Embracing an ongoing trend within the market, Bitcoin miner Marathon Digital has announced it has raised $1 billion to buy more Bitcoin. Indeed, the miner took to X (formerly Twitter) to share that they have completed the “largest convertible note offering ever amongst BTC miners.”
The move comes a day after Bitcoin surged to a $98,000 all-time high. Moreover, the asset has surged in prominence, benefiting from the ongoing 2024 US presidential election momentum. Most importantly, experts aren’t expecting the leading crypto’s bull run to end any time soon.
JUST IN: #Bitcoin miner Marathon Digital raises $1,000,000,000 to purchase more $BTC.
— Watcher.Guru (@WatcherGuru) November 21, 2024
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Marathon Digital Raises $1 Billion as it Looks to Buy More Bitcoin
It has proven to be a game-changing month for Bitcoin. Although 2024 had already been one for the history books, the leading cryptocurrency has continued to set landmark records in consecutive weeks. Just this week, the token set two all-time highs, culminating in a $98,000 price on Wednesday.
That has led to increased interest from companies as they look to gain exposure to the asset. Amid the success of MicroStrategy’s (MSTR) Bitcoin accumulation plan, there are many who are following suit. Among them is Bitcoin miner Marathon Digital, which has raised $1 billion to buy more BTC.
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In a press release, the miner announced the completion of a $1 billion offering of 0% convertible senior notes that will come due in 2030. After discounts and commissions were accounted for, net proceeds from the sale were $980 million, the miner said. Additionally, the confirmed net proceeds will be used for Bitcoin purchases and corporate purposes.
The decision aligns with Bitcoin’s increasing relevancy in the United States. Donald Trump represents the first truly pro-crypto candidate in US history. Moreover, he has discussed the creation of the first-ever crypto role in the White House. Additionally, he is expected to create the country’s first strategic Bitcoin reserve.