Wall Street-listed bitcoin mining company Marathon Digital (MARA) has announced that it has acquired an additional 6,474 bitcoins through a $1 billion convertible note offering, bringing its total holdings to 34,797 bitcoins worth nearly $3.3 billion.
The move reflects a similar strategy to MicroStrategy’s use of debt to invest in Bitcoin, reflecting the increasing institutional adoption of the currency as a corporate treasury tool.
The latest acquisition was made at an average price of $95,395 per Bitcoin.
This deal included the purchase of an additional 703 bitcoins in addition to the initial acquisition of 5,771 bitcoins.
This comes after the company completed the issuance of convertible bonds due in 2030 with a total value of $1 billion, with an additional $150 million allocated after buyers exercised their full option during the issuance period.
Additionally, the company executed a partial repurchase of $200 million of its bonds due in 2026, while keeping $160 million in reserve to purchase Bitcoin in downturns.
In addition to expanding its holdings, MARA has urged the US government to build a reserve of Bitcoin to bolster its economic position and reduce the risk of the dollar being removed from global markets in the future.
Reports indicate that 62 publicly listed companies are currently using Bitcoin as a treasury management tool, according to data from River Financial.
MARA is the second largest listed company in terms of Bitcoin holdings, after MicroStrategy, which owns 386,000 Bitcoins, a number that exceeds MARA’s holdings by more than ten times.