Bitcoin Miner Marathon Digital to Raise $805M to Buy More BTC
Amid the growing trend of accumulating the leading cryptocurrency, Bitcoin miner Marathon Digital has announced its intention to raise up to $805 million to buy more BTC.
Indeed, the miner is set to increase its holdings after the asset enjoyed unprecedented success in November.
Although the token has recently stumbled back to the $95,000 price, it is mere weeks removed from hitting a $99,000 all-time high.
Moreover, the asset is still up more than 36% in the last 30 days despite its recent correction, according to CoinMarketCap. Now, Marathon Digital is among the businesses looking to ramp up acquisition efforts.
Marathon Digital Eyes $805M to Bitcoin After 6,484 BTC Purchase
Since Donald Trump won the 2024 US presidential election, the crypto market has been on a massive bull rally. Tokens like Ripple (XRP) have reached unfathomable heights, while the industry-leading crypto remains the focus.
As companies like MicroStrategy have benefited from acquiring the asset, other firms are starting to take notice. Moreover, they are beginning to emulate that same strategy.
One of the most recent has been Bitcoin miner Marathon Digital, which has announced it wants to raise as much as $805 million to buy more BTC.
Indeed, the announcement comes after the firm’s recent seeking to $1 billion to purchase the cryptocurrency.
The firm also recently acquired $618 million worth of Bitcoin, according to a US Securities and Exchange Commission (SEC) filing. That most recent purchase saw the firm acquire 6,484 BTC at an average price of $95,352.
Although the price tag is quite large, it could still be a good investment considering where many predict the asset to go in the coming year.
With favorable regulation on the horizon, Bitcoin is expected to reach a six-figure value at some point in 2025. As the United States has discussed a strategic reserve plan for the leading crypto, that could be even higher.
