In a massive step to increase its acquisition strategy, Marathon Digital Holdings has bought another $249 million worth of Bitcoin. Indeed, the miner’s reserves have now reached 25,000 BTC. The move is a byproduct of its recent ‘Hodl strategy’ the firm adopted in July.
The latest purchase has increased the miner’s holdings by 4,144 BTC. Moreover, it was possible after the company recently raised the $250 million earlier this month. MARA had announced a convertible note offering, with the earned funds being used to acquire the leading cryptocurrency.
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Marathon Digital Adds to Bitcoin Holdings as REserves Hit 25,000 BTC
2024 has been one of Bitcoin’s most important year. Not only has it been granted the first crypto ETF in the US, but it has seen a plethora of institutions take interest. Through the exchange-traded product, the asset has been a focal investment from traditional finance entities and even state pension funds.
Now, the world’s largest Bitcoin miner has made good on its own accumulation strategy. Indeed, Marathon Digital has purchased $249 million worth of Bitcoin. In a post to X (formerly Twitter), the firm announced the acquisition and the $300 million in capital raised to fulfill it.
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The convertible note offering saw the miner net proceeds of more than $292 million. Those senior notes will be due in September of 2031, and some have a 2.125% annual interest rate. Additionally, they can be converted into cash, MARA stock, or a mixture of both.
Any net proceeds still on hand, the company will use to buy more Bitcoin, and “general corporate purposes.” The company also added 2,282 BTC in a July acquisition. The company purchased the crypto for $124 million, and was the first of its newly implemented holding strategy.