Marathon Digital Buys $249M More Bitcoin (BTC) After Raising $300M from Senior Note Offering

Bitcoin miner Marathon Digital has purchased another $249 million worth of Bitcoin after raising $300 million from a senior note offering.

Bitcoin ( BTC ) miner Marathon Digital (MARA) has added another 4,144 Bitcoin to its already massive stash.

According to an Aug. 14 announcement from Marathon, the miner used part of the proceeds from its recent $300 million senior note offering to purchase the BTC.

The miner said it bought the Bitcoin at an average price of roughly $59,500, bringing its “strategic Bitcoin reserve to over 25,000 BTC.” The latest BTC hoard is valued at around $249 million at the time of writing.

Marathon said the remaining cash from the note sales would be used to buy more Bitcoin and for “general corporate purposes,” which could include strategic acquisitions.

A Marathon spokesperson told Cointelegraph that the miner believes Bitcoin “is the premier strategic treasury asset” and is “adopting a multifaceted strategy for acquiring Bitcoin.”

Its latest Bitcoin hoard comes after it purchased 2,282 BTC over July, which was valued at $124 million at the time.

Marathon CEO and Chairman Fred Thiel said the company’s Bitcoin purchases were part of a “hodl strategy” — a misspelling of “hold” that made its way into the crypto scene’s lexicon.

Marathon shares (MARA) closed 2.26% down on the day to $15.14. Its share price is down nearly 34% year-to-date, according to Google Finance.

Marathon’s second-quarter earnings earlier this month missed Wall Street estimates, posting 9% lower than estimated revenues of $145.1 million, but still a 78% year-over-year bump from Q2 2023.

It comes as crypto mining profitability has hit a record low after the Bitcoin halving, which cut mining rewards in half.

Miner hashprice, which measures mining profits, fell to a record low earlier this month, with Blockbridge reporting large public miners will struggle to make a profit, especially Marathon, which had the highest all-in mining cost last month.

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