Bitcoin mining company Marathon Digital Holdings has announced plans to raise $250 million through a debt offering to acquire additional Bitcoin.

Marathon already holds over 20,000 BTC on its balance sheet and is continuing to pursue an aggressive strategy of increasing its cryptocurrency reserves.

The funds from this convertible note offering will be used primarily for Bitcoin purchases and general corporate purposes.

This move follows a similar approach first popularized by MicroStrategy in 2020, when the software company began raising debt to accumulate Bitcoin as a reserve asset. Marathon’s recent purchase of $100 million worth of Bitcoin brought its total holdings to over $1.28 billion​.

The convertible notes, set to mature in 2031, offer institutional investors a chance to buy additional notes as part of the offering..

As more companies adopt Bitcoin as part of their strategic financial planning, Marathon continues to bet big on the cryptocurrency, reinforcing its position as one of the largest holders of Bitcoin among publicly traded companies.

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