Marathon Digital HoldingsThe largest Bitcoin mining company, Marathon, has now acquired an additional $249 million worth of Bitcoin. Marathon now has over 25,000 BTC in its corporate bitcoin bank.
JUST IN: 🇺🇸 Marathon Digital Holdings buys 4144 #Bitcoin Valued at $249 millions
pic.twitter.com/PnMm9RLuev— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
On August 12thMarathon offered a convertible $250 million note to help raise money for Bitcoin. Marathon was able to increase the amount of money they were offering by $300 million because there was a strong demand for their convertible notes.
The company spent $249,000,000 of its proceeds on accumulating 4,144 Bitcoin, at an average of $59500 per Bitcoin. Marathon’s Bitcoin reserve now stands at over 25,000 BTC valued at nearly $1.5 Billion.
In JulyMarathon has bought 100 million dollars of Bitcoin in the open market to meet its long-term goals “hodl” strategy. Nasdaq listed miner wants to keep newly-mined coins instead of selling them.
Marathon has aggressively increased its Bitcoin holdings by following MicroStrategy’s corporate playbook. Some firms such as Semler Scientific Metaplanet also raises funds on the debt markets in order to acquire more Bitcoins, and thus ride up its adoption curve.Â
These clever public companies take advantage of low interest rates on the Fiat system in order to collect scarce Bitcoin. Bitcoin has become increasingly confident that Bitcoin is the most strategic of all assets for companies.Â
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com