New data from market intelligence firm Lookonchain shows that Bitcoin (BTC) mining company Marathon Digital has collected hundreds of millions of dollars from crypto king following an offering of convertible notes.
In a thread on the social media platform X, Lookonchain finds that Marathon Digital initially acquired nearly $140 million worth of Bitcoin after closing its second convertible note offering.
“On-chain data shows that Marathon Digital (MARA) has acquired another 1,423 BTC ($139.5 million)…
This comes after MARA announced this [on December 5th] the closing of its second $850 million convertible bond offering, primarily focused on purchasing Bitcoin and partially repurchasing existing bonds maturing in 2026.”
By offering convertible bonds, a company can issue short-term debt that can ultimately be converted into company stock at a predetermined time as a way to raise money.
A day later, Lookonchain say the company purchased another 1,300 BTC worth $130.66 million.
In total, Marathon Digital has collected $270.16 million worth of Bitcoin in just two days.
According to data from blockchain tracker Arkham Intelligence, currently Marathon Digital’s crypto wallet holds a total of 19,965 BTC worth $2 billion.
Marathon Digital was launched in 2010 under a different name as an encryption patent hoarding company. The company then entered the world of BTC mining in 2017.
At the time of writing, Bitcoin is trading at $100,100, up fractionally on the day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
Credit : dailyhodl.com
