Marathon Electronic Holdings, one of the top bitcoin (BTC) miners in the United States, intends to borrow $ 500 million to buy bitcoin and start more bitcoin miners
Bitcoin Miner Marathon Lists $ 500 Million in Debt on the Nasdaq
The Nasdaq-listed business announced a private debt offering on Monday, totaling $ 500 million in total equity from its senior convertible bonds. Thirteen days following the first bond sale, the corporation is anticipated to provide first-time buyers the opportunity to purchase up to $75 million in extra principal.
“The bonds are an unsecured premium from Marathon that pays interest every six months and is due on December 1, 2026, unless repaid, repaid, or transferred prior,” according to the statement.
Marathon plans to use the funds raised for general corporate reasons, such as acquiring bitcoin or installing additional bitcoin mining equipment, according to the release.
MicroStrategy CEO Michael Saylor commented on the newly revealed offering, saying, “This is not baked into anyone’s strategy.”
A public transaction #Bitcoin Miner @MarathonDH takes out $ 500 million in debt to buy bitcoins and bitcoin mining machines. This does not apply to anyone’s model. $ MARAhttps://t.co/WauIvs4bJy
– Michael Saylor (@saylor) November 15, 2021The Success of Maraton Stock
According to TradingView data, MARA stock has risen more than 7% in the last 24 hours, trading at $ 75.9 at the time of publication. TradingView. MARA hit a six-year high in early November, according to Cointelegraph, with Marathon collecting $ 460 million in Bitcoin.
Marathon has not only had remarkable success with its own equities, but it has also promoted a number of Bitcoin-related financial products, such as Exchange Traded Funds (ETFs).
As a result, Marathon stock is included in a number of crypto ETPs, such as Volt Fairness’ Cryptocurrency Industrial Revolution and Tech ETF, Melanion Capital’s BTC Equities Universe UCITS ETF, Cosmos Asset Management’s World Wide Miners Obtain ETF, and others.
