🚀Marathon Digital spends $250 million to issue convertible bonds, targeting Bitcoin! 🎯
👉 Bitcoin mining giant Marathon Digital announced plans to issue up to $250 million in convertible bonds, exclusively for qualified institutional buyers. And if market conditions allow, they may increase the issuance by another $37.5 million! The maturity date is set for 2031, and interest payments will begin in 2025.
📝 As of August 6, the company's total holdings were 20,818 bitcoins, worth more than $1.14 billion.
💰 What does the company plan to do with these proceeds? Of course, it is straightforward to buy more bitcoins! It is also used to promote the company's development, such as strategic acquisitions and debt repayment.
📈 According to official news, Marathon Digital's move is part of its "all-HODL" strategy. They have recently added 2,282 bitcoins worth more than $124 million, bringing their total holdings to 20,818 bitcoins with a market value of more than $1.14 billion.
📉 However, Marathon Digital recently reported second-quarter revenue that was about 9% lower than Wall Street expectations, mainly due to operational challenges such as equipment failures and rising global hash rates.
💪However, its CEO Fred Thiel said the company achieved a record mining capacity of 31.5 EH/s this quarter and plans to reach 50 EH/s by the end of the year.
🌪️This move by Marathon Digital shows institutional investors' confidence in Bitcoin and their long-term investment strategy. They increased their Bitcoin holdings by issuing convertible bonds, which not only reflects a positive view of cryptocurrencies, but may also have a positive impact on market sentiment. However, investors should be aware of market volatility and potential risks when considering following such strategies.
🤔 So what do you think of Marathon Digital's big Bitcoin investment strategy? What do you think this strategy means for individual investors? Will their massive Bitcoin acquisitions have an impact on the price?
💬 Leave your thoughts in the comments section about the possible impact this move may have on the entire cryptocurrency market, and its potential impact on the future price of Bitcoin!
