Marathon Digital Buys $249M Worth of Bitcoin
The post Marathon Digital Buys $249M Worth of Bitcoin appeared on BitcoinEthereumNews.com.
Marathon completed a senior note offering and collected $300 million. Marathon purchased 4,144 Bitcoin, spending $292.5 million and an average purchase price of $59,500 per BTC. The miner bought a whopping 4,144 Bitcoin using the money raised from the offering. Marathon Digital, a prominent Bitcoin (BTC) mining company, has purchased a whopping $249 million worth of BTC. This comes after successfully completing a senior note offering worth $300 million amid a BTC price dip to $58,00. The dip significantly impacted the overall crypto market capitalization. According to a press release, Marathon purchased a whopping 4,144 Bitcoin using a part of the proceeds that it had gathered via the senior note offering. The purchase lasted from August 12th to August 14th after the notes “were sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933.” After the deduction of initial purchasers’ discounts and commissions, the exact amount that Marathon received from the senior notes offering boiled down to approximately $292.5 million. The average purchase price per BTC was $59,500 and despite this massive buying spree of Marathon, the world’s largest cryptocurrency crashed 4.73% in the last 24 hours after failing to hold the price trajectory above $60,000, as per the data from CoinMarketCap. Additionally, the holders of the senior notes have the option to ask Marathon to “repurchase for cash all or any portion of their notes on March 1, 2029,” confirmed the press release. The offering was finalized only via private offering memorandum. Michael J. Saylor, the Executive Chairman and former chief executive of MicroStrategy, the largest corporate holder of Bitcoin, took to social media platform X, to add that “Bitcoin is the world’s best strategic treasury reserve asset.” CoinGecko data confirms that Bitcoin is…
Filed under: News - @ August 15, 2024 11:24 am