Marathon Digital Holdings to Raise $2 Billion for Bitcoin Acquisition, Holds 46,376 BTC

Marathon Digital Holdings Inc., a publicly traded Bitcoin mining company, has announced a new $2 billion at-the-market stock offering. The funds raised will be used primarily to acquire more Bitcoin, aligning with the company's 'Hodl' strategy of buying BTC in the open market.

This move follows a previous at-the-market offering that aimed to raise up to $1.5 billion. Marathon Digital currently holds 46,376 BTC in its treasury, making it the company with the second-largest Bitcoin stash among publicly traded entities, behind MicroStrategy's 506,137 BTC. The offering is facilitated by investment banks including Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald.

The decision to buy Bitcoin in the open market, rather than solely relying on mining, comes in the context of last year's Bitcoin halving, which reduced mining rewards and increased operational costs for miners. The proceeds from the offering will also be used for general corporate purposes and working capital.

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