Marathon Digital plans to maintain its BTC purchases despite the recent price surge. And they are not alone.
The bitcoin miner announced Thursday that its offering of senior convertible notes at 0.00% (due in 2030) was completed. Net proceeds from the sale amounted to roughly $980 million — a majority of which will be used to buy more bitcoin and for “general corporate purposes.”
Marathon had 27,562 BTC in its balance sheet as of October 31. It represents about 8% the 331,200 BTC that MicroStrategy holds, the biggest publicly traded bitcoin holder.
MicroStrategy CEO Michael Saylor alluded Marathon’s CEO in a Tuesday X discussion when asked about the amount of BTC MicroStrategy might buy, which would be detrimental to Bitcoin’s network.
“As much as I would like to buy all the bitcoin, I don’t think Fred Thiel’s going to let me buy all the bitcoin,” Saylor said.
He added that: “And if Cynthia Lummis’ bill gets taken by the Senate and House — and signed in the White House — then the US government’s going to be bidding against me.”
BTC has become a popular reserve asset for many companies. Genius Group, based in Singapore, said on Thursday that it had added $4 million more bitcoins to its treasury. It aims to have a BTC reserve of at least $120 millions.
Microsoft, the tech giant, has been presented with a proposal to diversify its balance sheet by using bitcoin. Saylor said that “activist” The executive of MicroStrategy accepted an invitation from behind it to make a 3-minute presentation next month to the board.
“It’s tricky to actually find a board that gets aligned with the management team and moves forward, and that’s why you haven’t seen as many companies act as aggressively as they could,” He said in the X-space.
Saylor expects this to change by 2025. “I think this will be an exponential process that’s going to pick up speed here.”
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