On the last day of November 2020, Marathon had an acquisition of 12,965 BTC YTD at a cumulative average price of $77,692.
The company mentioned that it is planning to allot over $50 million of the proceeds to buy part of its current 2026 convertible notes back.
The CEO revealed that the dual-mining and acquisition of Bitcoin strategy by Marathon offers flexibility, by permitting the firm to capitalize on favorable market conditions.
The Bitcoin mining operations of Marathon Digital have shown an outstanding performance in November 2024. The platform has also committed to acquiring Bitcoin for its reserve. In a statement released on December 2, the company stated that the Bitcoin production boosted by 26% month-over-month and is now standing at 907 Bitcoins.
Adding more to this, the hash rate also went up by 15% to stand at 46.1 EH/s, which can be considered as a good growth since October 2024. The miner further went on to state that the data shows the highest number of blocks mined in just one month. A growth of about 27% since October with 254 blocks.
What did the CEO say?
The chief executive officer of Marathon, Fred Thiel said that this milestone is a result of successfully deploying new miners and improving operational efficiency. He also threw light on the leadership of the company attained through this achievement.
In another announcement by Marathon Digital, the plan to raise $700 million by a private offering of unsecured convertible senior notes due 2031 was revealed. The firm went on to explain that the notes will be changed into cash, MARA stock, or can be changed into a combination of both.
It mentioned that it is planning to allot over $50 million of the proceeds to buy part of its current 2026 convertible notes back, with the remaining part aiming to acquire more Bitcoin and back normal corporate activities.
Total BTC acquisition by Marathon
A similar offer was made in mid-November which somehow permitted the purchase of 6,474 BTC whose value was estimated at about $615 million. The CEO further revealed that the dual-mining and acquisition of Bitcoin strategy by Marathon offers flexibility, by permitting the firm to capitalize on favorable market conditions.
He highlighted that this step helps in revamping the acquisition costs by purchasing at the time of the decline of price and boosting the competitive edge of Marathon by mining Bitcoin at comparatively lower costs as compared to the existing spot price.
On the last day of November 2020, Marathon had an acquisition of 12,965 BTC year-to-date at a cumulative average price of $77,692. All in all, Marathon has mined about 8,563 BTC taking its year-to-date BTC yield per share to 37.2%. Concluding all this, the firm acquired 34,959 BTC, estimated at about $3.3 billion.
If we talk about Bitcoin Treasuries data, Marathon holds the second position in the largest public Bitcoin holds following MicroStrategy.
