Marathon Digital Spends $1.1 Billion on Bitcoin, Keeping Up with Buying Trends

Marathon Digital purchased 11,774 bitcoins for $1.1 billion, using the proceeds from a zero-interest convertible note offering. The company now holds 40,435 bitcoins, valued at $3.9 billion, reflecting a common trend among large corporations. Marathon is supplementing its bitcoin mining activity with direct purchases of the currency, similar to moves by companies like Riot Platforms.

💡 Quick note: These massive bitcoin purchases have become commonplace recently. For example, MicroStrategy spent $2.1 billion on bitcoin, while Riot Platforms offered $500 million in convertible notes for the same purpose. With this rate of consumption, some large corporations are heading towards accumulating huge bitcoin stockpiles.