One of the most popular Bitcoin miners, Marathon Digital Holdings has unveiled $250 million worth of convertibles senior notes to strengthen its Bitcoin portfolio. In an August 12 press release, the firm noted that the convertibles senior notes will be due in the next seven years, meaning 2031.
Besides buying more Bitcoin, proceeds from the sale of the notes will also be channeled towards general corporate purposes like working capital, strategic acquisitions, expansion of assets, repayment of debts, and many more. At the time of writing, Marathon Digital Holdings is one of the largest institutional holders of Bitcoin. Despite the extreme volatility caused by numerous macroeconomic conditions, Marathon Holdings expanded its Bitcoin portfolio last month. Then, the firm announced the purchase of 2,282 BTC worth over $124 million at that time.
Marathon Digital to go for “full HODL” – CEO
Fred Thiel, CEO and chairman of Marathon Digital says the firm’s core plan is going “full HODL” for Bitcoin. This term, in the crypto setting, indicates holding a particular asset for a long period or time or probably indefinitely. With that, the holder is not expected to sell, even when the market experiences a downturn. In total, Marathon Digital holds over $1.1 billion worth of BTC.
Beyond accumulating BTC on a large scale, Marathon Digital is also renowned for its efficient Bitcoin production. In July, the firm made headlines after it increased its Bitcoin production to 692 BTC, indicating over 17% growth from June’s level.
Marathon Digital pledges to keep mining aggressively while the global hash rate comes offline. Likewise, it emphasized its commitment to leveraging all the tools at its disposal to mining economics, thereby facilitating maximum Bitcoin production.
Meanwhile, beyond its $250 million convertibles notes offering, Marathon also plans to sell $37.5 million in notes to initial purchasers in line with market conditions.
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