Marathon Digital Holdings (MARA), a leading Bitcoin mining firm, has recently boosted its cryptocurrency portfolio with the purchase of 6,474 BTC, bringing its total holdings to 34,794 BTC, valued at approximately $3.3 billion.
This acquisition was funded by proceeds from its recent $1 billion zero-interest convertible senior note offering, which netted the company around $980 million after transaction fees. Marathon set aside $160 million of this capital to capitalize on potential future drops in Bitcoin’s price.
With its latest purchase, Marathon Digital now ranks as the second-largest corporate holder of Bitcoin, behind only MicroStrategy. The company’s aggressive acquisition strategy mirrors a broader trend of corporate Bitcoin adoption, with public companies increasing their holdings dramatically this year.
Marathon CEO Fred Thiel emphasized the importance of Bitcoin as a hedge against inflation, noting its scarcity and the growing necessity for companies to include it in their balance sheets.
This move is part of Marathon’s wider strategy to secure its position in the Bitcoin mining sector. The company also plans to further expand its operations using its recent funding, following an earlier $250 million funding round in July.
Despite some revenue challenges and missed earnings expectations in Q3, Marathon continues to diversify its portfolio, exploring areas like artificial intelligence and other emerging technologies to mitigate Bitcoin’s volatility risks and fuel future growth.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
The first week of July brings several important developments in the United States that could influence both traditional markets and the cryptocurrency sector.