Marathon Digital Holdings Buys $249 Million Worth of Bitcoin

Marathon Digital Holdings, one of many largest publicly traded Bitcoin miners, bought $249 million extra price of Bitcoin. This newest acquisition expands Marathon’s company bitcoin treasury to over 25,000 BTC.

JUST IN: 🇺🇸 Marathon Digital Holdings buys 4144 #Bitcoin price $249 million.
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— Bitcoin Journal (@BitcoinMagazine) August 14, 2024

On August twelfth, Marathon introduced a $250 million convertible notice providing to lift funds for Bitcoin purchases. The notes had been met with robust demand, permitting Marathon to upsize the deal to $300 million.

The corporate then used $249 million of the proceeds to build up 4,144 extra Bitcoin at a mean worth of $59,500 per Bitcoin. This boosts Marathon’s Bitcoin reserves to over 25,000 BTC price almost $1.5 billion.

In July, Marathon purchased $100 million of Bitcoin on the open market as a part of its long-term “hodl” technique. The Nasdaq-listed miner goals to carry newly mined cash slightly than promote them.

Marathon is aggressively increasing its Bitcoin stash by mimicking MicroStrategy’s company playbook. Different companies, comparable to Semler Scientific and Metaplanet, are additionally elevating cash in debt markets to purchase extra Bitcoin and trip its adoption curve. 

These savvy public corporations are utilizing the fiat system’s low cost lending charges to build up scarce Bitcoin. This demonstrates Bitcoin’s rising conviction that it’s the greatest strategic reserve asset for public corporations.