According to a report by TheMinerMag on December 6, since June of this year, seven publicly listed Bitcoin mining companies have completed a total of $5.2 billion in financing through convertible bonds, with 70% (approximately $3.6 billion) completed in the last four weeks.
Marathon Digital (MARA) and Core Scientific recently raised over $2.4 billion through zero-coupon convertible bonds, of which MARA raised $1.85 billion. The conversion prices for both companies are approximately 40% above the stock price at the time of issuance.
It is worth noting that MARA (market cap $8 billion) and Core Scientific (market cap $4.6 billion) employ different business strategies: MARA retains all mining profits and continues to accumulate Bitcoin, while Core Scientific has transformed to focus on AI computing services and currently no longer holds mined Bitcoin.
