Breaking: Bitcoin Miner MARA Holdings Raises $1B To Buy More Bitcoin

Bitcoin Miner MARA Holdings has raised approximately $1 billion through the sale of its convertible notes. The Bitcoin miner revealed that some of the proceeds from this sale would be used to buy more BTC, although they didn’t mention the exact amount.

Marathon Digital Raises $1B To Buy More Bitcoin

In a press release, the Bitcoin miner revealed that it had raised net proceeds of $980 million from its convertible notes sale after deducting the initial purchaser’s discounts and commissions but before the estimated offering expenses payable by the company.

This development is significant as MARA Holdings revealed that it will use some of the net proceeds to acquire additional BTC. It is worth mentioning that the Bitcoin miner already holds around 27,000 BTC and is the public company with the second-largest Bitcoin holdings.

This development comes as MARA also recently unveiled plans to raise $700m through convertible notes, which will mature in 2030. Meanwhile, Marathon Digital looks to be going head-to-head with MicroStrategy, which also recently upsized its private offering to $2.6 billion. The software company will use some of the proceeds to buy more BTC.

However, despite MARA Holdings’ Bitcoin acquisition plans, the Bitcoin miner still has a lot of catching up to do with MicroStrategy. The software company recently acquired 51,780 BTC for $4.6 billion, bringing its total holdings to 331,200 BTC.

Market expert Punter Jeff believes it is almost impossible for any other public company to catch up with MicroStrategy at this point, given its huge advantage over its nearest rival, MARA, and other companies. He noted that any company looking to adopt MicroStrategy’s Bitcoin Strategy from scratch would need to spend up to $60 billion.

MARA Stock Surges

Amid MARA Holdings’ announcement, the MARA stock has witnessed a significant price surge since the start of trading today. Nasdaq data shows that the stock is up almost 3%. Marathon Digital’s exposure to the flagship crypto undoubtedly has a positive impact on the company’s stock.

Moreover, the Bitcoin price is currently hitting new highs and is targeting the $100,000 milestone, which is bullish for companies like MARA Holdings and MicroStrategy, which have exposure to BTC. Interestingly, MarketWatch data shows that the MARA stock is down year-to-date (YTD), which is surprising given that Bitcoin’s success this year is expected to be reflected in the stock’s performance. However, MARA stock is up over 100% in the last year.