Marathon Digital Raises $980 Million to Purchase More Bitcoin
Marathon Digital plans to continue purchasing BTC as its price reaches new highs. The bitcoin miner announced the completion of a convertible senior notes offering due in 2030, generating approximately $980 million. Most of these proceeds will be allocated for additional bitcoin purchases and corporate purposes.
As of October 31, Marathon holds 27,562 BTC, accounting for about 8% of MicroStrategy's total of 331,200 BTC, the largest publicly traded bitcoin holding.
MicroStrategy founder Michael Saylor commented on Marathon’s CEO during a recent discussion, indicating that while he would like to acquire significant amounts of bitcoin, he acknowledges Marathon's position. He also mentioned potential competition from the U.S. government if proposed legislation progresses.
Other companies are beginning to recognize BTC as a reserve asset. Singapore-based Genius Group recently added $4 million worth of bitcoin to its treasury, aiming for a total reserve of at least $120 million.
Microsoft is considering diversifying its balance sheet with bitcoin, with Saylor set to present to their board next month. He noted the challenges in aligning company boards with management teams on such initiatives but anticipates increased adoption by 2025.