Marathon Digital Holdings, one of the largest publicly traded Bitcoin miners, has purchased $249 million more worth of Bitcoin. This latest acquisition brings Marathon’s corporate Bitcoin treasury to over 25,000 BTC.

JUST IN: 🇺🇸 Marathon Digital Holdings buys 4144 #Bitcoin worth $249 million.
photo.twitter.com/PnMm9RLuev

— Bitcoin Magazine (@BitcoinMagazine) August 14, 2024

On August 12, Marathon announced a $250 million convertible note to raise funds for Bitcoin purchases. The notes received strong demand, allowing Marathon to scale the deal to $300 million.

The company then used $249 million of the proceeds to acquire an additional 4,144 Bitcoin at an average price of $59,500 per Bitcoin. This increases Marathon’s Bitcoin reserves to over 25,000 BTC, worth nearly $1.5 billion.

In July, Marathon bought $100 million worth of Bitcoin on the open market as part of its long-term “hodl” strategy. The Nasdaq-listed miner wants to hold on to newly mined coins rather than sell them.

Marathon is aggressively expanding its Bitcoin supply by mimicking MicroStrategy’s corporate playbook. Other companies, such as Semler Scientific and Metaplanet, are also raising money in debt markets to buy more Bitcoin and ride the adoption curve.

These smart public companies are using the cheap borrowing rates of the fiat system to accumulate scarce Bitcoin, demonstrating Bitcoin’s growing belief that it is the best strategic reserve asset for public companies.