Marathon Digital Holdings, one of many largest publicly traded Bitcoin miners, bought a further $249 million value of Bitcoin. This newest acquisition expands Marathon’s enterprise Bitcoin vault to over 25,000 BTC.
Simply launched: 🇺🇸 Marathon Digital Holdings bought 4144 shares #bitcoin Valued at $249 million.
pic.twitter.com/PnMm9RLuev— Bitcoin Journal (@BitcoinMagazine) August 14, 2024
On August 12, Marathon introduced the issuance of $250 million in convertible notes to boost funds for the acquisition of Bitcoin. Sturdy demand for the notes led Marathon to broaden the deal dimension to $300 million.
The corporate then used the $249 million in proceeds to build up a further 4,144 Bitcoins at a mean value of $59,500 per Bitcoin. This elevated Marathon’s Bitcoin reserves to over 25,000 BTC, value almost $1.5 billion.
In July, Marathon bought $100 million in Bitcoin on the open market as a part of its long-term “hodl” technique. The Nasdaq-listed miner goals to carry newly mined cash somewhat than promote them.
Marathon is mirroring MicroStrategy’s company technique of aggressively increasing its Bitcoin reserves. Different firms, comparable to Semler Scientific and Metaplanet, are additionally elevating funds in debt markets to purchase extra Bitcoin and journey its adoption curve.
These savvy public firms are making the most of the fiat system’s low-cost lending charges to build up scarce Bitcoin. This exhibits that Bitcoin is more and more satisfied that it’s the finest strategic reserve asset for listed firms.
