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One of the largest Bitcoin miners, Marathon Digital Holdings, has acquired $249 million worth of cryptocurrency. This comes after the company announced it had issued senior notes worth $300 million in a bid to expand its business. 
On August 14, Marathon <a href="https://ir.mara.com/investors/news-events/press-releases/detail/1368/marathon-digital-holdings-inc-completes-300-million-offering-of-2-125-convertible-senior-notes-due-2031-purchases-249-million-of-bitcoin" target="_blank" rel="noreferrer noopener nofollow">announced</a> that it used part of the note sale money to buy about 4,144 Bitcoins for an average price of $59,500. This purchase has taken its “strategic Bitcoin reserve” to over 25,000 BTC, as stated on X. 
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 Source: <a href="https://x.com/MarathonDH/status/1823835982740816127" target="_blank" rel="noreferrer noopener nofollow">X</a>
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The senior notes of the company due in September 2031 gave net proceeds of approximately $292.5 million. These notes attract a 2.125 percent annual interest and can be redeemed for cash, Marathon stock, or any mixture of the two.&nbsp; 
The rest of the money will be used to purchase more Bitcoin and for any other corporate needs, which may also encompass acquisitions. 
Marathon’s decision to increase its holdings of Bitcoin is consistent with its view of Bitcoin as the best form of treasury. The company has been applying a multiple-pronged approach to acquiring Bitcoin.&nbsp; 
This latest purchase comes after another purchase of 2,282 bitcoins in July worth $124 million. This was described by Marathon CEO Fred Thiel as part of a “hodl strategy,” a reference to the long-term holding of Bitcoin. 
However, while Marathon has been able to acquire a significant amount of bitcoins, <a href="https://www.google.com/finance/quote/MARA:NASDAQ" target="_blank" rel="noreferrer noopener">Marathon’s stock</a> (MARA) slipped 2.26% in a day at $15.14 and has declined by almost 34% year to date.&nbsp; 
Analysts have noted that the company’s second-quarter earnings report was lower than expectations, with a 9 percent revenue gap at $145.1 million, but it increased by 78% from the second quarter of 2023. 
This investment comes at a time when the crypto-mining industry has some hurdles. Mining has become less profitable as of late, and this is because of the latest Bitcoin halving that occurred. Marathon is under pressure, especially given that its mining costs are among the highest in the industry. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/02/marathon-digital-q2-revenue-fails-market-forecast/" target="_blank" rel="noreferrer noopener">Marathon Digital Q2 Revenue Reports Quite a Loss, Shares Drop 8%</a> 
</blockquote>

Marathon Digital Buys $249M in Bitcoin After $300M Note Sale

The Crypto Times

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