Marathon Digital Holdings, one of the largest publicly traded Bitcoin miners in the US, announced plans to raise $250 million through a private offering of convertible senior notes. The funds will primarily be used to expand Marathon’s Bitcoin holdings.

BREAKING: 🇺🇸 MARATHON DIGITAL HOLDINGS TO RAISE $250 MILLION TO BUY MORE #BITCOIN photo.twitter.com/6NKbfyDPvh

— Bitcoin Magazine (@BitcoinMagazine) August 12, 2024

The Nevada-based company operates a fleet of miners, which produced about 579 bitcoins in July. Marathon’s balance sheet holds more than 20,000 bitcoin worth more than $1.1 billion.

Earlier in July, Marathon purchased $100 million worth of Bitcoin on the open market as part of its long-term “hodl” strategy. The company said it will hold all newly mined Bitcoin as a reserve.

This latest move to raise capital for direct Bitcoin purchases reflects the strategy MicroStrategy has developed. Since 2020, MicroStrategy has issued debt and sold equity to raise over 220,000 Bitcoin in the company’s coffers.

Marathon aims to gain a leadership position in the emerging, yet rapidly evolving Bitcoin mining and services sector by aggressively expanding its Bitcoin stack.

This fundraising approach provides public equity investors with indirect exposure to Bitcoin. With growing adoption by companies like Microstrategy, Semler Scientific, and Metaplanet, Bitcoin is emerging as a corporate treasury asset class.