Marathon Digital Acquires 6,474 Bitcoin and $160M Cash for Future Purchases
This month has been quite eventful for companies diving into the world of Bitcoin acquisitions. Marathon Digital, a leading Bitcoin miner, made waves by acquiring an additional 703 Bitcoin, bringing their total purchases in November to a whopping 6,474 BTC. They even set aside $160 million in cash for potential future buys at lower prices. Impressive, right?
But that’s not all – with the successful raise of $1 billion through a zero-interest convertible senior note sale, Marathon Digital made moves by repurchasing a portion of its existing notes and securing a total of 34,794 BTC. This places them as the second-largest corporate Bitcoin holder after MicroStrategy. And guess what? Marathon’s CEO, Fred Thiel, believes that Bitcoin is a must-have asset for every company due to its finite supply, acting as protection against inflation and currency devaluation.
The numbers speak for themselves – Marathon Digital’s stock saw a nearly 8% increase in value on Wednesday, with a year-to-date rise of around 14%. Public companies as a whole have been ramping up their Bitcoin holdings from 272,774 BTC to 508,111 BTC this year, with a whopping 143,800 BTC added in November alone.
It’s clear that the trend of companies adding Bitcoin to their treasury reserves is gaining momentum. Rumble recently announced plans to allocate up to $20 million for Bitcoin purchases, while AI firm Genius Group made a splash with $14 million worth of Bitcoin acquisitions. The future certainly looks bright for those diving headfirst into the world of digital assets.
