Marathon Digital Holdings, the world’s largest Bitcoin mining firm, has announced a private offering of $250 million in convertible senior notes due in 2031, aimed at qualified institutional buyers. The company may also issue an additional $37.5 million in notes based on market conditions. The net proceeds from this offering are intended for acquiring more Bitcoin and general corporate purposes, which may include working capital, strategic acquisitions, and repayment of outstanding obligations.

In July, Marathon significantly ramped up its Bitcoin holdings, investing $124 million and reaching a total of 20,818 BTC, valued at over $1.14 billion as of August 6. CEO Fred Thiel announced that the company is adopting a “full hodl” strategy, emphasizing their intention to treat Bitcoin as a strategic treasury reserve asset. This bold approach, reinforced by a recent $100 million BTC purchase, positions Marathon Digital to capitalize on the growing institutional demand for Bitcoin, potentially impacting market trends and price stability.

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