 billion.
Convertible not offering
The purchase followed a successful $300 million convertible note offering announced on August 12th, initially aimed at raising $250 million but increased due to strong investor demand.
Marathon used the proceeds to buy 4,144 Bitcoin at an average price of $59,500 per BTC.
Long-term strategy
This move is part of Marathon’s long-term strategy to accumulate Bitcoin instead of selling newly mined coins.
In July, the company bought $100 million worth of Bitcoin from the open market.
Marathon’s aggressive accumulation strategy mirrors that of other firms like MicroStrategy, which has also used debt to purchase Bitcoin.
Companies such as Semler Scientific and Metaplanet have similarly raised funds through debt offerings to expand their Bitcoin holdings, viewing it as a strategic reserve asset.
