(Bloomberg) — Bitcoin miner Marathon Digital Holdings Inc. said it will sell $250 million of convertible senior notes and use the proceeds to buy more of the cryptocurrency.
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The largest US miner announced in July that it was adopting a strategy similar to the one employed by MicroStrategy Inc., which has been accumulating the cryptocurrency for several years in part on a bet the price will rise.
Marathon is one of several public mining companies that have started increasing Bitcoin holdings again in the wake of the April software code adjustment known as the ‘halving’ that slashed revenue. In 2022, many miners were liquidating their coin reserves to stay afloat amid inflated energy prices and a series of meltdowns in the industry.
Miners mint the cryptocurrency through a process where they compete to solve computational puzzles to unlock rewards in exchange…
