Bitcoin Miner Marathon Digital Buys More BTC Worth $249M

Bitcoin mining company Marathon Digital has acquired 4,144 BTC (worth approximately $249 million), increasing its total Bitcoin stash to over 25,000 BTC (worth over $1.48 billion). The latest acquisition follows a few days after the firm announced plans to raise $250 million from selling convertible senior notes in a private offering.

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

Marathon Digital Increases BTC Stash

The firm noted in a press release that it raised $300 million from the “oversubscribed offering” of convertible senior notes. These notes have a 2.125% annual interest rate and are convertible into cash, Marathon Digital’s stock, MARA, or both.

The majority of the proceeds were used to upscale its BTC holdings. Discussing how the rest of the funds would be used, the Bitcoin mining company wrote:

“[We] intends to use the remaining net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of debt and other outstanding obligations.”

Such BTC acquisition moves benefit Marathon Digital investors. A recent report confirmed that the Norwegian Sovereign Wealth Fund has indirectly acquired 938 BTC. Part of these digital assets were accumulated by investing 0.82% of its $1.7 trillion portfolio in the Bitcoin mining firm.

Marathon Digital noted that it would commit to a “hodl” policy, implying that it has no intentions of selling its BTC holdings.

Despite Marathon Digital’s bold move to boost its Bitcoin stash, its stock price has yet to see a significant price surge. At press time, MARA traded at $15.14, representing a 2.26% decrease over the past 24 hours.

BTC Below $60K

Within the past 24 hours, BTC’s value has slumped from over $61,400 to as low as $57,800. At the time of writing, the leading cryptocurrency sold for $58,000, signaling a 4.3% drop within the past 24 hours.