Mentioned:
One of the largest Bitcoin miners in the world is now raising cash to buy even more Bitcoin. But, why?
What’s happening:
- Marathon Digital (NASDAQ: MARA) has made multiple new purchases of Bitcoin to hold directly as an asset
By the numbers:
- Marathon Digital has purchased 6,474 Bitcoin
- In total, Marathon Digital is currently holding 34,794 Bitcoin which makes them the second largest holder amongst publicly traded companies
- Marathon Digital used the cash from their recent $1B USD convertible debt financing for their latest Bitcoin purchases and is reserving $160M USD to accumulate more Bitcoin in the near future
Why it matters:
- The public markets have been exploding with excitement around Bitcoin ownership, which has been largely fuelled by the bold and aggressive Bitcoin buying spree that Michael Saylor and MicroStrategy (NASDAQ: MSTR) have been on
Going deeper:
- Marathon Digital has continued to ramp up their Bitcoin mining operations and data centre infrastructure as well, recently acquiring three new sites in Ohio
The intrigue:
- Marathon Digital has also been mining Kaspa, which is a rapidly growing cryptocurrency and is one of the most profitable digital assets to mine at scale currently
