The post Marathon Digital scoops up $249M in Bitcoin amid price slump appeared on BitcoinEthereumNews.com.

Marathon Digital Holdings (MARA) announced that it had acquired $249 million in Bitcoin after raising $300 million through a senior note offering. The accumulation comes in when the BTC price is down by more than 8% in the last 30 days. In an X post, MARA informed that it had purchased 4,144 Bitcoin at an average price of $59,500 to boost its strategic reserve to over 25,000 BTC. However, the BTC price dropped to the $58,000 zone amid heavy sell-off seen in the market. Marathon Digital closes $300 million offerings Marathon Digital mentioned that it has closed its offering of $300 million in 2.125% convertible senior notes due 2031. This includes a $50 million over-allotment exercised in full, and notes were sold in a private offering to institutional buyers under Rule 144A. It added that Marathon Digital raised around $292.5 million in net proceeds from the sale. Using the proceeds from the notes, MARA accumulated $249 million worth of Bitcoin to strengthen its position in the digital asset space. Marathon Digital is pushing forward with investments in both infrastructure and Bitcoin. The Bitcoin mining firm plans to use the remaining net proceeds from its sale of $300 million convertible notes to acquire more BTC and for general corporate purposes. This involves strategic acquisitions and debt repayment. MARA secures $300M through an oversubscribed offering of convertible senior notes. With proceeds, we purchased 4,144 BTC (valued at approx. $249M), boosting our strategic bitcoin reserve to over 25,000 BTC. Learn more: pic.twitter.com/EKwKW6eSny — MARA (@MarathonDH) August 14, 2024 The 2.125% convertible senior notes will be maturing in 2031 and are unsecured and senior obligations of MARA. It added that starting September 2028, MARA can redeem the notes for cash if certain stock price conditions are met. It will ensure flexibility in managing debt…

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Filed under: News - @ August 15, 2024 8:10 am