Bitcoin mining firm Marathon (MARA) is unveiling a plan to spend hundreds of millions of dollars to bolster its BTC stockpile.
In a new press release, Marathon says it intends to privately offer $250 million worth of convertible senior notes due in September 2031 to “persons reasonably believed to be qualified institutional buyers.”
[adinserter block="1"]“The notes will be unsecured, senior obligations of MARA and will bear interest payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2025…
The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election.”
Marathon says that the funds will be used to acquire more Bitcoin and for general corporate purposes.
The Bitcoin mining giant is the second-largest publicly traded company holding Bitcoin, owning 20,000 BTC worth over $1.2 billion. The only other public firm that holds more Bitcoin is Michael Saylor’s MicroStrategy which owns 226,500 BTC worth more than $13.734 billion.
Marathon CEO Fred Thiel says on the social media platform X that it is taking a page out of Michael Saylor’s playbook to accumulate for BTC.
“Getting ready to buy more BTC Michael Saylor.”
In June, MicroStrategy announced plans to issue $500 million in convertible senior notes to buy additional Bitcoin and for general corporate purposes.
Veteran Bitcoiner Samson Mow says that MicroStrategy may have started a race for public firms to accumulate more BTC after the value of its stock grew by nearly 1,000% since the company adopted the crypto king four years ago.
“I worry about what happens when everyone figures it out. It’s not going to be gradually. It’s going to be suddenly.
Plan accordingly.”
At time of writing, Bitcoin is trading for $60,696, up over 2% on the day.
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