Key Takeaways
- Marathon Digital raises $250M to buy more Bitcoin.
- Marathon's Bitcoin holdings now exceed 20,818 BTC, worth over $1.14B.
- Bitcoin's price remains below $60,000 despite Marathon's purchases.
Marathon Digital Holdings, the world’s largest Bitcoin mining company, has announced a $250 million offering of convertible senior notes due in 2031. The raise is aimed at “qualified institutional buyers” in a private offering, with an option to sell an additional $37.5 million in notes depending on market conditions.
The funds from this offering will be used primarily to acquire more Bitcoin, as well as for general corporate purposes, including working capital, strategic acquisitions, and debt repayment.
“Full HODL”
This move aligns with Marathon’s recent strategy to hold Bitcoin as a key reserve asset, with CEO Fred Thiel emphasizing their commitment to a “full hodl” approach.
Recent boost
In July, Marathon boosted its Bitcoin holdings by $124 million, bringing its total BTC reserves to 20,818 BTC, valued at over $1.14 billion as of August 6.
Despite the challenging market conditions and the upcoming 2024 Bitcoin halving, Marathon remains committed to expanding its Bitcoin reserves.
