Bitcoin miner Marathon Digital has purchased another $249 million worth of Bitcoin after raising $300 million in a senior bond offering.
Marathon Digital Buys $249 Million Worth of Bitcoin, Reserves Reach 25K BTC
The company announced that it used a portion of the bond sale proceeds to purchase approximately 4,144 Bitcoin.
Marathon’s latest purchase of 4,144 Bitcoin comes as CEO Fred Thiel said last month that he was adopting a “hodl strategy” for the cryptocurrency.
Marathon received net proceeds of approximately $292.5 million for its convertible senior notes due September 2031, which bear interest at a rate of 2.125% per annum and are convertible into cash, Marathon stock, or both.
Marathon said the remaining cash from the bond sales will be used to buy more Bitcoin and for general corporate purposes, possibly including strategic acquisitions.
A Marathon spokesperson said in a statement that Marathon believes Bitcoin is a leading strategic treasury asset and is adopting a multi-pronged strategy to acquire Bitcoin.
Marathon’s latest Bitcoin stockpile comes after it purchased 2,282 BTC worth $124 million in July, which Marathon CEO and chairman Fred Thiel said was part of a “hodl strategy.”
Marathon (MARA) shares closed down 2.26% at $15.14 on the day. The stock is down about 34% year-to-date, according to Google Finance.
Marathon's second-quarter earnings reported earlier this month missed Wall Street estimates, falling 9% short of projected revenue of $145.1 million, but still posted a 78% year-over-year increase compared to Q2 2023.
*This is not investment advice.
