Bitcoin

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 Marathon Digital has purchased $249 million worth of Bitcoin using funds from its recently announced $300 million private offering of convertible senior notes.&nbsp;
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According to a <a style="color: #0000ff;" href="https://twitter.com/MarathonDH/status/1823835982740816127?t=PU7ZuIDpk0vBw1lJ15WH6g&amp;s=19" rel="noopener noreferrer nofollow">statement posted on X</a> by the US-based Bitcoin miner, the offering was oversubscribed, raising $300 million, which was reduced to $292.5 million after discounts and commissions.
Marathon Digital acquired 4,144 BTC at an average price of $59,500. The company noted that it plans to use the remaining $43 million from the offering as planned.&nbsp;
In its <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/marathon-digital-to-raise-250m-to-buy-more-bitcoin/" rel="noopener noreferrer nofollow">previous announcement of the private offering on August 12, 2024,</a> Marathon outlined plans to use the funds to expand its Bitcoin holdings, make strategic acquisitions, and support general corporate purposes. Notably, it stated then that an additional $37.5 million senior notes offering could be sold depending on market conditions.
Meanwhile, this latest acquisition has increased Marathon’s strategic Bitcoin reserve to over 25,000 BTC, building upon a previous $100 million Bitcoin purchase. The move aligns with the company’s new “HODL” strategy, <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/marathon-digital-purchases-100m-worth-of-bitcoin-adopts-full-hodl-strategy/" rel="noopener noreferrer nofollow">revealed</a> on July 25, 2024, which involves retaining all mined Bitcoin and making occasional strategic market purchases.
Fred Thiel, CEO of Marathon Digital, has expressed strong confidence in Bitcoin’s long-term value. He advocates for its use as a reserve asset and encourages other firms to consider similar investments, reflecting a growing trend of corporate Bitcoin adoption.
These moves by Marathon Digital highlight the growing trend of public companies investing heavily in Bitcoin as both a strategic asset and a hedge against inflation.&nbsp;
Tokyo-based investment firm Metaplanet has also been aggressively buying the cryptocurrency as part of its new plan to make Bitcoin its strategic reserve asset. The firm <a style="color: #0000ff;" href="https://defi-planet.com/2024/07/metaplanet-completes-1-billion-yen-bitcoin-purchase-stock-soars-19/" rel="noopener noreferrer nofollow">recently completed its plan</a> to acquire 1 billion yen worth of Bitcoin, bringing its total holdings to 245.9 Bitcoin. Metaplanet <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/tokyo-based-investment-firm-metaplanet-shifts-to-bitcoin-only-reserve-strategy-amid-yens-decline/" rel="noopener noreferrer nofollow">announced in April </a>that its shift to a Bitcoin-first and Bitcoin-only strategy is a direct response to sustained economic pressures in Japan.
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/japans-metaplanet-inc-secures-6-8m-loan-to-buy-more-bitcoin/" rel="noopener noreferrer nofollow">Japan’s Metaplanet Inc. Secures $6.8M Loan to Buy More Bitcoin</a>
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The post <a href="https://defi-planet.com/2024/08/marathon-digital-buys-249-million-worth-of-bitcoin-after-oversubscribed-convertible-notes-offering/" rel="noopener noreferrer nofollow">Marathon Digital Buys $249 Million Worth of Bitcoin After Oversubscribed Convertible Notes Offering</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Marathon Digital Buys $249 Million Worth of Bitcoin After Oversubscribed Convertible Notes Offering

DeFi Planet

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