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Home Business

Marathon Digital to Raise $250M to Buy More Bitcoin

12 August 2024
in Business, News
Reading Time: 3 mins read
108 1
marathon holdings

source: watcher.guru

Marathon Digital Holdings has announced plans to raise $250 million through a private offering of convertible senior notes.

The world’s largest Bitcoin mining firm revealed this in a press release published today, August 12, 2024. 

The release stated that the funds would be used to expand its Bitcoin holdings and for general corporate purposes, including potential strategic acquisitions, asset expansion, and debt repayment.

The offering, which is limited to qualified institutional buyers in the United States, will consist of convertible senior notes due in 2031. Marathon also noted that, depending on market conditions, it might add $37.5 million in notes for initial purchasers.

This fundraising initiative aligns with Marathon Digital’s recently announced strategy to fully “HODL” its Bitcoin. On July 25, 2024, the company declared its intention to retain all mined Bitcoin and make strategic market purchases when appropriate. Fred Thiel, CEO and board chairman, emphasized that this decision reflects their confidence in Bitcoin’s long-term value and its position as a leading reserve asset. Thiel also encouraged other companies to consider Bitcoin for their treasury reserves.

Notably, the company recently acquired $100 million worth of Bitcoin, and as of August 6, its total Bitcoin stash stands at 20,818 BTC, valued at over $1.14 billion.

Meanwhile, the development follows Marathon’s recent moves to upgrade its mining operations. In its July report to investors, the company announced that it is transitioning from air-cooled to immersion cooling technology at its mining site in Granbury, Texas.

This transition, which began in July, has temporarily reduced the site’s hash rate and caused some downtime. However, Marathon remains optimistic about the change, with the first 18 immersion containers set to come online in August. The company expects to complete the project by the end of the year.

 

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Tags: BitcoinBitcoin MiningMarathon Digital
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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