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.
Marathon
Digital plans to use the remaining proceeds from the note offering for
additional Bitcoin acquisitions and general corporate purposes, including
potential strategic acquisitions and debt repayment.
“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.
This latest
move by Marathon Digital underscores the growing trend of public companies
investing in cryptocurrencies as part of their treasury management strategies.
It also highlights the continued interest in Bitcoin despite its price
volatility.
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.
Marathon
Digital plans to use the remaining proceeds from the note offering for
additional Bitcoin acquisitions and general corporate purposes, including
potential strategic acquisitions and debt repayment.
“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.
This latest
move by Marathon Digital underscores the growing trend of public companies
investing in cryptocurrencies as part of their treasury management strategies.
It also highlights the continued interest in Bitcoin despite its price
volatility.
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.
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.
Kraken Argues Cryptos Are Not “Illegal Securities”: Seeks Jury Trial against SEC Lawsuit
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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