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Marathon Digital Buys 6,474 BTC for $615M via $1B Convertible Note, Total Holdings at 34,794 BTC

Nov 28, 2024, 05:54 AM

Marathon Digital Holdings (NASDAQ: MARA), the largest publicly traded Bitcoin mining company, has acquired 6,474 Bitcoin (BTC) for approximately $615 million through a 0% $1 billion convertible note offering. The purchase, at an average price of around $95,395 per BTC, increases Marathon's total holdings to 34,794 BTC, valued at approximately $3.3 billion. The company retains all the Bitcoin it mines and plans to use the remaining $160 million from the offering to buy more BTC on market dips, reinforcing its bullish stance on the cryptocurrency. Marathon's mining operations benefit from a 40% Bitcoin discount, and its stock price has risen by 7.81%, reflecting investor confidence.