Marathon Digital HoldingsMarathon, one of the largest publicly traded bitcoin miners, has purchased $249 million worth of new Bitcoin. This latest acquisition brings Marathon’s corporate Bitcoin holdings to more than 25,000 BTC.
Latest Update: 🇺🇸Marathon Digital Holdings purchases 4,144 shares #Bitcoin Equivalent to $249 million.
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— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024
August 12To fund its Bitcoin purchases, Marathon announced a $250 million convertible note offering, which met with strong demand and allowed Marathon to increase the deal’s size to $300 million.
The company then used $249 million of the proceeds to accumulate an additional 4,144 Bitcoins at an average price of $59,500 per Bitcoin, bringing Marathon’s Bitcoin reserves to over 25,000 BTC and valued at nearly $1.5 billion.
JulyMarathon has bought $100 million worth of Bitcoin on the open market as part of a long-term “hoddle” strategy in which the Nasdaq-listed miner aims to hold onto its newly mined coins rather than sell them.
Marathon is mimicking MicroStrategy’s corporate strategy to aggressively grow its Bitcoin holdings. Semler Scientific and Metaplanet are also raising funds in the debt markets to buy more Bitcoin and ride the adoption curve.
These savvy public companies are taking advantage of the fiat system’s low lending rates to accumulate scarce Bitcoin, signaling a growing confidence that Bitcoin is the best strategic reserve asset for public companies.
