marathon Digital Holdings, one of the largest publicly traded bitcoin miners in the U.S., announced plans to raise $250 million through a private offering of convertible notes, which will be used primarily to expand Marathon’s bitcoin holdings.
BREAKING: 🇺🇸 Marathon Digital Holdings raises $250M to make more acquisitions #Bitcoin pic.twitter.com/6NKbfyDPvh
— Bitcoin Magazine (@BitcoinMagazine) August 12, 2024
The Nevada-based company operates numerous miners and produced approximately 579 Bitcoin in July. Marathon’s balance sheet includes more than 20,000 Bitcoins worth more than $1.1 billion.
Marathon bought $100 million worth of bitcoin on the open market in early July as part of a long-term holding strategy, and the company said it would hold all newly mined bitcoin as a reserve.
this Latest developments The strategy of raising funds to directly purchase Bitcoin is MicroStrategySince 2020, MicroStrategy has issued bonds and sold stock, accumulating more than 220,000 Bitcoin in its corporate treasury.
By aggressively expanding BitcoinStack, Marathon aims to establish itself as a leader in the nascent but rapidly evolving bitcoin mining and services industry.
This method of fundraising allows public equity investors to indirectly invest in Bitcoin. With increasing adoption by companies such as Microstrategy, Semler Scientific, and Metaplanet, Bitcoin is emerging as a corporate treasury asset class.
