Marathon Digital Holdings Inc., the largest Bitcoin miner in the US, has announced its plans to raise 250 million dollars through a private convertible senior note offering. These funds will primarily be used to increase Marathon’s Bitcoin investments.
BREAKING: 🇺🇸 MARATHON DIGITAL HOLDINGS TO RAISE $250 MILLION TO BUY MORE #BITCOIN pic.twitter.com/6NKbfyDPvh
— Bitcoin Magazine (@BitcoinMagazine) August 12, 2024
Nevada-based Marathon operates a fleet that produced around 579 Bitcoins in July. Marathon has over 20,000 Bitcoins worth more than $1.1 billion on its balance sheet.
Marathon had purchased Bitcoin worth $100 million on the market earlier in July. This was part of a long-term investment. “hodl” strategy. It will be holding all of the newly-mined Bitcoins as reserves.
The following is a list of the most popular ways to contact us latest move The strategy of raising capital to buy Bitcoin directly is similar to that pioneered MicroStrategy. MicroStrategy, since 2020 has sold debt and issued shares in order to collect more than 22000 Bitcoin.Â
Marathon wants to be at the forefront of a rapidly growing and evolving Bitcoin industry, by expanding aggressively its Bitcoin stack.Â
This approach to fundraising allows equity investors in public companies indirect exposure Bitcoin. Bitcoin is becoming a corporate asset class with the growing adoption of firms such as Microstrategy and Semler Scientific.
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Source: bitcoinmagazine.com