Bitcoin hits $99,000, Marathon Digital raises $1 billion to buy more BTC
Bucking the ongoing trend in the market, Bitcoin mining company Marathon Digital announced that it has raised $1 billion to buy more Bitcoin.
November 2024 proved to be a game-changing month for Bitcoin. And 2024 has been a memorable year in Bitcoin’s history, with the leading cryptocurrency continuing to set new records. This week, BTC broke through $98,000 to hit $99,261.
That has led to increased interest from companies looking to gain exposure to Bitcoin. Amid the success of MicroStrategy’s (MSTR) Bitcoin accumulation plan, many are following suit. Among them is Bitcoin mining company Marathon Digital, which raised $1 billion to buy more BTC.
Marathon Digital shared with X that it has completed “the largest convertible bond offering ever among BTC mining companies.”
In a press release , the mining company announced the completion of a $1 billion convertible senior bond offering due in 2030. After deducting discounts and commissions, the net proceeds from the sale were $980 million, the mining company said. And the proceeds were confirmed to be used to purchase Bitcoin.
The move comes a day after Bitcoin surged to an all-time high above $98,000. Moreover, the asset has seen a surge in adoption, benefiting from the 2024 U.S. presidential election momentum, in which Donald Trump has vowed to facilitate Bitcoin’s growth in the country.
As Bitcoin prepares to hit $100,000 for the first time in history, many analysts say that “Bitcoin’s bull run could extend into 2025.”