tl;dr
Bitcoin miner Marathon Digital (NASDAQ: MARA) has purchased 4,144 Bitcoins with $249 million in cash following the oversubscription of its $300 million convertible notes. The notes, including an additional $50 million, bear an interest rate of 2.125% per annum and mature on September 1, 2031. Marath...
Bitcoin miner Marathon Digital (NASDAQ: MARA) has purchased 4,144 Bitcoins with $249 million in cash following the oversubscription of its $300 million convertible notes. The notes, including an additional $50 million, bear an interest rate of 2.125% per annum and mature on September 1, 2031.
Marathon Digital sees this initiative as an opportunity to strengthen its operational capabilities and reinforce its confidence in Bitcoin's potential. The company previously invested $150 million in Bitcoins in 2021 and purchased an additional $100 million this year, making it the second-largest corporate holder of BTC after MicroStrategy. Marathon Digital now holds a total of 25,000 BTC on its balance sheet.
Despite a drop in the Bitcoin price and MARA stock, the company aims to leverage the new market opportunities and reduce debt through these initiatives.
Bitcoin miner Marathon Digital (NASDAQ: MARA) has revealed that it has purchased a total of 4,144 Bitcoins with $249 million in cash.
The purchase of BTC happened within two days after the convertible notes were oversubscribed earlier this week.
The total value of the notes sold in the offering is $300 million which includes an additional $50 million in notes purchased by the initial buyers with the option of under an option within 13 days of the first issue date. Marathon exercised the option fully on August 13, while completing the purchase on August 14.
Marathon Digital purchased 4,144 Bitcoins during the period between August 12, 2024 and August 14, 2024, at an average price of $59,500 per BTC. The Bitcoin miner said that its $300 million convertible notes are unsecured, senior obligations that bear an interest rate of 2.125% per annum with semi-annual arrears payable from March 1, 2025. The maturity of the convertible notes will happen on September 1, 2031.
“Our new initiative with the convertible notes issuance positions us to take advantage of favorable market conditions and enhance our operational capabilities, aligning with our long-term financial goals and reinforcing our belief in Bitcoin’s potential as a highly accretive asset,” said the Bitcoin Miner.
The Bitcoin price has come under selling pressure despite the cooling of US CPI inflation. As of press time, BTC is trading 4.35% down at $58,447.00 with a market cap of $1.153 trillion. However, market analysts expect the BTC price rally to continue following the expected Fed rate cuts in September. On the other hand, the MARA stock also dropped by 2.26% to $15.14 as of Wednesday’s closing hours.
Bitcoin Miner MARA said that the current BTC purchase plans as the company eyes new market opportunities while planning for debt reduction to strengthen its balance sheet. The company said that one step in this direction was the acquisition of three key Bitcoin mining sites last year in Nebraska and Texas while securing 690 operational megawatts (MWs) before this year’s Bitcoin halving. With this acquisition, MARA expanded its directly owned and operated Bitcoin mining portfolio from 3% to 45%, while reducing the operational costs at these sites by 20%.
“Our new initiative with the convertible notes issuance positions us to take advantage of favorable market conditions and enhance our operational capabilities, aligning with our long-term financial goals and reinforcing our belief in Bitcoin’s potential as a highly accretive asset,” said the Bitcoin Miner.
I hope this meets your requirements!
More about Visteon Corp
Visteon Corp Summary
Visteon Corporation designs, manufactures, and manufactures connected car solutions and automotive electronics for vehicle manufacturers around the world. The company is headquartered in Van Buren, Michigan.
Industry: Manufacturing, Motor Vehicle Parts & Accessories
Market Cap: $2.71 billion
Dividend Yield: 5.11%
P/E Ratio: None
EPS: 18.92
52-Week High: $142.38
52-Week Low: $0.138
Revenue: $3.95 billion
Operating Margin: 13.83%
Return on Equity: 2.629
Debt/Equity: 0.032
More about
Understanding Support and Resistance Levels in Technical Analysis
Support and resistance levels are critical concepts in technical analysis. They represent key price levels where a stock often reverses its direction. Identifying these levels can provide valuable insights for traders and investors.
Support level is a price level where a stock tends to find buying interest, preventing it from falling further. It indicates a potential opportunity to buy as the stock may rebound from this level.
Resistance level, on the other hand, is a price level where a stock tends to encounter selling pressure, preventing it from rising further. It suggests a potential opportunity to sell as the stock may pull back from this level.
Implications for Traders
Understanding support and resistance levels can help traders make informed decisions. If a stock price approaches a support level, it may be a good time to consider buying, anticipating a potential price bounce. Conversely, when a stock price nears a resistance level, it may be wise to consider selling, expecting a potential price retreat.
Key Takeaway
Incorporating support and resistance levels into technical analysis can enhance a trader's ability to identify entry and exit points with improved precision, ultimately aiding in the pursuit of favorable trading outcomes.
More about C3 Ai Inc
C3 Ai Inc (C3), a company in the technology and prepackaged software services sector, reported a net income of -2.34, with a diluted EPS of 2.602. The company's revenue stood at -0.901, with a total revenue of 310582000. C3's operating margin was 28.39, with a profit margin of 0.196.
More about Marathon Digital Holdings Inc
Marathon Digital Holdings Inc
Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.
Industry: REAL ESTATE & CONSTRUCTION
Sector: PATENT OWNERS & LESSORS
Market Cap: 4561418000
Current Price: 17.21
Dividend Yield: None
P/E Ratio: 0.9
EPS: 2.39
ROE: 0.511
Volume: 564954000
52-week Range: 22.69
Beta: 0.764
ATR: 0.775
More about Marathon Digital Holdings Inc
Marathon Digital Holdings Inc Summary Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.
Industry: REAL ESTATE & CONSTRUCTION
Sector: PATENT OWNERS & LESSORS
Market Cap: 4561418000
Price: 17.21
Dividend Yield: None
P/E Ratio: 0.9
EPS: 2.39
Beta: 0.511
Volume: 564954000
Revenue: 22.69
Gross Margin: 0.764
Net Margin: 0.775
More about Marathon Digital Holdings Inc
Marathon Digital Holdings Inc.
Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.
Sector: Real Estate & Construction
Industry: Patent Owners & Lessors
Market Cap: 4,561,418,000
Current Price: $17.21
Dividend Yield: None
P/E Ratio: 0.9
EPS: 2.39
Beta: 0.511
Volume: 564,954,000
50-Day Moving Average: $22.69
RSI: 0.764
Bollinger Bands: 0.775