Marathon Digital Raises $1B to Buy More Bitcoin

Bitcoin miner Marathon Digital has announced the completion of its convertible note sales to buy more Bitcoin. In a press release on Thursday, the miner stated it raised $1 billion through the means it proposed using to add to its Bitcoin stash. The debt offering completion came a few days after Marathon raised its threshold to $850 million.

Notably, growing demand for the notes saw Marathon realize $150 million more than it intended to raise, signaling a growing interest in Bitcoin exposure. The miner noted that the debt senior notes would be due by 2030, offering investors 38.5902 of MARA’s stock per $1,000 at maturity.

Marathon to Buy More Bitcoin

Per the Thursday press release, the leading Bitcoin miner raised a net of $980 million after the initial purchaser’s discount. Following the capital realization, MARA will use $199 million to repurchase its earlier offered convertible notes due in 2026.

Furthermore, it would dedicate the other funds—worth approximately $781 million—to buying more BTC and other general corporate purposes. At the current rate of $98,390, the funds would be worth nearly 7,928 BTC.

Currently, MARA is the second-largest public holder of Bitcoin, keeping 26,842 BTC in its possession. The latest convertible note offering indicates the miner’s quest to continue topping its Bitcoin stash.

Marathon Mimicks MicroStrategy’s Playbook

Meanwhile, Marathon’s 0% convertible note offering mirrors the latest strategy among publicly traded firms to increase its stash. Notably, this approach has its etymology from the software development firm MicroStrategy, co-founded by Michael Saylor.

The self-acclaimed Bitcoin development firm has incessantly pilled Bitcoin through several debt instruments, attracting both applause and criticism. The business intelligence company recently announced raising $2.6 billion through convertible note offerings, its fifth project this year.

Concurrently, the continued purchase from these public firms and inflows from the US Bitcoin spot ETFs have spurred Bitcoin’s surge to a new all-time high of $98,000 today.