Bitcoin Holder Race On? Mining Giant Marathon Announces Plan To Raise $250,000,000 To Acquire Additional BTC
Bitcoin mining firm Marathon (MARA) is unveiling a plan to spend hundreds of millions of dollars to bolster its BTC stockpile.
In a new press release, Marathon says it intends to privately offer $250 million worth of convertible senior notes due in September 2031 to “persons reasonably believed to be qualified institutional buyers.”
“The notes will be unsecured, senior obligations of MARA and will bear interest payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2025…
The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election.”
Marathon says that the funds will be used to acquire more Bitcoin and for general corporate purposes.
The Bitcoin mining giant is the second-largest publicly traded company holding Bitcoin, owning 20,000 BTC worth over $1.2 billion. The only other public firm that holds more Bitcoin is Michael Saylor’s MicroStrategy which owns 226,500 BTC worth more than $13.734 billion.
Marathon CEO Fred Thiel says on the social media platform X that it is taking a page out of Michael Saylor’s playbook to accumulate for BTC.
“Getting ready to buy more BTC Michael Saylor.”
In June, MicroStrategy announced plans to issue $500 million in convertible senior notes to buy additional Bitcoin and for general corporate purposes.
Veteran Bitcoiner Samson Mow says that MicroStrategy may have started a race for public firms to accumulate more BTC after the value of its stock grew by nearly 1,000% since the company adopted the crypto king four years ago.
“I worry about what happens when everyone figures it out. It’s not going to be gradually. It’s going to be suddenly.
Plan accordingly.”
At time of writing, Bitcoin is trading for $60,696, up over 2% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Bitcoin Holder Race On? Mining Giant Marathon Announces Plan To Raise $250,000,000 To Acquire Additional BTC appeared first on The Daily Hodl.
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Bitcoin Holder Race On? Mining Giant Marathon Announces Plan To Raise $250,000,000 To Acquire Additional BTC
Bitcoin mining firm Marathon (MARA) is unveiling a plan to spend hundreds of millions of dollars to bolster its BTC stockpile.
In a new press release, Marathon says it intends to privately offer $250 million worth of convertible senior notes due in September 2031 to “persons reasonably believed to be qualified institutional buyers.”
“The notes will be unsecured, senior obligations of MARA and will bear interest payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2025…
The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election.”
Marathon says that the funds will be used to acquire more Bitcoin and for general corporate purposes.
The Bitcoin mining giant is the second-largest publicly traded company holding Bitcoin, owning 20,000 BTC worth over $1.2 billion. The only other public firm that holds more Bitcoin is Michael Saylor’s MicroStrategy which owns 226,500 BTC worth more than $13.734 billion.
Marathon CEO Fred Thiel says on the social media platform X that it is taking a page out of Michael Saylor’s playbook to accumulate for BTC.
“Getting ready to buy more BTC Michael Saylor.”
In June, MicroStrategy announced plans to issue $500 million in convertible senior notes to buy additional Bitcoin and for general corporate purposes.
Veteran Bitcoiner Samson Mow says that MicroStrategy may have started a race for public firms to accumulate more BTC after the value of its stock grew by nearly 1,000% since the company adopted the crypto king four years ago.
“I worry about what happens when everyone figures it out. It’s not going to be gradually. It’s going to be suddenly.
Plan accordingly.”
At time of writing, Bitcoin is trading for $60,696, up over 2% on the day.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
The post Bitcoin Holder Race On? Mining Giant Marathon Announces Plan To Raise $250,000,000 To Acquire Additional BTC appeared first on The Daily Hodl.
Read More
Corporate Bitcoin Holdings Hit Record High in Q1 2025 as Public Companies Accelerate Accumulation