In what is certainly a testament to the crypto’s health, Bitcoin miner Marathon Digital has announced a plan to raise $250 million to purchase more BTC. Indeed, the firm took to X (formerly Twitter) to unveil the plan. Specifically, it revealed a “proposed private offering” of convertible senior notes.
In a press release, the firm stated that “net proceeds from the sale of the notes” will be used to acquire Bitcoin. Marathon Digital had increased its BTC stash notably last month. Over the course of July, the company added more than $124 million worth of the leading cryptocurrency.
Also Read: Marathon Digital Increased Bitcoin Holdings by $124M in July
Marathon Digital Announces Plan to Add $250M in Bitcoin to Holdings
August has been an interesting month for Bitcoin. Although the leading cryptocurrency thrived in 2024, it saw a notable setback. The first Monday of the month saw a massive crash take place. Since then, it has fought to return above $60,000. It has been mostly successful; over the last seven days, it has increased 16% according to CoinMarketCap.
The asset’s value is seemingly undeniable, and that is clearly seen in various company accumulation strategies. Amid the token’s rebound, Bitcoin miner Marathon Digital announced that it is raising $250 million in order to increase its BTC holdings.
Source: Watcher.Guru
Also Read: Bitcoin Miner Marathon Digital Buys $100M in BTC
The largest Bitcoin miner in the world, MARA has committed to a firm acquisition plan. In July, the company added more than 2,200 BTC to its overall stash. That grew its total holdings to a value of more than $1.14 billion. They now hold 20,818 Bitcoins.
That is undoubtedly set to have an impact on Bitcoin’s price. When these large entities, or whales, hold BTC it is often viewed as a bullish development. They are clearly banking on its long-term stability and growth prospects. Therefore, the market is more likely to follow suit. Marathon Digital is poised to only increase its stake in Bitcoin’s future performance.