Marathon Digital Holdings, a bitcoin mining company, stated on Monday that it will fund $500 million in convertible senior notes to buy more “bitcoin or bitcoin mining machines.”
Marathon Digital Holdings is one of the top mining companies in the United States. The company announced on November 15 that it intends to use debt markets for “general corporate purposes. It includes the acquisition of bitcoin or bitcoin mining machines.”
Marathon announced at the end of October that it had mined 417 bitcoins. a huge increase over the 2021.
The 417 BTC revenue was significantly higher than the previous month, with almost $457 million in bitcoin in its coffers.
On Monday, the firm announced that it will issue “$500,000,000 aggregate principal amount of convertible senior notes” with a maturity date of December 1, 2026.
Unless “repurchased, redeemed, or converted,” the notes will earn interest every six months, according to Marathon’s press announcement.
REINVESTING IN BITCOIN MINING RIGS
According to the firm, “Marathon intends to use the net proceeds from the offering for general corporate objectives, including the acquisition of bitcoin or bitcoin mining machines.”
Marathon, like its mining competitors Argo, Hut8, Riot Blockchain, and Bitfarms, has BTC on its balance sheet.
Two months later, the company stated it had purchased 30,000 S19j Pro Antminers from Bitmain, and it was revealed that Fidelity Investments had a 7.4 percent investment in Marathon when it published July’s bitcoin production and mining operation.
The company’s latest funding request to leverage convertible senior notes shows that it still believes in bitcoin mining’s explosive development.
At the time of publication, Bitcoin’s hashrate was nearing all-time highs. The current mining hashrate is 181 exahash per second (EH/s) on November 15.
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