CandleFocus Marathon Digital Announces Plans to Raise $700M to Buy Bitcoin
2024-12-02
Author: Content Editor
Marathon Digital, the largest US crypto miner, plans to raise $700 million in fresh capital to increase its Bitcoin holdings. The company will offer convertible senior notes to qualified institutional buyers, with the option to offer an additional $105 million. Marathon will use the funds to increase its Bitcoin stash and for general purposes, including repaying holders of its convertible notes due in 2026. This comes after the company raised $1 billion to buy more Bitcoin a few weeks ago. Marathon's strategy mimics that of MicroStrategy, which has used debt offerings to accumulate a large BTC holding. Other firms, such as Metaplanet in Japan, have also adopted similar strategies.
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