Marathon Digital Holdings successfully closed a convertible senior notes offering in two days.
MARA currently produces nearly 700 BTC per month and has the biggest market cap among crypto mining firms.
Marathon
Digital Holdings, the largest publicly listed Bitcoin (BTC) miner on Wall
Street (NASDAQ: MARA), has successfully closed a $300 million offering of
convertible senior notes and used a significant portion of the proceeds to
purchase Bitcoin.
Marathon Acquires $249
Million in Bitcoin
The company
issued 2.125% convertible senior notes due 2031 in a private offering to
qualified institutional buyers. The net proceeds from the sale amounted to
approximately $292.5 million after deducting initial purchasers' discounts and
commissions.
MARA
announced that it had acquired approximately 4,144 Bitcoin for $249 million
between August 12 and August 14, 2024. The purchase was made at an average
price of $59,500 per Bitcoin, including fees and expenses.
MARA secures $300M through an oversubscribed offering of convertible senior notes. With proceeds, we purchased 4,144 BTC (valued at approx. $249M), boosting our strategic bitcoin reserve to over 25,000 BTC. Learn more: pic.twitter.com/EKwKW6eSny
“We
currently own and operate approximately 54% of the 1.1 gigawatts of power in
our diversified portfolio of digital asset compute,” commented Fred Thiel,
MARA's Chairman and CEO. “We will continue making owned and operated sites a
greater percentage of our fleet over time and expect to see cost savings on a
cost per petahash basis as this occurs. Longer-term, our intention is to be
amongst the lower cost operators in the industry."
The
verdict, issued in federal court, found that Marathon violated a non-disclosure
and non-circumvention agreement with Michael Ho, the Director of Strategy at
Marathon's direct competitor, Hut 8.
Marathon addressed
the issue, stating that while they respect the decision, they are convinced
that “the jury reached the wrong conclusion.”
“There
was no wrongdoing on the company’s part,” Marathon Digital commented in a statement
sent to Finance Magnates. “We also believe that the damages awarded
have no legal basis. We intend to challenge this verdict and commence the
appeal process as soon as practicable.”
HIVE Digital Technologies disclosed a quarterly revenue of $32.2 million, with $29.6 million generated from digital currency mining and an additional $2.6 million from high-performance computing (HPC) operations. On the other hand, TeraWulf recorded a revenue of $35.6 million for Q2 2024, marking a 130.2% increase compared to the same period last year. The company's gross profit, excluding depreciation, climbed to $21.7 million, complemented by an Adjusted EBITDA of $19.5 million.
MARA’s Convertible Notes
The
convertible notes, which will mature on September 1, 2031, offer holders the
option to convert them into cash, shares of Marathon Digital's common stock, or
a combination thereof at the company's discretion. The initial conversion rate
is set at 52.9451 shares per $1,000 principal amount, equivalent to a
conversion price of approximately $18.89 per share.
The company
has built-in flexibility with these notes, retaining the right to redeem them
for cash on or after September 6, 2028, subject to certain conditions.
Noteholders, on the other hand, may require Marathon Digital to repurchase
their notes on March 1, 2029, or upon specific fundamental change events.
As of the
close of trading on August 15, 2024, Marathon Digital's stock (MARA) was
trading at $15.14, down 2.26% for the day.
Marathon
Digital Holdings, the largest publicly listed Bitcoin (BTC) miner on Wall
Street (NASDAQ: MARA), has successfully closed a $300 million offering of
convertible senior notes and used a significant portion of the proceeds to
purchase Bitcoin.
Marathon Acquires $249
Million in Bitcoin
The company
issued 2.125% convertible senior notes due 2031 in a private offering to
qualified institutional buyers. The net proceeds from the sale amounted to
approximately $292.5 million after deducting initial purchasers' discounts and
commissions.
MARA
announced that it had acquired approximately 4,144 Bitcoin for $249 million
between August 12 and August 14, 2024. The purchase was made at an average
price of $59,500 per Bitcoin, including fees and expenses.
MARA secures $300M through an oversubscribed offering of convertible senior notes. With proceeds, we purchased 4,144 BTC (valued at approx. $249M), boosting our strategic bitcoin reserve to over 25,000 BTC. Learn more: pic.twitter.com/EKwKW6eSny
“We
currently own and operate approximately 54% of the 1.1 gigawatts of power in
our diversified portfolio of digital asset compute,” commented Fred Thiel,
MARA's Chairman and CEO. “We will continue making owned and operated sites a
greater percentage of our fleet over time and expect to see cost savings on a
cost per petahash basis as this occurs. Longer-term, our intention is to be
amongst the lower cost operators in the industry."
The
verdict, issued in federal court, found that Marathon violated a non-disclosure
and non-circumvention agreement with Michael Ho, the Director of Strategy at
Marathon's direct competitor, Hut 8.
Marathon addressed
the issue, stating that while they respect the decision, they are convinced
that “the jury reached the wrong conclusion.”
“There
was no wrongdoing on the company’s part,” Marathon Digital commented in a statement
sent to Finance Magnates. “We also believe that the damages awarded
have no legal basis. We intend to challenge this verdict and commence the
appeal process as soon as practicable.”
HIVE Digital Technologies disclosed a quarterly revenue of $32.2 million, with $29.6 million generated from digital currency mining and an additional $2.6 million from high-performance computing (HPC) operations. On the other hand, TeraWulf recorded a revenue of $35.6 million for Q2 2024, marking a 130.2% increase compared to the same period last year. The company's gross profit, excluding depreciation, climbed to $21.7 million, complemented by an Adjusted EBITDA of $19.5 million.
MARA’s Convertible Notes
The
convertible notes, which will mature on September 1, 2031, offer holders the
option to convert them into cash, shares of Marathon Digital's common stock, or
a combination thereof at the company's discretion. The initial conversion rate
is set at 52.9451 shares per $1,000 principal amount, equivalent to a
conversion price of approximately $18.89 per share.
The company
has built-in flexibility with these notes, retaining the right to redeem them
for cash on or after September 6, 2028, subject to certain conditions.
Noteholders, on the other hand, may require Marathon Digital to repurchase
their notes on March 1, 2029, or upon specific fundamental change events.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
From Chat to Stock: xStocks Puts Tokenized U.S. Equities Inside TON Wallet on Telegram
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We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
