Marathon Digital Holdings, a prominent Bitcoin mining company, has significantly bolstered its Bitcoin holdings. 

According to a U.S. Securities and Exchange Commission (SEC) filing, the firm acquired 6,484 Bitcoin between October and November at a cost of $618.3 million, averaging $95,352 per Bitcoin.

As part of its financial strategy, Marathon announced plans to issue $700 million in convertible senior notes maturing in 2031 through a private offering. 

The company aims to use the funds to acquire more Bitcoin and refinance existing convertible notes due in 2026.

Expanding Leadership in the Bitcoin Mining Space

Marathon has established itself as a leading publicly traded Bitcoin mining company. Data from BitcoinTreasuries places it as the second-largest corporate Bitcoin holder globally, following MicroStrategy. 

The firm’s latest moves highlight its continued emphasis on growing its reserves and reinforcing its position in the Bitcoin ecosystem.

Advocating for National Bitcoin Strategy

On November 26th, Marathon urged the U.S. government to strengthen its Bitcoin-focused strategies, emphasizing the asset’s potential to bolster economic and national security interests. 

The company likened Bitcoin’s strategic value to that of gold reserves, suggesting it could serve as a safeguard against declining confidence in traditional currencies.

The company’s advocacy coincides with a broader debate about federal involvement in Bitcoin. 

While President-elect Donald Trump has expressed interest in adding Bitcoin to U.S. reserves, some industry experts remain skeptical about the likelihood of such initiatives taking shape.

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