Bitcoin Miner Marathon Digital Increases BTC Holdings With 4,144 BTC Acquisition

Marathon Digital’s second acquisition in less than a month takes its Bitcoin stash above 25,000 BTC.

Florida-based crypto miner Marathon Digital has announced an acquisition of 4,144 BTC ($249 million), taking its total Bitcoin stash to over 25,000 BTC. The miner noted that it made the new purchases between August 12 and 14 at an average rate of $59,500.

In a press release on Wednesday, Marathon (with ticker MARA) said it had acquired the 4,144 BTC from funds realized in a convertible senior note auction earlier in the month. The miner announced on August 12 that it was looking to raise $250 million to buy Bitcoin.

However, Marathon’s convertible senior notes sales saw preposterous demands. The miner raised $300 million ($292.5 million after purchaser’s deductions), about $50 million above its initial planned offerings.

With $249 million already spent on boosting its Bitcoin reserve, the firm noted it would use the remaining funds to “acquire additional Bitcoin and for general corporate purposes.”

Marathon’s periodical Bitcoin purchase is part of its “full HODL” strategy, as its CEO, Fred Thiel, stated in July after acquiring $100 million worth of Bitcoin. The Florida-based miner adopted keeping the largest crypto asset as a strategic reserve asset, mimicking MicroStrategy’s disposition.

Has Marathon Acquired More?

On-chain data from Lookonchian points to a possible fresh Bitcoin acquisition from Marathon on Friday. The analytical firm spotlighted multiple transactions which saw MARA’s wallet receive 3,869 BTC ($227.9 million) from Galaxy Digital, Falcon X, and New York Digital Investment Group (NYDIG).

Marathon received 1,095.76 BTC from Galaxy Digital, 2600 BTC from FalconX, and 199.99 BTC from NYDIG in the past two days. If it was a fresh buy, the crypto miner would have spent more than the funds realized from the convertible senior note sales on Bitcoin purchases.

At press time, MARA is up 2% and is trading at $15.46. However, the stock is down more than 5% in the past five days. Meanwhile, Bitcoin changes hands at $58,600 amid a 1.83% increase this morning.