Marathon Digital Announces Acquisition of 6,474 Bitcoin and $160M Cash Reserves for Future Opportunities
Big news in the Bitcoin world this month, with Marathon Digital stepping up their game and acquiring a whopping 6,474 BTC in November. The company also has a cool $160 million stashed away for potential future Bitcoin buys during market dips. They now hold a total of 34,794 BTC, making them the second-biggest corporate Bitcoin holder, right behind MicroStrategy.
Marathon’s recent Bitcoin spree was made possible by a successful $1 billion raise through a convertible senior note sale. They used part of the funds to buy back some of their existing notes and then went on a shopping spree for more Bitcoin.
CEO Fred Thiel is a big fan of Bitcoin, calling it a must-have for every company’s balance sheet. He sees it as a smart hedge against inflation and currency devaluation, thanks to its limited supply.
All this Bitcoin action has been driving public companies to beef up their Bitcoin holdings. Since the beginning of the year, these companies have gone from owning 272,774 BTC to a whopping 508,111 BTC. In November alone, they added over 143,800 BTC, compared to just 2,400 BTC in October. MicroStrategy has been a big player in this space, scooping up over 130,000 BTC this month alone.
Other companies are also jumping on the Bitcoin bandwagon. Rumble plans to allocate $20 million of its cash reserves to Bitcoin, while Genius Group has already secured $14 million in Bitcoin investments with plans to hit $120 million in total. It’s clear that the corporate world is seeing the value in this digital gold rush.
