Marathon Digital has recently announced the purchase of an additional $249 million worth of Bitcoin.
This comes after the company raised $300 million from a senior note offering. On August 14, Marathon reported that they used part of the proceeds from the note sale to buy approximately 4,144 Bitcoin at an average price of $59,500.
This brings their total Bitcoin reserve to over 25,000 BTC. The company’s convertible senior notes, which are due in September 2031 and bear an interest rate of 2.125%, can be converted into cash, Marathon stock, or a combination of both.
The net proceeds from the note sales were around $292.5 million. Marathon stated that the remaining cash would be used for purchasing more Bitcoin and for general corporate purposes, including potential acquisitions.
