Miner Raises $500 Million for Large-Scale Bitcoin Purchase
Date: 2024-11-19 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
These securities are aimed at qualified institutional investors, such as large legal entities and funds. Of the funds received, the company plans to use up to $200 million to buy back previously issued bonds, which will optimize its debt burden and improve financial stability.
This is not the first such step for MARA. In November 2021, the company successfully raised $750 million through a bond issue, taking advantage of favorable conditions at the peak of the cryptocurrency market. In early 2024, it placed bonds for $300 million, which allowed it to purchase more than 4,000 bitcoins. As of October 31, 2024, Marathon Digital holds over 27,000 bitcoins, with a combined value of $2.44 billion. This makes it the second-largest public holder of bitcoins after MicroStrategy, a well-known American company specializing in software development and active cryptocurrency investment strategy.
In addition to its investment activities, Marathon Digital is focused on innovation. The company has launched a pilot project in Finland aimed at using the thermal energy generated by bitcoin mining. This technology is already being used to heat residential buildings, demonstrating the potential of mining for environmentally sustainable solutions. The company's management sees this experience as a promising step for further expansion of such initiatives.
Marathon Digital Holdings' commitment to continuing to invest in cryptocurrencies while seeking ways to reduce its environmental impact underscores its ambitions to maintain its leadership in the digital asset market.
