Bitcoin Miner Event:1Sell Notes Now
(Source: Bloomberg) The convertible senior notes worth $250 million will be sold by bitcoin miner Marathon Digital Holdings Inc., and the profits will be used to purchase additional cryptocurrencies.
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The biggest US miner revealed in July that it was implementing a similar approach to MicroStrategy Inc., which has been building up cryptocurrency holdings for a number of years, partly as a wager on price increases.
Following the April software code modification known as the “halving,” which drastically reduced earnings, Marathon is one of several publicly traded mining businesses that have resumed growing their Bitcoin holdings.
In 2022, a number of miners were depleting their coin holdings in order to survive the spike in.
In order to unlock rewards for processing transactions on the Bitcoin network, miners compete to solve computational challenges and manufacture bitcoin.
According to Ethan Vera, chief operating officer of Luxor Technology, “howling,” as it is known in the cryptocurrency world, can improve the standing of publicly traded mining companies as a leveraged proxy for Bitcoin prices in the stock market and increase the value of their shares.,
Which is one of the main sources of funding for the miners.
It is also more likely that existing shareholders’ interests will be diluted as a result of the issuance of convertible notes.
Marathon’s stock dropped as much as 12% on Monday, reaching $15.
This year, the stock has decreased by about 34%, despite a 40% increase in Bitcoin.
Marathon declared in July that it has purchased $100 million worth of Bitcoin.
As of July 31, it has 20,818 Bitcoin and $1.6 billion in cash and digital assets.
The company, situated in Fort Lauderdale, Florida, reported a net loss of about $200 million for the second quarter, primarily due to a write-down of the value of its digital assets.
According to a statement from the company, the notes will maturity in 2031 and will be made available to institutional investors through a private placement
Bitcoin Miner Event:1Sell Notes Now
With Mayo Shen’s aid.
(Includes the drop in share price in the seventh paragraph.)
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