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Marathon to generate $500 million in debt to acquire Bitcoin and mining machines By BTC Peers

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© Reuters Marathon to generate $500 million in debt to acquire Bitcoin and mining machines

United States-based crypto mining company, Marathon Digital, has revealed that it is looking to leverage the debt market to procure and mining hardware.

The company disclosed on Monday that it was planning to raise $500 million by issuing senior convertible notes that will mature on December 1, 2026. Marathon confirmed that it intends to use the net proceeds for a variety of purposes including “the acquisition of Bitcoin or Bitcoin mining machines.”

The initiative is the latest debt issuance effort by Bitcoin mining firms in North America that are sourcing funds to pay for expenditure and equipment expansion. However, it is just a proposal for the time being. It comes barely a month after Marathon secured a $100 million revolving line of credit with Silvergate Bank using USD and Bitcoin.

Many publicly-listed North American Bitcoin mining companies like Marathon, Riot, Bitfarms, Hut8, and Argo, have all decided to “hodl” almost all the Bitcoins they mined year-to-date instead of liquidating the asset for capital expenditure.

Marathon is currently the largest BTC holder among the North American public Bitcoin mining companies. According to reports, the firm held about 7,453 BTC ($490 million) at the end of October, including 4,812 BTC ($317 million), which it purchased from the market. The remaining amount was generated from its mining operations.

BTC PEERS also reported back in May, that the Nasdaq-listed firm announced a partnership deal with Compute North to deploy around 73,000 BTC miners at a new data center in Texas.

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Bellie Brownhttps://businesstimes.org
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