Bitcoin miner Marathon Digital paid $618 million in cash to acquire approximately 6,484 bitcoins, the company said in a new SEC filing.
The Florida company appears to have bought near the top, paying an average of $95,352 per BTC in fees and expenses. According to CoinGecko data, at the time of writing, the price of Bitcoin has settled below $95,000 after rising above $98,000 this morning.
The company's shareholders seem to like the sound of that news. During EU trading hours on Monday afternoon, MARA shares were up 1.9% from Friday afternoon's close.
Marathon stock, which trades on the Nasdaq, closed down 2 percent on Friday at $26.85. But the news of the Bitcoin buyout seems to have dissipated that dip.
The company announced today that it will provide up to $700 million in private financing to institutional buyers.
MARA expects to repurchase a portion of up to $50 million of the net proceeds from the sale of the notes in privately negotiated transactions in 2026 (the “Existing 2026 Convertible Notes”), which will be used to acquire additional bitcoins and for general corporate purposes, which may include “working capital.” , strategic acquisitions, expansion of existing assets and repayment of additional debt and other contingent liabilities.
This is not the first time Marathon has issued convertible notes to buy back some of its debt and add to its Bitcoin treasury. In November, the Bitcoin miner announced an $850 million offer, saying it held an option to expand that offering to $1 billion.
The latest bitcoin purchase put Marathon Digital's corporate BTC treasury at $3.3 billion. That makes it Bitcoin's second-largest corporate owner, though it's a distant second to laser-eyed juggernaut MicroStrategy.
The software company founded by Bitcoiner Michael Saylor has raised nearly $37 billion in BTC, according to Bitcoin Treasuries.
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