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Marathon Digital To Buy More Bitcoin After $1 Billion Convertible Notes Offering Beincrypto 21 nov. 2024

Marathon Digital To Buy More Bitcoin After $1 Billion Convertible Notes Offering 📈

Marathon Digital Holdings, a major Bitcoin miner, completed a $1 billion convertible notes offering. The proceeds will primarily acquire additional Bitcoin, supporting the company’s expansion strategy as it currently holds 25,945 BTC, valued at roughly $2.52 billion.

In line with a growing trend among public companies, Marathon plans to leverage some proceeds for repurchasing existing notes and other corporate uses. Despite a $125 million net loss and increased operating costs, Marathon’s operational capacity improved with a 93% rise in hash rate.

Marathon’s strategic moves indicate a bullish stance on Bitcoin investment. Its new $80 million deal with Kenya aims to bolster mining capacity, while the notes offer flexible conversion options into cash or stock. The largest offering among BTC miners projects a confident growth outlook for Bitcoin adoption in the market.

Other companies, like MicroStrategy, are similarly increasing Bitcoin acquisitions, fueling bullish sentiments in the market despite economic challenges faced by mining firms. Continuing aggressive acquisition strategies have driven significant upticks in stock value, reflecting the bullish market sentiment around Bitcoin.

Sursă: beincrypto.com ↗

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