TL;DR
- Marathon Digital acquired 6,484 BTC for $618 million, paying an average of $95,352 per Bitcoin, according to a recent SEC filing.
- Marathon’s stock rose 1.9% following the announcement of the purchase, offsetting a previous 2% drop.
- The company plans to raise up to $700 million through the issuance of convertible notes to finance the purchase of more Bitcoin and other corporate needs.
Marathon Digital, one of the leading Bitcoin miners, has acquired approximately 6,484 BTC for a total of $618 million, according to a recent SEC filing.
The purchase, made in cash, was carried out at an average price of $95,352 per BTC, including fees and other associated costs. This acquisition strengthens Marathon Digital’s position within the crypto market, following a strategy similar to that of MicroStrategy.
The announcement of this Bitcoin purchase has had a positive impact on Marathon’s stock. During European trading hours, the company’s shares, listed on Nasdaq under the symbol MARA, saw a 1.9% increase. This rise compensated for the 2% drop the stock had experienced in the previous session. The news has generated expectations among investors, who are closely watching the company’s stock.
Marathon Plans to Continue Raising Funds to Buy More Bitcoin
In addition to this Bitcoin acquisition, Marathon Digital has announced plans to raise up to $700 million through the issuance of convertible notes aimed at institutional buyers. This initiative is intended to finance the purchase of more Bitcoin and address various corporate needs, such as repurchasing existing debt. In particular, up to $50 million of the proceeds from this offering will be used to repurchase convertible notes due in 2026. The rest of the funds will be used for the acquisition of more BTC and other strategic purposes, such as working capital and asset expansion.
With this latest acquisition, Marathon Digital’s corporate Bitcoin treasury now totals $3.3 billion, making it the second-largest corporate holder of BTC, though still a considerable distance behind MicroStrategy, the company leading this list with nearly $37 billion in Bitcoin.
