Marathon secured $300 million from convertible notes to acquire over 4000 additonal bitcoins.
With the wavering crypto market, Popular U.S. bitcoin mining firm Marathon Digital has added more bitcoins to its stack by purchasing the cryptocurrency from the open crypto market. Ending Wednesday, In addition to its mined bitcoins, the company now holds about $1.5 billion in BTC.
Marathon Digital Buys 4144 BTC
According to the announcement, the company purchased an additional 4144 BTC worth approximately $249 million between August 12 and August 14 at an average price of $59,500 per coin.
With the latest purchase, the miner now owns over 25,000 BTC worth about $1.5 billion, almost 0.12% of the total bitcoin supply.
To raise funds for its latest bitcoin purchase, Marathon offered $250 million in convertible notes to “Qualified institutional buyers.” The company revealed that the notes will yield interest twice yearly and be due September 2031.
Notably, the company notes were oversubscribed, and Marathon Digital gained about $300 million from the issued convertible notes.
Before its last purchase, Marathon revealed that it plans to adopt bitcoin fully as a reserve asset and further plans to acquire more.
“MARA will adopt a full HODL approach towards its bitcoin treasury policy, retaining all bitcoin mined in its operations, and will periodically make strategic open market purchases” the firm said.
Public Firms Loving Bitcoin
Marathon Digital is not alone on its Bitcoin adoption and acquisition journey. American business intelligence firm MicroStrategy is still on its bitcoin acquisition spree. Since the firm started purchasing bitcoin in 2020, it has acquired 226,500 BTC and plans to purchase more of the asset from the open market every three months with the long-term in view.
Japanese company Metaplanet has followed in the same footsteps by adopting bitcoin as a reserve asset to shield itself from the Yen devaluation. The firm recently borrowed about $6.8 million to acquire more bitcoins and currently holds 303 BTC worth approximately $18 million.
