Top Crypto Miner Boosts Bitcoin Holdings with $249M Purchase

Marathon Digital, a leading player in the crypto mining sector, has expanded its Bitcoin reserves by purchasing an additional $249 million worth of the cryptocurrency.

On August 14, the company announced the acquisition of approximately 4,144 BTC at an average price of $59,500 per token, boosting its total holdings to over 25,000 BTC.

This significant purchase was funded by the proceeds from a successful $300 million senior notes offering. The senior notes, due in September 2031, have an interest rate of 2.125% and are convertible into cash, Marathon stock, or both.

Marathon plans to use the remaining proceeds for further Bitcoin acquisitions and general corporate purposes, including potential strategic acquisitions.

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Marathon’s investment strategy reflects a broader trend among institutional investors who view Bitcoin as a hedge against inflation and a valuable long-term asset. The company regards Bitcoin as a prime strategic reserve asset and is actively pursuing a multi-faceted strategy to accumulate more of the cryptocurrency.

MARA secures $300M through an oversubscribed offering of convertible senior notes. With proceeds, we purchased 4,144 BTC (valued at approx. $249M), boosting our strategic bitcoin reserve to over 25,000 BTC. Learn more: pic.twitter.com/EKwKW6eSny

— MARA (@MarathonDH) August 14, 2024

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.