To raise funds, Marathon Digital issued convertible bonds. While the initial plan was to issue $250 million in securities, the proceeds from the sale reached $292.5 million. The bonds mature in September 2031, and the annual yield is 2.125%. Buyers can convert the securities into either cash or Marathon Digital shares.
The average price of the company’s bitcoins purchased was about $59,500. Marathon’s total BTC holdings have exceeded 25,000, so the company now has $1.455 billion in bitcoin holdings. Bitcoin is currently trading at $58,200, so the new batch of BTC has resulted in a small, unrecorded loss.
As a Marathon Digital representative emphasized, the company views Bitcoin as a “major strategic treasury asset” and “applies a multi-faceted strategy to purchase Bitcoin.”
In the second quarter of 2024, the American company MicroStrategy bought BTC worth $805 million.
Source: Bits
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