Marathon Digital Holdings, one of the world's largest Bitcoin mining companies, has taken an important step in its strategy to increase Bitcoin purchases. The company announced that it has raised a $250 million fund to accelerate Bitcoin purchases. It was reported that this fund will be used to purchase more Bitcoin and that Bitcoin will be considered a strategic reserve asset.
Marathon will use the funds to offer convertible senior notes due 2031 to qualified institutional investors through a private sale. It is also evaluating the possibility of selling an additional $37.5 million in notes, depending on market conditions.
According to the August 12 statement, Marathon plans to use the $250 million for new Bitcoin purchases and various company needs, including working capital, strategic acquisitions, expansion of existing assets, and repayment of debt.
The purchasing activities of major Bitcoin miners can have significant effects on the market. Investors are closely monitoring the Bitcoin demand and purchasing trends of major institutions. Marathon Digital Holdings has decided to strengthen its strategy of holding Bitcoin as a reserve asset with a “full hodl” approach. The company increased its Bitcoin assets by $124 million in July, reaching a total of 20,818 BTC. The value of these assets exceeded $1.14 billion as of August 6.
Marathon CEO and Chairman Fred Thiel confirmed this strategy in a post on the X platform on July 25, saying:
“Today, we are proud to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset. We purchased $100 million worth of Bitcoin over the past month and are now moving into full HODL mode.”
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