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