As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find myself intrigued by the strategic moves made by Marathon Digital, the largest publicly traded crypto mining company. Their recent $600 million investment in Bitcoin acquisition and intention to raise additional funds through convertible senior notes is a testament to their conviction in the long-term potential of Bitcoin.
As a researcher delving into the cryptocurrency realm, I’ve uncovered that Marathon Digital, a prominent crypto miner, has invested over half a billion dollars ($600 million, to be precise) in purchasing Bitcoin during the past two months, as disclosed in a recent filing with the United States Securities and Exchange Commission.
According to a December 2nd report, MARA Holdings announced that they had bought 6,484 Bitcoins (BTC) between October 1st and November 30th. They spent approximately $618.3 million in cash to acquire these coins, with each Bitcoin costing an average of $95,352.
Furthermore, MARA Holdings announced through a press statement that they plan to issue $700 million worth of convertible senior notes maturing in 2031, in a private offering. The funds obtained will be utilized for the acquisition of additional Bitcoin and for buying back their existing convertible notes maturing in 2026.
MARA Holdings continues to be the most significant publicly listed cryptocurrency mining corporation in terms of market value. As per BitcoinTreasuries data, MARA Holdings ranks as the second largest corporate owner of Bitcoin, following MicroStrategy.
MARA urges the US government to speed up Bitcoin accumulation
On November 26th, MARA Holdings advised the U.S. to take a more proactive approach in acquiring stakes in Bitcoin and Bitcoin mining. They argued that it was crucial for the nation’s economic and national security to do so without delay.
As a researcher, I’d articulate it as follows: “I posit that although the U.S. dollar is no longer directly tied to gold, maintaining substantial gold reserves continues to be a crucial aspect of our national security. These reserves grant us the flexibility to conduct transactions when foreign nations might experience a wane in their trust towards the dollar.
Although U.S. President-elect Donald Trump made public statements about including Bitcoin in the national treasury, industry expert Mike Novogratz (CEO of Galaxy Digital) expressed a relatively small chance that a strategic Bitcoin reserve would be created during Trump’s presidency.
MARA sold 63% of mined BTC in May
Despite advocating for Bitcoin acquisition and mining within the U.S., MARA disposed of some Bitcoins earlier this year.
Previously known as Marathon Digital Holdings, the company (MARA) recently divested itself of 390 Bitcoins, which accounted for approximately 63% of its monthly output of 616 Bitcoin units.
The sale came shortly after Bitcoin successfully went through its fourth halving event in April 2024, which reduced the mining block reward from 6.25 BTC to 3.125 BTC.
Additional reporting by Helen Partz.
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2024-12-02 17:25