New data from market intelligence firm Lookonchain reveals that Bitcoin (BTC) mining company Marathon Digital accumulated hundreds of millions of dollars worth of the crypto king following a convertible note offer.
In a thread on the social media platform X, Lookonchain finds that Marathon Digital initially acquired nearly $140 million worth of Bitcoin after closing its second convertible note offering.
[adinserter block="1"]“On-chain data shows that Marathon Digital (MARA) acquired another 1,423 BTC ($139.5 million)…
This comes after MARA announced [on December 5th] the closing of its second $850 million convertible note offering, primarily aimed at purchasing Bitcoin and partially repurchasing existing notes due in 2026.”
A convertible note offering allows a firm to issue short-term debt that can eventually be converted into company shares at a predetermined time as a means of raising funds.
A day later, Lookonchain says the firm bought another 1,300 BTC worth $130.66 million.
In total, Marathon Digital accumulated $270.16 million worth of Bitcoin in just two days.
According to data from blockchain tracker Arkham Intelligence, Marathon Digital’s crypto wallet currently holds a total of 19,965 BTC worth $2 billion.
Marathon Digital launched in 2010 under a different name as a firm hoarding patents related to encryption. The company subsequently stepped into the world of BTC mining in 2017.
At time of writing, Bitcoin is trading for $100,100, a fractional increase on the day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
