Marathon Digital Holdings, the world’s largest Bitcoin mining company, has announced a $250 million offering of convertible senior notes due in 2031, aimed at “qualified institutional buyers.”
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Marathon plans to use the $250 million raised to buy more Bitcoin and hold it as a reserve asset. They may also sell an additional $37.5 million in notes depending on market conditions. The funds could be used for general business needs like acquisitions and debt repayment. Marathon’s Bitcoin buying can significantly impact prices, and investors monitor these moves to gauge demand.
Marathon Increases Bitcoin Holdings and Embraces “Full HODL” Strategy
Marathon Digital Holdings significantly increased its Bitcoin holdings in July, adding $124 million worth of BTC to reach a total of 20,818 BTC, valued at over $1.14 billion as of August 6.
The company’s CEO and chairman, Fred Thiel, announced on July 25 that Marathon plans to “go full HODL,” a popular crypto term meaning to hold onto Bitcoin without selling. This decision was made to strengthen their strategy of holding Bitcoin as a strategic treasury reserve asset. Over the past month, Marathon purchased $100 million in BTC as part of this plan.
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Despite the challenges posed by the upcoming 2024 Bitcoin halving, which will reduce block rewards by 50%, Marathon remains committed to its Bitcoin strategy. This approach is seen as a positive sign, especially as other miners may be forced to sell BTC due to the halving’s impact.
Bitcoin Price and ETF Inflows Remain Tepid Despite Marathon’s Buying Spree
Despite Marathon’s bullish move to increase its Bitcoin holdings and its commitment to holding Bitcoin as a strategic reserve, the Bitcoin price remains below the $60,000 mark. As of 11:52 am UTC, Bitcoin traded at $59,908, having fallen over 1.2% in the past 24 hours. However, on a weekly basis, Bitcoin has shown a significant recovery of over 16%, according to CoinMarketCap data.
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BTC/USD, 1-day chart. Source: CoinMarketCap
In addition, inflows into U.S.-based spot Bitcoin exchange-traded funds (ETFs) have stalled. Data from Farside Investors shows that ETFs experienced $89 million in cumulative net outflows as of August 9.
Bitcoin ETF flows (US dollars, million). Source: Farside Investors
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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