In a major move to expand its acquisition strategy, Marathon Digital Holdings has raised another $249 million BitcoinThe miner’s reserves have now reached 25,000 BTC. The move is a byproduct of the company’s recent ‘Hodl strategy’ adopted in July.
The latest purchase has increased the miner's holdings by 4,144 BTC. Moreover, it came after the company recently raised the $250 million earlier this month. MARA had announced a convertible bond issuance, using the funds raised to acquire the leading cryptocurrency.
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Marathon Digital Expands Bitcoin Holdings as Reserves Hit 25,000 BTC
2024 has been one of the most important years for Bitcoin. Not only has it gotten the first crypto ETF in the US, but it has also attracted a large number of institutions. Through its exchange-traded product, the asset has been a central investment for traditional financial entities and even state pension funds.
Now, the world's largest Bitcoin miner has made his own accumulation strategy a reality. Marathon Digital has purchased $249 million worth of Bitcoin. In a post to X (formerly Twitter)the company announced the acquisition and the $300 million in capital needed to execute it.
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The convertible bond issuance generated net proceeds of over $292 million for the miner. These senior notes mature in September 2031 and some bear interest at 2.125% per annum. In addition, they can be converted into cash, MARA shares or a combination of both.
Any net proceeds that remain available will be used by the company to purchase more Bitcoin and for “general corporate purposes.” The company also added 2,282 BTC in a Purchase JulyThe company bought the crypto for $124 million, marking the first in its newly implemented holding strategy.